Taxation According to the Benefits-Received Principle Is Best Illustrated by the _____

question 127

Multiple Choice

Taxation according to the benefits-received principle is best illustrated by the _____ tax.

• A)income
• B)sales
• C)gift
• D)gasoline

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Definitions:

Operating Activities

Activities directly related to the running of a business for profit, including production, sales, and day-to-day operations.

Direct Method

A cash flow forecasting technique that itemizes and records actual cash inflows and outflows, rather than using an indirect calculation.

Income Statement

A financial document showing a company's revenue, expenses, and profits over a specific period.

Balance Sheet

A report detailing a corporation's assets, liabilities, and owners' equity at a particular moment.