An Adjusted Trial Balance Will Probably List Fewer Accounts Than

question 50

True/False

An adjusted trial balance will probably list fewer accounts than are listed in the trial balance.

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Definitions:

Sales Tax Rate

The percentage added to the sale price of goods and services, collected by retailers and forwarded to the government.

Sales Tax

A tax levied by a government on the sale of goods and services, collected by the retailer and passed on to the government.

Market Value

The existing cost for purchasing or selling an asset or service in the open market.

Property Taxes

Taxes assessed on real estate by the local government, based on the property's value.