The Type and Degree of Connection Between a Business and a State

question 34

True/False

The type and degree of connection between a business and a state necessary for a state to impose a tax is referred to as nexus.

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Definitions:

Information Processing

The collection, manipulation, storage, retrieval, and classification of information.

Revenue Journal

An accounting ledger dedicated to recording sales transactions that generate revenue for a business.

Account

An accounting form that is used to record the increases and decreases in each financial statement item.

General Ledger

General Ledger is a comprehensive accounting record of all financial transactions that have occurred within a company over a period of time, serving as the foundation for financial statements.