Taxes Levied by Both States and the Federal Government Include

question 161

Multiple Choice

Taxes levied by both states and the Federal government include:

• A) General sales tax.
• B) Custom duties.
• C) Hotel occupancy tax.
• D) Franchise tax.
• E) None of these.

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Definitions:

Percentage

A proportion or share in relation to a whole, represented as a number out of 100.

Receivables Basis

An accounting method that recognizes revenue when related receivables are actually or constructively received.

Allowance Account

A contra account related to accounts receivable that represents the estimate of receivables that are likely to be uncollectible.

Allowance Account

A contra-asset account used to estimate and offset losses from potentially uncollectible accounts receivable.