All of the Following Happened as a Result of the Discovery

question 2

Multiple Choice

All of the following happened as a result of the discovery of gold in California,except

• A) About 80,000 fortune seekers arrived in California in 1849 alone.
• B) Half of the migrants to California came from across the globe.
• C) Many of the "forty-niners" ended up staying in California even if their searches for gold did not come to fruition.
• D) As new settlers, migrants to California formed diplomatic relationships with Native Americans.
• E) Most of the booming settlements of the gold rush days later decayed into ghost towns.

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Definitions:

LIFO Conformity Rule

A requirement that if the Last-In, First-Out (LIFO) inventory valuation method is used for tax purposes, it must also be used for financial reporting.

SEC

Securities and Exchange Commission, an independent federal agency responsible for enforcing federal securities laws and regulating the securities industry and stock and options exchanges in the United States.

International Accounting Standards

A set of older accounting standards that were replaced by IFRS, previously developed by the International Accounting Standards Committee (IASC) to guide financial reporting internationally.

FIFO

First In, First Out, an inventory valuation method where the first items produced or acquired are the first ones to be expelled from inventory.