Adjusting Entries Are NOT Necessary If the Trial Balance Debit

question 36

True/False

Adjusting entries are NOT necessary if the trial balance debit and credit columns balances are equal.

---

Definitions:

Tax Revenues

The income that is received by the government from taxation.

Progressive Taxation

A tax system where the tax rate increases as the taxable amount or income increases, aiming to distribute the tax burden more equitably among individuals.

Marginal Tax Rate

The percentage of tax applied to your income for each additional dollar of income, essentially the tax rate on the last dollar earned.

Total Tax Rate

The combined rate of all the taxes that an individual or business is liable to pay, expressed as a percentage of income.