A VAT Is a Regressive Tax

question 71

True/False

A VAT is a regressive tax.

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Definitions:

T Account

A visual representation of a ledger account that displays both the debit and credit sides to track the balance of financial transactions.

Chronological Order

Organizing events or actions by the order in which they occurred in time.

Error Location

The process or act of identifying the specific spot within a data set, document, or system where a mistake or discrepancy has occurred.

Journal

A log where every financial transaction is first recorded in the order of occurrence.