Which of the Following Best Reflects the Ability-To-Pay Philosophy of Taxation

question 4

Multiple Choice

Which of the following best reflects the ability-to-pay philosophy of taxation?

• A) A tax on residential property.
• B) A progressive income tax.
• C) An excise tax on gasoline.
• D) An excise tax on coffee.

---

Definitions:

Work Sheet

An informal financial statement usually used internally to prepare financial statements and support accounting operations.

General Journal

The primary accounting record used to record all transactions in chronological order, including both debit and credit accounts.

Work Sheet

An internal document used by accountants to compile and analyze the accounts before preparing financial statements.

Adjustments

Modifications made to the accounting records or financial statements to accurately represent the financial position of an organization.