TARIFF Definition

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TARIFF, usually, a countrys tax on imports. May sometimes refer to the rate of tax; and, is used interchangeably with the term 'duty'.

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EFFECTIVE TAX RATE is the net rate a taxpayer pays on income that includes all forms of taxes. It is calculated by dividing the total tax paid by taxable income.

CASH IN TRANSIT is cash being transferred from one business to another or between two parts of the same business. If it is not recorded as an asset in either an adjusting entry may be necessary.

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