Which of the following accounts is credited by the seller when tax is collected on retail sales?
A) Accounts Payable
B) Payroll Tax
C) Sales Tax Payable
D) Unearned Revenue
C
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Regarding sales force compensation methods:
A. combination plans provide some security and some incentive. B. straight commission avoids the need to consider a sales quota. C. straight salary provides the most incentive. D. sales quotas play no role in any of the methods. E. All of the above.
Black economy is most likely to be prevalent when:
A. large amounts of economic activity are in the form of legally recorded cash transactions. B. people engage in barter agreements to avoid paying taxes. C. a country's GNI per capita exceeds $30,000. D. the expenses of the government are less than its income. E. a country is in trade surplus with another foreign country.