If T Represents the Size of the Tax on a Good

question 5

Multiple Choice

If T represents the size of the tax on a good and Q represents the quantity of the good that is sold,total tax revenue received by government can be expressed as

• A)T/Q.
• B)T+Q.
• C)TxQ.
• D)(TxQ)/Q.

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Definitions:

Ledger Accounts

Records that summarize all transactions related to a specific account within an accounting system.

Posting

The process of recording financial transactions in the ledger from the journal in accounting.

Journalized Transactions

The formal recording of financial transactions in the accounting journals as part of the double-entry bookkeeping system.

Ledger Accounts

Records within a ledger that show the transaction history and current balance of each account.