I. True or False 1. Taxation is a process or means by which the sovereign, through its law-making body raises income to defray the expenses of the government. 2. Taxes are revenues raised in the exercise of the police power of the State. 3. The three fundamental powers of the State are Inherent in the State and may be exercised without the need of any constitutional grant. 4. The State's Power to tax is inherently legislative in character. Therefore, collection and assessment of tax is a legislative function. 5. The Power of Eminent Domain is the power of the State to acquire private property for public purpose upon payment of low compensation.

I. True or False 1. Taxation is a process or means by which the sovereign, through its law-making body raises income to defray the expenses of the government. 2. Taxes are revenues raised in the exercise of the police power of the State. 3. The three fundamental powers of the State are Inherent in the State and may be exercised without the need of any constitutional grant. 4. The State's Power to tax is inherently legislative in character. Therefore, collection and assessment of tax is a legislative function. 5. The Power of Eminent Domain is the power of the State to acquire private property for public purpose upon payment of low compensation.

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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