Which Statement Is CORRECT Regarding State Sales Taxes

question 22

Multiple Choice

Which statement is CORRECT regarding State sales taxes?

• A) They were first imposed in the early 20th century.
• B) New York had the first city sales tax.
• C) They were first imposed in the early 19^th century.
• D) Only a) and b) are correct.
• E) Only b) and c) are correct.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Close Account Year-End

The process of updating account balances and summarizing a company's financial activities to prepare for the next accounting period.

Interest Revenue

Income earned from lending funds or through investing in interest-bearing financial instruments.