The 16^th Amendment Tothe U

question 9

True/False

The 16^th Amendment tothe U.S. Constitution authorized the imposition of a Federal income tax.

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Definitions:

Revenue Account

An account that tracks the income generated from a company's primary operations.

Matching Principle

An accounting concept that expenses should be recorded in the same period as the revenues they helped to generate.

Revenues

The total amount of money generated by the sale of goods or services related to a company's primary operations.

Expenses

The economic costs that a business incurs through its operations to earn revenue.