Federal Excise Taxes That Are No Longer Imposed Include

question 20

Multiple Choice

Federal excise taxes that are no longer imposed include:

• A)Tax on air travel.
• B)Tax on wagering.
• C)Tax on the manufacture of sporting equipment.
• D)Tax on alcohol.
• E)None of these.

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Definitions:

Beginning Inventory

The value of all the inventory held by a business at the start of an accounting period.

Equivalent Units

A concept used in cost accounting to standardize heterogeneous units of production, making them quantitatively comparable.

Equivalent Units

Equivalent units are used in cost accounting to represent the amount of work done during a period, expressed in terms of fully completed units.

Direct Materials

These are the raw materials that are directly traceable and integral to the finished product in the manufacturing process.