The Largest Source of Tax Receipts for the Government Is

question 39

Multiple Choice

The largest source of tax receipts for the government is

• A)personal taxes.
• B)contributions for social insurance.
• C)taxes on production and imports.
• D)corporate taxes.

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Definitions:

General Journal

A foundational accounting document where financial transactions are initially recorded, providing a permanent record.

General Ledger

A general ledger is a complete record of all financial transactions over the life of a company.

Posting

The process of transferring information from the journal to individual accounts in the ledger, which helps in preparing financial statements.

Journal

A book or digital record where all financial transactions of a business are initially recorded before being transferred to specific accounts in the ledger.