When Listing Accounts in the Statement of Cash Flows Worksheet

question 32

Multiple Choice

When listing accounts in the statement of cash flows worksheet the accumulated depreciation account is shown

• A) with accounts that have credit balances.
• B) with accounts that have debit balances.
• C) as a credit under the reconciling items.
• D) as a debit under the reconciling items.

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Definitions:

Total Tax

The combined amount of all taxes imposed by different levels of government on individuals or businesses.

Average Tax Rate

The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage.

Taxable Income

The amount of an individual's or a corporation's income used to determine how much tax they owe, after exemptions and deductions are factored in.

Marginal Tax Rate

The rate of tax applied to the next dollar of taxable income, indicating the percentage of any additional income that will be taken as tax.