List and Define the Five Classifications of Governmental Funds

question 124

Essay

List and define the five classifications of governmental funds.

---

Definitions:

Sales Tax Rate

The percentage of sales price that is added to the sales price of goods and services, collected by sellers.

Sales Tax Rate

The percentage added to the sale price of goods and services, collected by retailers and forwarded to the government.

Sales Tax

A tax levied by a government on the sale of goods and services, collected by the retailer and passed on to the government.

Market Value

The existing cost for purchasing or selling an asset or service in the open market.