Which of the Following Describes Sales Tax Payable

question 70

Multiple Choice

Which of the following describes Sales Tax Payable?

• A) A revenue account with a normal credit balance.
• B) A liability account with a normal debit balance.
• C) A liability account with a normal credit balance.
• D) An asset account with a normal debit balance.

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Definitions:

Construction Industry

The sector of the economy that involves the construction, maintenance, and design of buildings, infrastructure, and other physical structures.

New Deal

A series of programs, public work projects, and financial reforms and regulations enacted by President Franklin D. Roosevelt in the United States during the 1930s to help recover from the Great Depression.

Franklin Roosevelt

The 32nd President of the United States, who led the country during the Great Depression and World War II, known for his New Deal policies.

Suburbanization

The process of population movement from within cities to residential areas on the outskirts, leading to the expansion of suburban areas.