One of the Reasons Communism Failed Was Because

question 17

Multiple Choice

One of the reasons communism failed was because:

• A)governments ran out of money.
• B)workers received the same pay whether or not they worked hard.
• C)there was no unemployment.
• D)Mao Zedong passed away.
• E)technological improvements were impossible in a communist economy.

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Definitions:

Accounts Payable

Money owed by a company to its creditors for goods and services that have been received but not yet paid for.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when cash transactions happen.

Cash Basis

An accounting method where revenues and expenses are recognized when cash is received or paid, rather than when earned or incurred.

Indirect Method

A way of presenting the cash flow statement where net income is adjusted for the effects of transactions that do not involve cash.