0
While there are many budgets and estimates and projections that develope information, a financial reporting, that management will use operationally and will be based on recognizing income as they feel is most useful for the purpose - most all governments use a cash basis accounting system for its official financial accounting. Hence it would only be recognized when the cash is received.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What type of tax generates the most revenue for the US government?
Sales tax
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
When calculating sales for revenue do you include sales tax?
No.
What is the definition of total gross taxable revenues?
"Total gross taxable revenues" means revenues from all your sales which are subject to tax. == == Total Revenue - Exempt Revenue = Taxable Revenue Exempt revenue - Eg. a sale made to the Government .. You do not have to pay tax on it since you do not charge them with tax. (This example may not be applicable to all countries)
Journal entry of sales to accounts receivable with sales tax?
debit accounts receivabledebit sales taxcredit sales revenue
What type of tax generates the most revenue for the US government?
Sales tax
Which level of government is sales tax imposed?
Sales Tax is imposed by State and Local government. Sales tax provides around 11 percent of state tax revenue (on average).
At which level of government is sales tax imposed?
Sales Tax is imposed by State and Local government. Sales tax provides around 11 percent of state tax revenue (on average).
What is sales tax and why it is paid?
sale tax is a tax on sale of goods it is levied for the revenue purpose to the state government
What type of taxes generates the most revenue for the US government?
Sales tax
Is the amount of sales tax collected on sales is recorded in the Sales Tax Revenue account?
combind revenue accounts
What is the purpose of sales tax?
To raise money to fund the operations of government.
What are the two leading sources of state tax revenue?
the sources of public revenue is tax from citizen also the government can take loans from foreign governments public revenue can also be generated from goodwills to the government and also through international trade.
When calculating sales for revenue do you include sales tax?
No.
What provided sources of revenue for the federal government in the period from 1800 to 1860?
The main sources of revenue in the 1800s-1860s were: Revenue Tariff, Land Sales, and Income Tax.
disadvatage of sales tax?
A sales tax is a certain percentage of tax imposed by the government on the sales of goods and services. As per the law, a seller can collect some amount of sales tax from the consumers they are selling goods and services to. The sales tax does not produce any revenue to the seller. However, a seller is responsible to collect sales tax from consumers and pass it to the official authorities.
How much revenue does the government make off firearms sales each year?
Tax records are not public information.
