AIEEE Questions

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The Progressive Era took place in the US from the 1890s to the1920s. The movement was an effort to reform the government andeliminate the corruption within it. Social activists also wanted toreform the educational system, the insurance industry, thechurches, and many other things they felt were out of control, andnot working in the best interests of the citizens.

There are basically two important phases in a business cycle that are prosperity and depression. The other phases that are expansion, peak, trough and recovery are intermediary phases.

Expansion is a phase in which, when the economy moves from a trough to a peak. It is a period when the level of business activity surges and gross domestic product (GDP) expands until it reaches a peak.

The Business Entity concept is also called as Separate Entity or Economic Entity concept. This concept states that the transactions and all the balances related or associated with a business must be recorded or accounted separately from other businesses or the individual personal transactions.