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Explain the difference between job-order and process costing.
Surplus
A situation in which the quantity of goods or services supplied exceeds the quantity demanded at the current price.
Tax Revenue
The money that is amassed by governments as a result of taxation.
State Income Tax
A tax imposed by a state on the income of its residents and on income earned within the state by nonresidents.
Sales Taxes
Taxes imposed on sales of goods and services, typically calculated as a percentage of the selling price.
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