The State Entity Responsible for Enacting Laws Regarding State Revenue

question 21

Multiple Choice

The state entity responsible for enacting laws regarding state revenue sources and consequently passing bills amending and augmenting their state's taxing code is called the:

• A)judicial agency
• B)administrative body
• C)state legislature
• D)state tax commission

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Definitions:

Business Entity Principle

An accounting concept that treats a business as separate and distinct from its owners for purposes of recording financial transactions.

Monetary Unit Principle

An accounting principle that assumes business transactions or events can be measured and expressed in monetary units.

Generally Accepted Accounting Principles

A set of widely adhered to accounting principles and norms for the preparation of financial statements.

Time Period Assumption

An accounting principle that states a business's activities can be divided into specific time periods, such as months, quarters, or years for reporting purposes.