MANAGEMENT

Detailed explanation-1: -Sales Tax Payable is recognized as a liability that has to be usually paid within one year from the collection. So it is categorized under current or short-term liabilities. Therefore, the outstanding amount is reported under the current liabilities section of the balance sheet.

Detailed explanation-2: -What are the 4 types of accounting errors? Most accounting errors can be classified as data entry errors, errors of commission, errors of omission and errors in principle.

Detailed explanation-3: -Tax accounting is a structure of accounting methods focused on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code, which dictates the specific rules that companies and individuals must follow when preparing their tax returns.