Income Taxes Owed to the Federal Government Would Be Classified

question 104

Multiple Choice

Income taxes owed to the federal government would be classified as a(n) :

• A)expense on the Income Statement.
• B)financing activity on the Statement of Cash Flows.
• C)current asset on the Balance Sheet.
• D)current liability on the Balance Sheet.

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Definitions:

Standard Of Living

A measure of the wealth, comfort, material goods, and necessities available to a person, group, or society.

Hunter-Gatherers

Societies or groups of people who subsist by hunting, fishing, and gathering wild foods, rather than farming or domesticating animals.

Environmental Impact

The effect human activities have on the environment, including natural resources, wildlife, and ecosystems.

Canada

A country located in the northern part of North America, known for its vast landscapes, multicultural populations, and as the second largest country by total area.