In a Journal Entry,the Sum of the Debits Must Always

question 24

True/False

In a journal entry,the sum of the debits must always equal the sum of the credits.

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Definitions:

Deadweight Losses

Losses in social welfare, usually measured in terms of lost revenue or surplus, resulting from inefficiencies in a market or the economy.

Taxes

Necessary financial levies or assorted kinds of dues imposed on an individual by a governmental structure to facilitate government finance and numerous public investments.

Deadweight Loss

A decrease in economic productivity that happens when a good or service does not reach or cannot reach its equilibrium state.

Tax

Mandatory charges imposed by governments on individuals or entities to fund public services and goods.