An Accounting Record of the Balances of All Assets, Liabilities

question 194

Multiple Choice

An accounting record of the balances of all assets, liabilities, and stockholders' equity accounts is called a

• A) compound entry.
• B) general journal.
• C) general ledger.
• D) chart of accounts.

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Definitions:

Marginal Tax Rate

The amount of tax paid on an additional dollar of income, used in progressive tax systems to ensure higher incomes are taxed at higher rates.

Federal Income Tax

The United States federal government imposes a financial charge on the yearly revenues of individuals, corporations, trusts, and other legal entities.

Marginal Tax Rate

The tax rate that applies to the next additional increment of a taxpayer's taxable income.

Taxable Income

The portion of an individual's or a corporation's income that is subject to taxation by the government.