What Are Tax Systems That Impose Record Keeping Requirements on Taxpayers

question 83

Multiple Choice

What are tax systems that impose record keeping requirements on taxpayers said to have

• A)an auditing burden
• B)a lower incidence of compliance
• C)an administrative burden
• D)a certification requirement

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Definitions:

Operating Assets

Cash, accounts receivable, inventory, plant and equipment, and all other assets held for operating purposes.

Margin

The difference between the selling price of a product or service and its production or acquisition cost, often expressed as a percentage.

Return on Investment

A measure of the profitability of an investment expressed as a percentage of the initial amount invested.

Turnover

The rate at which inventory or assets are replaced over a given period, or alternatively, the total amount of a company's sales or revenues.