An Account Will Have a Credit Balance If the

question 76

Multiple Choice

An account will have a credit balance if the

• A) credits exceed the debits.
• B) first transaction entered was a credit.
• C) debits exceed the credits.
• D) last transaction entered was a credit.

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Definitions:

Progressive Tax System

A taxation system in which the tax rate increases as the taxable amount increases, leading to higher earners paying a larger percentage of their income in taxes than lower earners.

Government Expenditures

The total amount of money spent by the government on various services and projects, including healthcare, education, and infrastructure.

Major Expenditure

Large financial spending, often on significant items or services, that represents a considerable portion of an entity's budget.

Sales Tax

A tax imposed by governments on the sale of goods and services, added to the retail price.