INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 159

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select
-A special tax provision reduced the social security portion for the individual taxpayer in 2011 and 2012 from [6.2% to 4.2% | 4.2% to 2.2%].

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Financial Statement

A summarized record that shows the financial health of a business or individual, including components like balance sheets, income statements, and cash flow statements.

Normal Balance

The side (debit or credit) of an account that is typically increased, indicating whether an account increases on the left side (debit) or right side (credit).

Permanent/Temporary

Categories of accounts in accounting, where permanent accounts carry their end-of-period balances into the next period, and temporary accounts are closed.

Deposits In Transit

Deposits that were made by customers of a bank but did not reach, or were not processed by, the bank before the preparation of the bank statement.