Match the Term with the Definition

question 26

Multiple Choice

Match the term with the definition.
-The first ten amendments to the Constitution, officially ratified by 1791. The First through Eighth deal with individual liberties; the Ninth and Tenth concern the boundary between federal and state authority.

• A)Alien and Sedition Acts
• B)Bill of Rights
• C)Federalists
• D)Haitian Revolution
• E)Jay Treaty
• F)Report on Manufactures
• G)Report on Public Credit
• H)Republicans
• I)Treaty of Greenville
• J)Virginia and Kentucky Resolutions
• K)Whiskey Rebellion
• L)XYZ affair

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Definitions:

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.

Net Purchases

The total amount spent on purchases of goods for resale after subtracting any purchase returns, allowances, and discounts.

Operating Expenses

Costs associated with running a business's day-to-day operations, excluding the cost of goods sold.

Income Summary

An account in which revenues and expenses are summarized, used in the closing process to prepare the accounts for the next period.