Which of the Following Is Not True

question 117

Multiple Choice

Which of the following is not true?

• A)George H.W.Bush won reelection after agreeing to a small tax increase as part of a political compromise.
• B)George W.Bush won election after claiming tax cuts would pay for themselves.
• C)Ronald Reagan claimed tax cuts would spur economic gains that would increase tax revenues before the tax cuts led to significantly lower revenues.
• D)After Bill Clinton raised taxes on upper income individuals to reduce federal budget deficits his party lost heavily in the following congressional elections.

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Definitions:

Prior Year Financial Statements

Reports that detail a company's financial performance in the previous fiscal year, including the income statement, balance sheet, and cash flow statement.

Bad Debt Expense

This is an expense account reflecting the cost of accounts receivable that a company does not expect to collect.

Credit Card Discounts

It refers to the reduction in the amount receivable from customers who make payments through credit cards, accounting for the fees charged by the credit card companies.

Operating Expenses

The costs associated with running the day-to-day operations of a business, such as rent, utilities, and salaries.