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For each of the following, determine if each is a tax and why or why not.
a. $2.50 toll paid on the Florida Turnpike
b. $300 ticket for reckless driving
c. 1% local surcharge on hotel rooms to fund public roadways
d. 2% city surcharge on wages earned in the city of Philadelphia
Revaluation Model
An accounting method that allows assets to be carried at a revalued amount, reflecting their fair value at the date of revaluation.
Impairment Loss
The amount by which the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, leading to a reduction in value on the balance sheet.
Revaluation Decrement
The process of decreasing the recorded value of an asset to reflect its current market value, often recognized in financial reporting.
Cash-Generating Unit
The smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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