For Each of the Following, Identify in Column 1 the Category

question 26

Essay

For each of the following, identify in Column 1 the category to which the account belongs, in Column 2 the normal balance for the account, in Column 3 the financial statement(s) on which the account balance is reported, and in Column 4 the account's nature (permanent/temporary).
- $$\begin{array} { | l | l | l | l | l | } \hline & \text { Column } 1 & \text { Column } 2 & \text { Column } 3 & \text { Column } 4 \\\hline \begin{array} { l } \text { Work in process } \\\text { inventory }\end{array} & & & & \\\hline\end{array}$$

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Definitions:

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount subject to tax, meaning everyone pays the same proportion of their income.

Regressive Tax

A tax imposed in such a manner that the tax rate decreases as the amount subject to taxation increases, disproportionately affecting lower-income individuals.

Interactional Justice

Refers to the quality of the interpersonal treatment people receive when a decision is implemented.

Procedural Justice

Refers to perceptions that the process used to determine the outcomes were fair.