Public Assistance Programs Are Funded Through

question 52

Multiple Choice

Public assistance programs are funded through

• A)payroll taxes paid only by employees.
• B)payroll taxes paid only by employers.
• C)payroll taxes paid by both employees and employers.
• D)general tax revenues.
• E)sales taxes.

---

Definitions:

Income Summary

The Income Summary is an account in the ledger that aggregates all revenues and expenses for a period, transferring the net result to owner's equity.

Permanent Accounts

Accounts that carry their ending balances over to the next accounting period. Examples include assets, liabilities, and equity accounts.

Post-closing Trial Balance

A listing of all active general ledger accounts with their balances after closing entries are made, serving as a check to ensure debits equal credits before beginning a new accounting period.

Income Statement

A report that outlines a company's financial results for a certain period, including income and expenditures, to reveal a net gain or deficit.