What is the earliest point in the sales tax collection process that revenue may be recognized? How

Question:

What is the earliest point in the sales tax collection process that revenue may be recognized? How can you justify recognizing revenue on the basis of this event?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Government and Not for Profit Accounting Concepts and Practices

ISBN: 978-1118155974

6th edition

Authors: Michael H. Granof, Saleha B. Khumawala

See More Books

Question Posted: Aug 13, 2014 11:43 AM

See More Questions

Explain when revenue may be recognized and give an example.
Who should get the drones initially How can you justify your decision ethically What restrictions for use should these people be given, and how do you think employees, both those who get drones and...
If the issue is equity, how can you justify a head tax on income, a proportional tax on income, and a progressive tax on income?
Derek and Wes take a photograph of a lake at the same angle and the same time of day. Derek's picture comes out with crisp edges around objects in the photo. Wes's picture seems to blur the outlines...
Explain why each of the following is or is not a valid probability distribution for a discrete random variable x: a. b. c. d. 2 3 3 p(x) .25 .50 .25 3 4 20 .3 p(x) 45 15 3 2 .13
Discuss two advantages of Hedge Fund B relative to Hedge Fund C with respect to investment characteristics. Sushil Wallace is the chief investment officer of a large pension fund. Wallace wants to...
Consider a stock price $S$ governed by the geometric Brownian motion process (a) Using $\Delta t=1 / 12$ and $S(0)=1$, simulate several (i.e., many) years of this process using either method,...
David Lemay is the chief executive officer of Brenna Electronics. Lemay is an expert engineer but a novice in accounting. Lemay asks you, as an accounting student, to explain (a) the bases for...
headquarters. The building was completed on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 March 1, 2024 June 30, 2024 October 1, 2024 $ 1,680,000 1,260,000...
Cinder and PQ are associated [ITA 256(1)(a)] and connected [ITA 186(4)] for tax purposes. Cinder Inc. is a Canadian-controlled private corporation based in your province. The company operates a...
What is meant by deferred inow of resources? Provide an example of when a government might credit such an account.
What special problems do governments face in measuring the income taxes associated with a particular year?
How does your answer to question 2.29 change if you allow a relation to have duplicate data?
Caching is heavily used in some WSC designs to reduce latency, and there are multiple caching options to satisfy varying access patterns and requirements. a. Lets consider the design options for...
For each part of this exercise, the initial cache and memory state are assumed to initially have the contents shown in Figure 5.37. Each part of this exercise specifies a sequence of one or more CPU...
Consider typical applications for desktop, server, cloud, and embedded computing. How would instruction set architecture be impacted for machines targeting each of these markets?
Consider the following code segments running on two processors P1 and P2. Assume A, and B, are initially 0. Explain how an optimizing compiler might make it impossible for B to be ever set to 2 in a...
In a read miss, a cache might overwrite a line in the shared (S) state without notifying the directory that owns the corresponding memory block. Alternatively, it will notify the directory so that it...
It has been argued that by making occupational pensions readily transferable, by increasing the complexity of the regulatory regime and by increasing taxation levied on pension funds, successive...
a. What is the cost of borrowing if Amarjit borrows $28 500 and repays it over a four-year period? b. How many shares of each stock would he get if he used the $28 500 and invested equally in all...
Describe how seasonal volume fluctuations influence current asset levels and financing requirements.
The December 31, 2017, Statement of Net Assets of Mosholu Medical Center, a major urban hospital and research center, is presented on page 655-656. Mosholu Medical Center Statement of Net Assets as...
The data on pages 657-658 pertaining to two not-for-profit hospices were taken from GuideStar, an online database (www.guidestar.org) that provides information about not-for-profit organizations....
Below are the abridged operating statements of two not-for-profit hospitals that serve similar populations. 1. What is the performance indicator of the hospitals? 2. Using the performance indicator,...
Jenny wishes to accumulate $10000 over 5 years for an overseas trip. She will make a deposit every 6-months, and the funds will earn the interest rate of 4% per annum compounded semi-annually. How...
Write a short C++ program that will prompt the user and input three integer values (month, day, year) from the console in a "date" format that includes '/' separator characters. e.g., 8/21/2013. Your...
Aimee is the owner of a stock with annual returns of 12.3 percent, -5.0 percent, 6.6 percent, and 18.2 percent for the past four years. She thinks the stock may achieve a return of 27 percent this...

What is the earliest point in the sales tax collection process that revenue may be recognized? How

Question:

Step by Step Answer:

Sales taxes should be recognized in the period in which the underlying sales ...View the full answer

Government and Not for Profit Accounting Concepts and Practices

Students also viewed these Accounting questions