After the Closing Entries Have Been Completed the Profit Distribution

question 64

Multiple Choice

After the closing entries have been completed the profit distribution account in a partnership always has a:

• A) debit balance.
• B) nil balance.
• C) credit balance.
• D) negative balance.

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Definitions:

Paternalism

A policy or practice of limiting the freedom or responsibilities of subordinates in their supposed interest, often justified by a belief in their incapacity to make decisions.

Crop Lien

A system of credit where farmers borrowed against the future earnings of their crops, leading to a cycle of debt and economic dependency, especially in the post-Civil War Southern United States.

Colfax Massacre

A violent event that occurred in 1873 when a white supremacist group attacked African American freedmen in Colfax, Louisiana, resulting in a significant number of deaths.

Knights of the White Camellia

A secret society formed in the United States during the Reconstruction Era, known for its white supremacist beliefs and opposition to Reconstruction policies.