Provincial Governments Get Most of Their Operating Funds from

question 115

Multiple Choice

Provincial governments get most of their operating funds from

• A)transfers from the federal government and personal income taxes.
• B)corporate taxes and personal income taxes.
• C)taxes on products and personal income taxes.
• D)investment income and taxes on products.

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Definitions:

Uncollectible

Accounts receivable that cannot be recovered and are therefore written off as a loss.

Not-for-Profit School

An educational institution that operates without the primary aim of making profits, instead focusing on providing quality education.

Contribution Revenues

Revenues received by not-for-profit entities from donations, grants, or other forms of financial support.

Deferred Revenues

Deferred revenues are payments received by a company for goods or services that are yet to be delivered or performed, recorded as a liability on the balance sheet.