Which of the Following Statements Is CORRECT Regarding the Enactment

question 28

Multiple Choice

Which of the following statements is CORRECT regarding the enactment intolaw of a tax bill?

• A)A tax bill must always be signed by the President tobecome law.
• B)A tax law must be approved by the Treasury Department.
• C)A tax law must either be signed intolaw by the President or Congress must override a presidential vetoof the proposed law.
• D)None of these are correct.

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Definitions:

Accrued Revenues

Accrued revenues are earnings recorded in the financial statements for goods delivered or services provided, although no cash has been received yet.

Prepaid Items

Prepaid items refer to expenses paid in advance for goods or services to be received in the future.

Adjusting Entries

These are journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Expense Account

An account used to track expenditures or costs incurred by a business or an individual for operational purposes.