Internet Has Made It Easy to Determine the Origin of a Product

question 42

True/False

Internet has made it easy to determine the origin of a product or a service, with concomitant implications for customs, tariffs, and taxation.

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Definitions:

IRS

The United States Internal Revenue Service, a federal agency responsible for collecting taxes and administering the Internal Revenue Code.

Accrual Basis

An accounting method where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is actually received or paid.

Cash Basis

An accounting method where revenues and expenses are recognized when cash is actually received or paid out.

Bookkeeping

Bookkeeping is the systematic recording, organizing, and maintaining of financial transactions for a business or individual.