The Amount of Sales Tax Collected by a Retail Store

question 107

Multiple Choice

The amount of sales tax collected by a retail store when making sales is

• A) a miscellaneous revenue for the store.
• B) a current liability.
• C) not recorded because it is a tax paid by the customer.
• D) recorded as an operating expense.

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Definitions:

Probability

A numerical quantification of the likelihood that a particular event will occur, often expressed as a number between 0 and 1, where 1 indicates certainty.

Rolling a Pair

The act of throwing two dice simultaneously and observing the outcome, often used in probability calculations.

Addition Rule

A principle in probability that calculates the chance of any of two or more mutually exclusive events occurring.

Score

A numerical expression of a performance or achievement, often used in the context of exams, tests, or measures of ability.