A Program Under Which the Government Gives All Citizens a Substantial

question 33

Multiple Choice

A program under which the government gives all citizens a substantial lump sum payment that is financed by a tax earned income is termed a(n) :

• A)positive income tax.
• B)in-kind transfer.
• C)unearned income tax credit.
• D)negative income tax.

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Definitions:

Post-Closing Trial Balance

A summary of all account balances in a company's general ledger after closing entries are made, serving to verify the equality of debits and credits.

Financial Statements

Documents that provide an overview of a company's financial condition in both short and long term, including the balance sheet, income statement, and cash flow statement.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones, thereby preparing the accounts for the next period.

Depreciation Expense

is the charged amount for a particular period for the reduction in value of tangible assets due to usage and passage of time.