Sales Taxes Collected from Customers Should Be Recorded in a Liability

question 156

True/False

Sales taxes collected from customers should be recorded in a liability account until the cash is passed along to the taxing authority.

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Definitions:

Sensation Seeking

A trait describing the need for varied, novel, and complex sensations and experiences, as well as the willingness to take physical and social risks for such experiences.

Apathy

A state of indifference where an individual shows little to no interest, enthusiasm, or concern towards aspects of life.

Impulsivity

Impulsivity is the tendency to act on urges without considering the future consequences of one's actions, often associated with a range of psychological conditions.

Intranasal

A route of administration where drugs are delivered through the nose directly to the bloodstream.