The Confederacy Financed Its War Effort Primarily Through

question 38

Multiple Choice

The Confederacy financed its war effort primarily through

• A) selling bonds.
• B) printing money.
• C) foreign loans.
• D) an income tax.
• E) seizure of Northern assets.

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Definitions:

Income Summary Account

An account used during the closing entry process to transfer the balances of temporary income and expense accounts to permanent accounts, such as retained earnings.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts, thereby preparing the accounts for the next period.

Revenue Account Balance

The total amount of income generated from sales before any expenses are subtracted.

Expense Account Balance

The total amount recorded as expenditures by a company within a specific period, awaiting reimbursement or allocation.