One of the Things Washington Warned Against in His Farewell

question 62

Multiple Choice

One of the things Washington warned against in his farewell address was

• A)support of political parties.
• B)love of God and country.
• C)foreign entanglements.
• D)a large public debt.
• E)free health care.

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Definitions:

Prepaid Insurance

Insurance premiums paid in advance by a company, which are recorded as an asset on the balance sheet until the coverage period lapses.

Asset Accounts

Accounts that represent resources owned or controlled by a company that have future economic value.

Accounts Payable

Financial obligations of a company towards creditors, resulting from goods and services acquired on a credit basis.

Unearned Revenue

Money received by a company for goods or services that have not yet been delivered or performed, considered a liability until the income is earned.