The Proper Format for a Journal Entry Includes All of the Following

question 165

Multiple Choice

The proper format for a journal entry includes all of the following EXCEPT

• A) the total amounts of debits must equal the total amount of credits.
• B) skip a line between transactions.
• C) the credit portion of the transaction is always first.
• D) listed in chronological order.

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Definitions:

Federal Spending

Refers to the total amount of money the federal government expends on various programs, services, and debt interest.

Ability-To-Pay Principle

A tax principle that states taxes should be levied based on the taxpayer’s ability to pay, meaning higher-income individuals should pay more in taxes than lower-income individuals.

Government Employment

Employment within governmental bodies, including all levels from local to federal.

Labor Force

The sum of individuals in the workforce, comprising both those who are employed and those who are actively looking for work.