Each State Has Both

question 188

Multiple Choice

Each state has both:

• A) a criminal code and a friendly code
• B) a federal criminal code and a state criminal code
• C) a civil code and a free code
• D) a civil code and a law code
• E) a federal criminal code and a county criminal code

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Definitions:

Sales Taxes Payable

A liability account that represents the amount of sales tax collected from customers by a business, which is owed to the government.

Current Liability

Financial obligations that a company is required to pay within one year.

Advance From Customers

Money received by a company from customers before the related goods or services have been delivered.

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.