X borrowed money from Y worth 10,000 and owed 5,000 tax liabilities to BIR. Which of the two liabilities will most likely cause X’s imprisonment for reason of nonpayment?     a. Loan from Y     b. Tax due to BIR     c. Both     d. None of the above

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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1. X borrowed money from Y worth 10,000 and owed 5,000 tax liabilities to BIR. Which of the two liabilities will most likely cause X’s imprisonment for reason of nonpayment?

    a. Loan from Y
    b. Tax due to BIR
    c. Both
    d. None of the above
 
2. As to scope; which is comprehensive and plenary?
    a. Taxation power
    b. Police power
    c. Eminent domain
    d. All of the above
 
3. I. LGUs exercise taxation power
    II.As to amount, tax has no limit.
       a. TT
 
       b. FF
       c. TF
       d. FT
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