Colonists in New York Were Angry with James, Duke of York

question 30

Multiple Choice

Colonists in New York were angry with James, Duke of York, because he

• A)abolished the elected assembly.
• B)granted religious freedom to all.
• C)restricted trade opportunities.
• D)gave liberal land grants.
• E)prohibited the sale of alcohol.

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Definitions:

Accounting Equation

A fundamental principle in accounting that states that assets equal liabilities plus equity (Assets = Liabilities + Equity), serving as the foundation for the balance sheet.

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term obligations, calculated as current assets divided by current liabilities.

Short-term Obligations

Financial liabilities that are due for payment within one year.

Normal Balance

The side of an account (debit or credit) that is expected to have a higher balance based on the accounting equation.