ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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FISCAL POLICY Definition
FISCAL POLICY is U.S. Federal policy with respect to spending and taxation as determined by the Congress and the Administration.
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NEXUS, dependent upon usage, is a. the means of connection between things linked in series; or, b. a connected series or group; or, c. is the sufficient presence within the jurisdiction of a taxing authority. The taxable income of a multistate corporation may be apportioned to a specific state only if the corporation has a sufficient nexus in the state. The nexus for state sales tax requires a physical presence in the state, whereas the nexus for state income tax purposes requires more than just solicitations of sales.
ERROR OF ORIGINAL ENTRY, in accounting, occurs when the double entry is made but using an incorrect figure.