As of March 2012, the statewide sales tax in New Jersey is 7 percent. This tax is known officially as the Sales and Use Tax. It applies to most sales of non-food goods and services conducted within state boundaries.
There are a variety of sales tax exemptions in place for specific goods and services sold in the state. Unprepared food and food ingredients are not subject to sales tax, but restaurant meals and other prepared foods are taxed. In examples of exemption, New Jersey sales tax does not apply to clothing, textbooks, gasoline, newspapers, prescription drugs and most over-the-counter drugs, farm supplies, production machinery and equipment and real estate sales.Learn More
External users of accounting information are parties outside the operation of a business who use its accounting and financial information in making important decisions. Examples include customers, investors, tax authorities, creditors and regulatory authorities. Since these users do not have direct access to accounting information, they are given access to records by the business in the form of financial statements.Full Answer >
A treasurer's report should be presented orally, but it should also be presented in writing to all individuals present at the meeting. Ideally, members should receive the report before the meeting.Full Answer >
To complete a petty cash book, keep a running tally of cash in the account, deposits, withdrawals and dates. The petty cash book is a summary of trivial expenses. It can take the form of a ledger sheet or a spreadsheet, such as a Microsoft Excel file. Typically a business maintains a petty cash account for minor expenses, such as meals, flowers, stamps and office supplies, according to Accounting Tools.Full Answer >
The purpose of closing entries is to transfer financial data from temporary accounts to the balance sheet or income statement. As part of this, the temporary accounts are balanced to zero so that data is not carried over to the next accounting period.Full Answer >