The National Bellas Hess Decision Held That an Out-Of-State Mail-Order

question 23

True/False

The National Bellas Hess decision held that an out-of-state mail-order company did not have sales tax collection responsibility because it lacked physical presence.

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Definitions:

Trial Balance

An accounting report that lists the balances of all ledgers accounts to verify that the total debits equal the total credits, used for internal purposes to check for errors.

Ledger

A book or collection of financial accounts in which transactions are recorded.

Journal

A chronological record of all financial transactions, used as the initial place of entry for such transactions in the accounting system.

Liabilities

Financial obligations or debts that a business owes to others, which must be settled over time through the transfer of economic benefits.