The Tax on Imported Goods Is Called

question 12

Multiple Choice

The tax on imported goods is called

• A) value added.
• B) tariff.
• C) excise.
• D) sales.
• E) property.

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Definitions:

Gross Method

The gross method is an accounting practice whereby discounts are not considered in the recording of purchases; discounts taken are recorded as income.

Forward Contract

A specialized agreement crafted between two parties to transact an asset at a certain price on a future agreed date.

ASPE

Accounting Standards for Private Enterprises, a set of accounting principles and standards in Canada designed for private companies.

Exchange Rate

The price at which one currency can be exchanged for another currency in the foreign exchange market.