Which of the Following Statements Is TRUE

question 178

Multiple Choice

Which of the following statements is TRUE?

• A) Large U.S. corporations did not emerge until around 1930.
• B) The U.S. developed many of its new industries in the late 1800s by advocating free trade among nations.
• C) There was a massive wave of corporate mergers in the U.S. at the turn of the century.
• D) The U.S. government did its best to discourage the emergence of large corporations.
• E) Government regulation of the economy was common prior to the turn of the 20ᵗʰ century.

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Definitions:

Income Statements

A financial statement that shows a company's revenues, expenses, and profits or losses over a particular period.

Trial Balance

An accounting report that lists all the balances of each ledger account to ensure that debits equal credits, used as a tool for checking the accuracy of bookkeeping entries.

T Accounts

A graphical representation used in accounting to show the effects of transactions on individual accounts.

Net Income

The total earnings of a company after subtracting all expenses, taxes, and losses.