Select all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.

Select all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.

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

Select all the true statements from the following pool of statements:
A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue.
B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration
received.
C- For revenues that are long-term and deferred in nature, the revenue is measured at present value.
D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being
comprehensive in nature, may include fines, fees and penalties.
E- Generally, payments made to the government in the form of checks are not allowed.

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