In Holland V

question 30

Multiple Choice

In Holland v.U.S.(1954) , the U.S.Supreme Court upheld an income tax evasion conviction on the basis of circumstantial evidence in the form of

• A)eyewitness testimony.
• B)impression of neighbors about the defendant's income.
• C)the net worth method.
• D)written confessions.

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Definitions:

Recording Process

The act of documenting financial transactions systematically in the books of accounts of a business.

Journal

An elaborate log that captures every financial transaction of an enterprise, initially entered prior to its transfer to the accounts within the general ledger.

Ledger

A comprehensive collection of accounts that records all financial transactions of a business, serving as the principal book for accounting.

Trial Balance

An accounting report that lists the balances of all ledger accounts to ensure that debits equal credits, used for internal checks.