ce of BIR rulings ce of revenue memorandum circula ce of revenue regulations

Q: What are the special tax features of (a) Treasury securities, (b) agency issues, and (c) municipal…

A: (a): Treasury securities - Interest paid on all types of treasury securities will be fully taxable…

Q: What are some of the functions of a state board of public accountancy?

A:

Q: In government-wide financial statements, how do intra-activity and interactivity transactions…

A:

Q: Explain, in detail, the way in which the integrity measures that protect the imputation system…

A: Imputation system of taxation involves the process of taxing the profit distributed by a company at…

Q: w does a company determine if it should use an ABO, PBO, or VBO calculation? Is the determination…

A: ABO The estimated amount of a company's pension plan commitment at any one time is known as the…

Q: How have users’ needs impacted the development of accounting principles for state and local…

A: Accounting principles refers to the set of rules and regulations which companies must follow in…

Q: What are the key sources of revenues among the federal, state, and local governments? What are the…

A: Federal Government revenue comes from individual income taxes, corporate income taxes, and payroll…

Q: What are the two government-wide financial statements? What does each normally present?

A:

Q: How the hierarchy of U.S. generally accepted accounting principles for state and local government…

A: Financial reporting issues Financial reporting involves communicating the results and information…

Q: The modified accrual foundation of accounting should be explained. When preparing financial accounts…

A: Modified accrual basis of accounting:  A modified accrual basis of accounting is a method of…

Q: Describe the Bureau of Internal Revenue.

A: Bureau of Internal Revenue is an institution which acts as an agent to the Finance department and…

Q: Under what condition is the modified approach applied by a state or local government?

A: Accrual basis of accounting: Accrual basis of accounting refers to recognizing the expenses and…

Q: What legislation governs government accounting in Trinidad? Discuss.

A: All the accounting is to be done according to the legislation of the respective land. so that the…

Q: Describe the current convergence efforts of the FASB and IASB in the area of accounting for taxes.

A: The converging of accounting standards stands for the objective of setting up accounting standards…

Q: following are released for general informational purposes and not binding on the IRS:  a.…

A: An information letter refers to the form of a letter scripted by a company that is spread out to…

Q: What are some ways an audit report for a government differs form an audit report for a for-profit…

A: An evaluator's report is a composed letter from the reviewer containing their assessment on whether…

Q: What statutes does the Commerce Commission have oversight of?

A: In the year 1986, a commission known as commerce commission was established with an aim to regulates…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…

Q: Briefly expalin what is government accounting and what are some good features on government…

A: The accounting sector includes several subfields. Public accounting is one of its components.…

Q: Explain t

A: Modified accrual accounting combines aspects of accrual basis accounting with cash basis accounting…

Q: Aside from professional audits of income tax returns, who does the separate non-tax audit program…

A: Auditing is defined as the process of evaluation of the formal financial documents presented by the…

Q: Which of the following is an expense recognition criterion for recording a government transfer…

A: Section  PS 3410 government transfers: This section gives the provisions for the recognition,…

Q: What are the salient features and changes in the Government Accounting Manual? What problems or…

A: Government accounting manual shows and presents the guidelines and basic accounting policies and…

Q: A Revenue Procedure issued by the IRS is an example of: Group of answer choices legislative…

A: ANSWER The IRS ( Internal Revenue Service ) is a division of  department of treasury. IRS is…

Q: What are the primary control procedures to ensure completeness of recorded revenues?

A:

Q: Which of the following government-wide accounts reflects amounts owed between governmental…

A: The internal balances account will be reported as an asset in the government wide financial…

Q: 1. How does the GASB define extraordinary and special items? Compare the definitions and recognition…

A: The GASB defines extraordinary and special items as those of FASB that is unusual and infrequent but…

Q: What are current IFRS standards for accounting for government grants?

A: The objective of this question is to understand the current International Financial Reporting…