Answered: A “tax” has been defined as a…

Business

Accounting

A “tax” has been defined as a compulsory payment which is made to a governmental authority and

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A “tax” has been defined as a compulsory payment which is made to a governmental authority and

a. Which is not penalty or fine

b. Which is paid in exchange for specific benefit to the taxpayer

c. Which is to be used for the public good.

d. Two of the above.

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