Which of the Following Is NOT a Function of the Federal

question 87

Multiple Choice

Which of the following is NOT a function of the federal government?

• A)Collecting property taxes
• B)Making transfers to state and local governments
• C)Providing public goods and services
• D)Making social security and welfare payments
• E)Imposing a personal income tax

---

Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the financial reporting process.

Double-Entry Accounting

An accounting method that involves making two entries for every transaction, to maintain the balance of the accounting equation.

Debits and Credits

Fundamental elements of double-entry bookkeeping, where debits represent increases in assets or expenses and credits signify increases in liabilities, equity, or income.

Transaction

An agreement or exchange between two or more parties that is recorded and has a financial impact on the business.