Final answer:
Taxes are a key part of an invoice as they influence the total cost, and historically, the American colonists were concerned with how tax money was used and their lack of representation, not the concept of taxation itself.
Step-by-step explanation:
Applicable taxes indeed represent a critical element of an invoice; the answer to that statement is A. True. This is because taxes affect the total amount that the buyer has to pay and can also impact the seller's pricing and financial reporting. In historical context, during the period leading up to the American Revolution, this concept also held significant importance. The colonists were not against the principle of taxation itself, but they objected to how the tax money would be applied and the lack of representation in the decision-making process. This is captured in Exercise 7.3.1 and 7.2.5, with the True answer indicating the colonist's concerns about actual vs. virtual representation in Parliament and differentiating between taxes to regulate trade versus those designed to raise revenue. Furthermore, the Three-Fifths Compromise, as mentioned in questions across the exercises, addressed the correlation between representation and taxation, which is an essential consideration in the broader context of tax requirements and principles.