_________ Is a Broad Based and a Single Comprehensive Tax

question 9

Multiple Choice

_________ is a broad based and a single comprehensive tax levied on goods and services consumed in an economy

• A)vat
• B)cenvat
• C)gst
• D)none of these

---

Definitions:

Balance Sheet

A financial statement that provides a snapshot of a company's financial condition at a specific point in time, showing assets, liabilities, and equity.

Permanent Account

A balance sheet account that carries its ending balance over to the next accounting period, such as assets, liabilities, and equity accounts.

Accounting Cycle

The process of recording and processing all financial transactions of a company, from the time the transaction occurs, to its representation on financial statements.

Adjusted Trial Balance

A list of all the accounts and their balances after adjusting entries are made, used to prepare financial statements.