If a Tax Is Imposed on the Sellers of a Product

question 191

True/False

If a tax is imposed on the sellers of a product, then the tax burden will fall entirely on the sellers.

---

Definitions:

Petty Cash Fund

A small amount of cash kept on hand for minor or incidental expenses.

Journal Entries

The basic method of recording financial transactions in accounting, which involves making entries to accounts in a double-entry bookkeeping system.

Cash Short And Over

An accounting term referring to a discrepancy between the amounts of cash available at the end of a period and the expected amount, which could be more (over) or less (short).

Office Supplies

Items such as pens, paper, staplers, and other materials used in an office setting for daily operations and not directly associated with the manufacturing process.