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Which is not one of Adam Smith's canons (principles) of taxation A. Economy in collection O B. Certainty O c. Convenience of payment O D. Simplicity E. None of these

Which is not one of Adam Smith's canons (principles) of taxation A. Economy in collection O B. Certainty O c. Convenience of payment O D. Simplicity E. None of these

FINANCIAL ACCOUNTING
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 is *not* one of Adam Smith’s canons (principles) of taxation? - A. Economy in collection - B. Certainty - C. Convenience of payment - D. Simplicity - E. None of these **Explanation:** This is a multiple-choice question focused on the principles of taxation as described by Adam Smith. Candidates are required to identify which option does not correspond to one of these principles. Below is a brief overview of each option: - **Economy in collection:** This refers to minimizing the costs of collecting taxes. - **Certainty:** Taxpayers should know when, how, and how much tax is to be paid. - **Convenience of payment:** Taxes should be levied in a manner and at a time convenient to the payer. - **Simplicity:** This is not traditionally counted among Adam Smith's original canons, which might suggest this could be the answer. - **None of these:** This implies that all options could be considered as canons. Learners should recall that Smith's original canons include economy, certainty, convenience, and equity.
Transcribed Image Text:**Question:** Which is *not* one of Adam Smith’s canons (principles) of taxation? - A. Economy in collection - B. Certainty - C. Convenience of payment - D. Simplicity - E. None of these **Explanation:** This is a multiple-choice question focused on the principles of taxation as described by Adam Smith. Candidates are required to identify which option does not correspond to one of these principles. Below is a brief overview of each option: - **Economy in collection:** This refers to minimizing the costs of collecting taxes. - **Certainty:** Taxpayers should know when, how, and how much tax is to be paid. - **Convenience of payment:** Taxes should be levied in a manner and at a time convenient to the payer. - **Simplicity:** This is not traditionally counted among Adam Smith's original canons, which might suggest this could be the answer. - **None of these:** This implies that all options could be considered as canons. Learners should recall that Smith's original canons include economy, certainty, convenience, and equity.
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