If on the 1040EZ form, the amount on line 10 equals the amount on line 11 in
the Payments, Credits, and Tax section shown below, the taxpayer will:
A. Receive a refund
B. Owe taxes
C. Not owe any taxes nor get a refund
D. Not be eligible to use the 1040EZ form
A credit is an entry made in the books of an organization that shows a decrease in assets or a rise in liabilities as well as a decrease in costs or an increase in income (as opposed to a debit that does the opposite).
Therefore, a credit results in higher net income on the income statement of the business, whereas a debit results in lower net income.
Payments:
Accounts payable, which refers to the entire sum a certain organization owes to businesses or suppliers for goods or services, is another term for recording payments in accounting.
Tax accounting:
Tax accounting is a collection of accounting techniques that puts taxes before the presentation of public financial statements.
Therefore, the correct answer is (A) to receive a fund.
