If you have questions, contact us or visit your local Revenue office. Environmental services. Due to the pandemic, our offices are closed to the public. Accounting Principles: A Business Perspective. Liabilities Debts owed by a business—or creditors’ equity. If you conduct multiple business activities, it may be necessary to report under more than one tax classification. Distribution services. A business can be a service company, merchandising company, or a manufacturing company. Financial services. Partnerships are business entities owned by at least two people. Business Entity is any business organization that exists as an economic unit. Construction and related engineering services. Specific activities, such as cigarette sales, may also be subject to other taxes. A more general classification of services based on the type of function that is provided through them can be as follows: Business services. Examples include cash, machines, and buildings. A business entity is any business organization, such as a hardware store or grocery store, that exists as an economic unit. Thus, in the accounting records of the business entity, the activities of each business should be kept separate from the activities of other businesses and from the personal financial activities of the owner(s). There are five different classifications for taxable activities as well as a separate category for antique malls, flea markets, and the like. Explain through flow chart " classification of business activities " Share with your friends. Thus, for accounting purposes, all three business forms are separate from other business entities and from their owner(s). machinery, 333610 - Engine, turbine, power transmission equipment, 334110 - Computer and peripheral equipment, 334410 - Semiconductor and other electronic computer equipment, 334500 - Navigational, measuring, etc. Please visit our Contact page for support options. It provides general guidelines, not specific reporting instructions. Remember to rate your confidence with your answer: Maybe, Probably Definitely! Service company is a business entity that provides services to the public and does not sell a product. instruments, 334610 - Manufacturing and reproducing magnetic and optical media, 335900 - Other electrical equipment and component, 339900 - Other miscellaneous manufacturing, 423100 - Motor vehicle, parts and supplies, 423300 - Lumber and other construction materials, 423400 - Professional and commercial equipment and supplies, 423500 - Metal and mineral (except petroleum), 423700 - Hardware, plumbing and heating equipment, 423800 - Machinery, equipment and supplies, 423910 - Sporting and recreational goods and supplies, 423920 - Toy and hobby goods and supplies, 423940 - Jewelry, watch, precious stone and precious metal, 423990 - Other miscellaneous durable goods, 424300 - Apparel, piece goods and notions, 424700 - Petroleum and petroleum products, 424800 - Beer, wine and distilled alcoholic beverage, 424930 - Flower, nursery stock and florists' supplies, 424990 - Other miscellaneous nondurable goods, 425110 - Business-to-business electronic markets, 425120 - Wholesale trade agents and brokers, 441300 - Automotive parts, accessories and tire stores, 442299 - All other home furnishings stores, 443112 - Radio, television and other electronics stores, 443130 - Camera and photographic supplies stores, 444200 - Lawn and garden equipment and supplies stores, 445110 - Supermarkets and other grocery (except convenience), 446120 - Cosmetics, beauty supplies and perfume stores, 446190 - Other health and personal care stores, 447100 - Gasoline stations (including convenience stores w/gas), 448130 - Children's and infants' clothing stores, 448320 - Luggage and leather goods stores, 451130 - Sewing, needlework and piece goods stores, 451140 - Musical instrument and supplies stores, 451220 - Prerecorded tape, compact disc and record stores, 452900 - Other general merchandise stores, 453210 - Office supplies and stationery stores, 453220 - Gift, novelty and souvenir stores, 453930 - Manufactured (mobile) home dealers, 453990 - All other miscellaneous store retailers, 454110 - Electronic shopping and mail-order houses, 454312 - Liquefied petroleum gas (bottled gas) dealers, 454390 - Other direct selling establishments, Support activities for agriculture and forestry, Beverage and tobacco product manufacturing, Petroleum and coal products manufacturing, Plastics and rubber products manufacturing, Nonmetallic mineral product manufacturing, Computer and electronic product manufacturing, Electrical equipment, appliance, component manufacturing, Furniture and related product manufacturing, Wholesale electronic markets and agents and brokers, Building material and garden equipment and supplies dealers, Sporting goods, hobby, book and music stores.

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