Write True of the statement is correct, otherwise, write False andunderline the part/s that make the statement wrong.1. VAT is indirect tax.2. Revenues derived from taxes cannot be used for the exclusive use ofprivate persons.3. Taxation is the government's legitimate means of interfering with theprivate properties of its subjects.4. Interests and dividends should not be part of the gross income pertaxation purposes.5. Taxes are forced proportional contributions from persons and propertylevied by the legislative body for the support of government and allprivate needs.6. Under the TRAIN Law, personal exemptions are allowed as deductionsfrom gross income.7. VAT is an example of an income tax.8. Percentage tax is generally at 3%.9. Income tax due will be lesser using the tax schedule from TRAIN Law.10.Input tax must be added to Output tax in order to attain the VAT Payableamount.11.Under the 1997 Tax Code, additional personal exemption may be allowedup to 4 qualified dependents.12. Corporations maybe classified into Resident and Alien Corporations.13. Taxation is the inherent power of the state to demand contributions forprivate purposes.14. Generally, corporations are being taxed at 30% Income Tax Rate.15. Minimum Corporate Income Tax Rate is at 2% Based on the taxableincome.

There are 15 statements so I am answering them one by one and for better understanding, I am…

Write True of the statement is correct, otherwise, write False and underline the part/s that make the statement wrong. 1. VAT is indirect tax. 2. Revenues derived from taxes cannot be used for the exclusive use of private persons. 3. Taxation is the government's legitimate means of interfering with the private properties of its subjects. 4. Interests and dividends should not be part of the gross income per taxation purposes. 5. Taxes are forced proportional contributions from persons and property levied by the legislative body for the support of government and all

Write True of the statement is correct, otherwise, write False and underline the part/s that make the statement wrong. 1. VAT is indirect tax. 2. Revenues derived from taxes cannot be used for the exclusive use of private persons. 3. Taxation is the government's legitimate means of interfering with the private properties of its subjects. 4. Interests and dividends should not be part of the gross income per taxation purposes. 5. Taxes are forced proportional contributions from persons and property levied by the legislative body for the support of government and all

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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