Answered: a. i, ii and iv

Business

Accounting

a. i, ii and iv

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

Which of these statements are correct?

i. A contract for service is an independent contractor; the contractor is responsible for filing his/her own taxes.

ii. Emoluments refer to the salary and monetary benefits an individual receives because of being employed.

iii. There is no income that is exempt from PAYE.

iv. Contract of Service is a contract of employment, and the employer is responsible to account and pay all statutory taxes.

a.
i, ii and iv

b.
i. and iv

c.
i, only

d.
i, ii and iii

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