Which of the Following Accounts Is Credited by the Seller

question 179

Multiple Choice

Which of the following accounts is credited by the seller when tax is collected on retail sales?

• A) Accounts Payable
• B) Payroll Tax
• C) Sales Tax Payable
• D) Unearned Revenue

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Definitions:

Board of Governors

The leading body of the Federal Reserve System, overseeing the Federal Reserve Banks and setting monetary policy in the United States.

Appointed

Selected or designated for a position or duty by an authority, rather than by election or competition.

President

The elected head of a republican state or organization, responsible for executing the laws and leading the executive branch.

Federal Reserve System

The central banking system of the United States, responsible for setting monetary policy and regulating banks.