MATCHING Match Each Description with the Item Below

question 33

Multiple Choice

MATCHING
Match each description with the item below.
-Martin Van Buren

• A)was a candidate for the presidency in the 1860 election
• B)led Pottawatomie Massacre
• C)elected president of the Confederate States of America
• D)died in July 1850
• E)caned Charles Sumner
• F)the "Little Giant" who succeeded in getting the Compromise of 1850 passed by breaking it into separate proposals
• G)argued that Congress needed to protect the right of slave owners to take their property into the territories
• H)was the chief justice for Dred Scott case
• I)was the 1848 Free-Soil presidential candidate
• J)was the president who supported the Compromise of 1850

Grasp the legal requirements for setting up and operating a sole proprietorship.

Understand the concept of unlimited liability for sole proprietors and partners.

Comprehend the legal entity status of societies and their separation from members.

Differentiate between partners' responsibilities to each other and to third parties.

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Definitions:

Expense Accounts

These accounts record the consumption of assets or services that occur during the operation of a business, leading to a decrease in owner's equity.

Revenue Accounts

Accounts in the general ledger that track the income generated by a company from its normal business operations.

Gain On Sale

The profit realized when a capital asset is sold for a higher price than its purchase price.

Property And Equipment

Tangible assets owned by a business for use in the production or supply of goods and services or for rental to others.