The Passage of the Fugitive Slave Act

question 101

Multiple Choice

The passage of the Fugitive Slave Act

• A) intensified the debate over slavery.
• B) upset southerners as much as northerners.
• C) was readily accepted by northerners in the spirit of compromise.
• D) upset southerners as much as northerners, but was readily accepted by northerners in the spirit of compromise.
• E) None of these answers is correct.

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Definitions:

Purchases Account

A ledger account in which the total amount of goods purchased during a period is recorded.

Current Cost Accounting System

An accounting approach that records assets and liabilities at their current market value instead of their historical cost.

Unrealized Holding Gains

Increases in the value of assets that an entity holds but has not yet sold, and thus are not reflected in the income statement until sold.

Absorption Costing

A costing method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.