SALES TAX Definition

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SALES TAX is a tax levied by a government entity, usually state or city, on the retail price of an item and certain taxable services, collected by the retailer.

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BOOK ENTRY TRANSACTION, in securities, is a transaction that does not entail physical transfer of paper securities. An entry is made on the books of a safekeeping depository showing the beneficial owner of the securities. This has become a standard transaction method for all U.S. Treasury, many U.S. Government agency securities and many tax­able and tax-exempt instruments.

NETTING can be the settling of mutual obligations at the net value of a contract as opposed to its gross dollar value; or, the reduction of transfers of funds between subsidiaries or separate companies to a net amount.

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