A Revenue Account

question 123

Multiple Choice

A revenue account

• A)is increased with a debit.
• B)is decreased with a credit.
• C)is increased with a credit.
• D)has a normal balance of a debit.

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Definitions:

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization in order to fund various public expenditures.

Consumers

Individuals or households that use goods and services generated within the economy.

Sellers

Individuals or entities that offer products, goods, or services for sale to buyers.

Tax Increase

The act of raising the amount of money government collects from taxes, often to fund public services or reduce budget deficits.