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A surplus in the balance of payments is when a nation has an increase in flow of funds from trade and investments coming in than paying out to other countries. Income from tourism increases the flow of funds into the economy from people of other countries. It results in the flow of foreign currency into the country and is a revenue to the country resulting in a favorable balance of payment.
What else can I help you with?
What A method of revenue recognition and recording used when payments are received over a long period of time is called?
The method of revenue recognition used when payments are received over a long period of time is called the "percentage-of-completion method." This approach recognizes revenue based on the progress made toward completing a project, allowing businesses to match revenue with the expenses incurred during the project's duration. It is commonly used in industries such as construction and long-term contracts. This method provides a more accurate reflection of a company's financial performance over time compared to recognizing revenue only upon project completion.
What does nirc mean?
NIRC stands for National Internal Revenue Code, which is the tax code in the Philippines. It covers various aspects of taxation, including income tax, value-added tax, and other forms of taxes imposed by the Philippine government.
How would you define tariff?
A tariff is a tax levied by the government on the importation of goods.
What are the three types of revenue?
The three types of revenue are operating revenue, non-operating revenue, and other revenue. Operating revenue is generated from a company's primary business activities, while non-operating revenue includes income from secondary activities. Other revenue encompasses one-time or irregular income sources.
What is a government saving?
Government saving refers to the difference between a government's total revenue and its total expenditure over a specific period. When a government collects more in taxes and other income than it spends, it has a budget surplus, resulting in savings. Conversely, if expenditures exceed revenues, it incurs a deficit. These savings can be used for future investments or to pay down debt.
Balance of payments deficit?
A balance of payments deficit means there is an imbalance in the balance of payments of a country where the payments the country makes are more than the payments they received. It means the balance of payments is negative. A balance of payments deficit is,when government expenditure is more than government revenue
What is the balance of payments account that records the amount of foreign currency the government buys or sells?
official revenue accounts
Only congress can make laws that require these payments to the federal government?
Revenue Bills... I think
Why did the government introduce the national lottery?
To increase the government's revenue without raising taxes.
By the 1790s how was the national goverment raising most of it's revenue?
The national government got most of its revenue in the 1790's due to import duties.
Which of these is the primary source of tax revenue for the national government?
income tax
What is normal balance of a revenue?
All revenue accounts has credit balance as a normal balance
Is service revenue a debit or cedit?
Services revenue is also a revenue and like all revenue accounts which have credit balance as normal balance, services revenue also has a credit balance.
What is the normal balance of rent revenue?
Rent is a revenue account and like all revenue accounts it has credit balance as normal balance.
What are Funds given to a state by the national government with special conditions attached are?
Revenue Sharing
How was the national government raising most of its revenue by the 1790?
By partying like there was no freaking tomorrow.
Is the decrease in revenue a debit?
Default balance for revenue is credit balance so to reduce a revenue account it must be something with debit balance so debit is a decrease in revenue.
