There Are ______ Branches of the Federal Government

question 16

Multiple Choice

There are ______ branches of the federal government.

• A) five
• B) two
• C) three
• D) four
• E) six

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Definitions:

Deferred Tax Liability

A tax obligation that arises from temporary differences between the book value and tax value of assets and liabilities, payable in future periods.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against an asset since it was acquired, reflecting its usage and wear and tear over time.

Tax Purposes

Considerations or actions undertaken in accounting or financial planning to minimize tax liabilities and comply with tax laws.

Accrual Accounting

An accounting method that records revenues and expenses when they are incurred, regardless of when cash is exchanged.