Which of the Following Policies Is NOT a Fiscal Policy

question 34

Multiple Choice

Which of the following policies is NOT a fiscal policy?

• A)cutting the income tax
• B)raising a tariff
• C)eliminating the capital gains tax
• D)borrowing money for federal spending
• E)changing the federal funds rate

Understand the effects of omitting or incorrectly recording closing entries.

Describe the function and structure of a classified balance sheet, including major classifications.

Recognize the effect of adjusting and closing entries on financial statements.

Understand the significance of the Income Summary account in the closing process.

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