Which of the Following Was NOT One of the Chief

question 64

Multiple Choice

Which of the following was NOT one of the chief factors in the outbreak of the U.S.Civil War?

• A) the election of Abraham Lincoln
• B) the issue of slavery
• C) the imperatives of a budding industrial-capitalist system against those of an export-oriented plantation economy
• D) the traditional argument between a British or French alliance
• E) states' rights as opposed to the federal government's authority

---

Definitions:

Contra Asset

A balance sheet account used to reduce the value of related asset accounts to report their net value; examples include accumulated depreciation or allowance for doubtful accounts.

Prepayment

Payments made in advance for goods or services, recorded as an asset on the balance sheet until the corresponding goods or services are received.

Adjusting Entries

At the end of a financial period, entries are made in the books to correctly allocate profits and outlays to the period they belong to.

Inter-Relationship of Accounts

The connection and impact that different financial accounts have on each other within the accounting system.