When Did the Cultural Practice of the "One Drop of Blood

question 36

Multiple Choice

When did the cultural practice of the "one drop of blood" rule end in the United States?

• A) 1865
• B) 1970
• C) It has not ended in practice.
• D) 1982

---

Definitions:

Owner's Capital

The amount of equity a business owner has in the firm, representing the owner's personal investment plus any profits retained in the business.

Internal Control

Practices and procedures deployed by a company to verify the honesty of its financial and accounting figures, enhance responsibility, and eliminate swindling.

Inventoriable Costs

Direct costs associated with the acquisition or production of goods that are held for sale in the ordinary course of business.

Closing Entries

Closing entries are journaled at the end of an accounting period to transfer the balances in temporary accounts to permanent accounts, thereby resetting the temporary accounts for the next period.