A Shortened Form of the Ledger Is Called a ________

question 87

Multiple Choice

A shortened form of the ledger is called a ________.

• A)trial balance
• B)balance sheet
• C)chart of accounts
• D)T-account

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of income is taxed, reflecting the percentage of additional income that is taken as tax.

Average Tax Rate

The proportion of total income that an individual or corporation pays in taxes, calculated by dividing the total taxes paid by total income.

Marginal Federal Income Tax

The rate at which the last dollar of a taxpayer's income is taxed by the federal government.

Federal Tax Revenue

Revenue the federal government receives from taxes, including income tax, corporate tax, and other taxes.