What is a"progressive"income tax?

One where the tax rate decreases with taxable income

One where the tax rate increases with taxable income

One where the tax rate is the same for every level of taxable income

One where the tax rate decreases with revenues

Which of the following statements are true?

Managers decisions regarding investment, financing, and working capital are reflected in the financial statements

Financial statements are prepared in accordance with gpPs rules

The balance sheet reflects the market value of assets

The income statement is based on cash flows