The Congress of the Philippines enacted a law exempting the compensation and/or allowance or payments given to frontliners in consideration of their efforts in combatting COVID-19. This power exercised by the legislative department is in keeping with? Group of answer choices Power of eminent domain Police Power Military power Power of Taxation Professional tax collected by Treasurers of local government units is an example of: Group of answer choices Direct tax Specific tax Income tax Privilege tax

The Congress of the Philippines enacted a law exempting the compensation and/or allowance or payments given to frontliners in consideration of their efforts in combatting COVID-19. This power exercised by the legislative department is in keeping with? Group of answer choices Power of eminent domain Police Power Military power Power of Taxation Professional tax collected by Treasurers of local government units is an example of: Group of answer choices Direct tax Specific tax Income tax Privilege tax

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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• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
Taxation is NOT:a. A contribution for the support of a government required of persons, groups, orbusinesses within the domain of that governmentb. A means by which governments finance their expenditure by imposing charges oncitizens and corporate entitiesc. An act by which the sovereign, through its lawmaking body, raises income to defray thenecessary expensesd. The process by which the sovereign through its law-making body, imposes burdens uponsubjects or objects within its jurisdiction for the purpose of raising revenues to carry outthe legitimate objects of the government
Major sources of revenue for the local government units (LGUs) are the taxescollected under the Local Government Code of 1991 or what Republic Act? a. Republic Act No. 7160 b. Republic Act No. 7260 c. Republic Act No. 7150
1. For tax purposes, IPC is required to file Form 1099s for contractors and Form W-2s for employees. How many of both forms do they need to prepare for each state? Because IPC pays their tax accountants per prepared form, this information can help the controller estimate the fee to be paid. Form 1099 W-2s 2. IPC has established an internal policy to hire only in-state employees to simplify its tax filings. The state the office is located in and the employee's state of residency should be the same. Per state, to what extent are the offices compliant with this policy (as a percentage)? (Round answers to 2 decimal places, e.g. 52.75%.) DE MD % % % NJ % PA
14) When examining revenue transactions, which of the following transactions is classified as an exchange transaction? A) When a homeowner pays property taxes B) When a university receives a federal grant that mandates a certain type of research activity C) When an aquatic center receives cash for a group swim D) When an employer deducts money for state tax withholding
The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because they are employees of the government. TRUE OR FALSE?
According to the PCAOB, which of the following tax services would impair independence? A. Tax consulting B. Providing a tax opinion where the opinion is not considered an aggressive position or listed transaction by the IRS C. Tax returns prepared by BDO Spain for the controller's dependent children living in Spain while attending school abroad D. Tax consulting for the CFO of an IPO candidate completed before the start of the professional engagement period for the audit of the financial statements to be included in the IPO registration
• Fiscal Adequacy - sources of revenue should be sufficient to meet the demands of public expenditure. ● BASIC PRINCIPLES OF A SOUND TAX SYSTEM ● Equality or theoretical Justice tax burden should be in proportion to the taxpayer's ability to pay. (Ability-To-Pay Principle) - Administrative Feasibility tax laws should be capable of convenient, just and effective administration. - A) Which do you think is the most important among the three inherent powers of the state? Why? B) If a tax law violates one of the three principles of sound tax system, is it necessarily null and void? Explain your answer.
The following powers are classified as primary powers of the Commissioner of the BIR. Which of these powers is the Commissioner’s secondary power? Power to interpret tax laws Power to assess and collect the amount of tax Power to make arrest and seizures Power to examine books of accounts.
1. In general, fixed or variable allowances which are received by a public officer or employee or officer or employee of private entity, in addition to the regular compensation, fixed for his position or office, is compensation subject to income tax and consequently, creditable withholding tax on compensation income. 2. Representation and Transportation Allowances (RATA) granted under Section 34 of the General Appropriations Act to certain officials and employees of the government are considered reimbursements for the expenses incurred in the performance one's duties rather than as additional compensation. A= 1st statement is true, second statement is false. B= 1st statement is false, second statement is true. C= Both statements are false. D= Both statement are true. OD OC OB O A
1. In light of the authority vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIR recommended to the Secretary of the Department of Finance the creation of revenue district offices (RDOs) throughout the Philippines. The act of the CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal Adequacy c. Theoretical Justice d. Uniformity