DB2_Biblical Integration
.pdf
keyboard_arrow_up
School
Liberty University *
*We aren’t endorsed by this school
Course
618
Subject
Accounting
Date
Feb 20, 2024
Type
Pages
5
Uploaded by KidRatMaster654
BIBLICAL INTEGRATION 1 DB2: Biblical Integration ACCT 618 MS: Accounting: Taxation, Liberty University December 9, 2023 Author Note I have no known conflict of interest to disclose. Correspondence concerning this article should be addressed to
2 Biblical Integration In the Bible, we examine the laws established by God to guide his people on Earth. We ascertain that he is identified as the path to righteousness, knowledge, and enlightenment and that achieving glory and exaltation is contingent upon obeying His teachings. Just as his teachings serve as principles and safeguards for our everyday existence, the scriptures offer awareness to grant the governing body the authority to impose taxes to uphold the rule of law. Without those guidelines, there are inequalities, misconduct, and a lack of consequences or repercussions. Scriptural evidence confirms that the government possesses the authority to collect taxes on its citizens. In the book of Romans, he states why we must pay taxes. The authorities represent God and dedicate all their working hours to ruling. It said that we should Render to each individual their rightful dues: If you are indebted in taxes, settle your tax obligations; if you own income, allocate the appropriate money; if regard is owed, demonstrate respect; if esteem is due, bestow honor accordingly ( Romans 13:6-7, NIV). Etter (2021) explains that Corporations are the commonly preferred organizational structure that most individuals like to choose when considering beginning a business, which is valid worldwide. Corporations are overseen by a board of directors selected by the equity holders of the business, commonly referred to as Shareholders or Stockholders, depending on the terminology used in a particular country. There are numerous compelling reasons for choosing to run a firm. Corporations possess a consistent and documented management framework, as mandated by the laws of a particular jurisdiction. Furthermore, due to reliable and efficient administration, corporations are the favored organizational form for most investors. In addition, companies establish a protective barrier that safeguards their owners' personal assets, effectively isolating them from any legal claims or damages resulting from the activities or products of the
3 corporation. Etter added that the Corporation is the most straightforward framework for accommodating various ownership stakes. Corporations can be classified into two categories: C and S. These are used for tax purposes, with the S company being classified as a pass-through tax category. Nevertheless, this differentiation solely pertains to taxes and does not influence management or the general structure. The Bible instructs us to act as custodians of our possessions, providing proof that individuals, rather than the government, possess the rightful ownership of their property. Jesus' followers, known as disciples, also fulfilled their obligation to pay taxes to the governing authority. The book of Matthew states, “But so that we may not cause offense, go to the lake and throw out your line. Take the first fish you catch; open its mouth and you will find a four-
drachma coin. Take it and give it to them for my tax and yours.” (Matthew 17:27 NIV). The well-being of our society suffers when we neglect to provide financial backing to the government's functions through taxation. The tax system implemented a flat tax rate during the Biblical time frame, which is different from current tax rules in the United States. Although individual tax brackets increase proportionally to taxable income, corporate tax rates remain constant. Deductions enable firms to decrease taxable incomes, although ownership percentages can also impact a justifiable tax benefit. This course strengthened my understanding of the protection and benefits that stockholders can derive from their organizations. However, it is essential to note that selecting a corporation may not be suitable for every individual, depending on their specific company requirements. The presence of several organizations to choose from advantages to the taxpayer offers a distinctive interpretation of the tax legislation that might reflect equality and fairness. In
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
10 Ijma’ is the source of shari’ah law that concerns
Select one:
all the actions and sayings that Muslims collectively recognise either to be done or to be avoided.
the extension of existing shari’ah rulings to new cases.
the practice of a number of people within large community
the unanimous agreement upon rules pertaining to Islam.
arrow_forward
Pls answer number 1 to 5
True or false
arrow_forward
4:40
LTE
AA
A sakai.ug.edu.gh
UNIVERSITY OF GHANA
34
Question 10 of 100
The
model
is characterized by limited state
activity and a weak non-profit
sector.
OA. Liberal Model
OB. Corporatist Model
OC. Statist Model
D. Partnership Model
Reset Selection
Next
Save
Exit
UG Sakai Portal
Send us a mail
The Sakai Project
Copyright 2003-2021 The Apereo Foundation. All rights reserved.
A Quest
arrow_forward
11614 DISCUSSION QUESTIONSp ali togib.e
1. Tom Taxpayer meets with his CPA about a potential transaction. At the
bns (0 meeting Tom Taxpayer presents the CPA with a private letter ruling that
ed lliw is directly on point to his potential transaction. Can Tom Taxpayer rely
vlataiba on the private letter ruling if he is later audited with respect to the return
ert to bfiled for the year in which he enters the transaction? How would your
dhue dianswer change if Tom Taxpayer provided a Revenue Ruling directly on
point?
nd blaleuw
arrow_forward
The personal information collected by CRA on the T1 return is
Question 3 options:
is shared with specific other parts of the government, such as Elections Canada
is shared with all other departments of the federal government.
only for CRA use
is readily accessible by everyone in Canada
arrow_forward
Q17
Statement I: A company is accountable to the society since it makes use of community-owned resources and other infrastructural facilities and enjoys concessions provided by state from tax-payers money.Statement II: The best way of social responsibility reporting is to prepare a value-added statement, which shows the income earned by all the stakeholders (staff, community & public)
a.
Both the statement are true
b.
Both the statements are false
c.
Only Statement I is true
d.
Only statement II is true
arrow_forward
E 19-3 Multiple choice
Which of the following is considered an exchange transaction under GASB 33?
A city receives a federal grant
A bus driver collects bus fare from a rider
Property taxes are collected from a homeowner
An employer withholds state income tax from employee paychecks
One would not expect to find fixed asset accounts in the
Governmental fund financial statements
Proprietary fund financial statements
Government-wide financial statements
Financial statements of a governmental entity
The cash received from the sale of vehicles used by the sheriff’s office should be recorded in
The general fund
The general fixed assets account group
A capital projects fund
A debt service fund
Which fund follows the modified accrual basis of accounting?
General fund
Special revenue fund
Debt service fund
All of the above
The simplified governmental fund accounting model is as follows:
Assets = Liabilities + Fund BalanceAssets =…
arrow_forward
36
arrow_forward
Question 1 2020
(i) Which one of the following best illustrates the approach adopted by NCCG 2016?A. “apply and explain”B. “apply or explain”C. “comply and explain”D. “comply or explain”
(ii) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs.
(iii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees…
arrow_forward
Diocese of Jamaica & the Cayman Islands
THE CHURCH OF THE ASCENSION
1A Daisy Avenue, Mona Heights, Kingston 6
Church Office
1 Palmetto Avenue
Kingston 6
Tel.: (876) 977-4743
December 29, 2021
The Manager
Prime Trust Financial Corporation
86 Half Way Tree Road
Kingston 10
Dear Sirs
ST. MATTHEW'S MISSION
Jacks Hill, St. Andrew
RE: Miss Samantha Dunkley
Miss Samantha Dunkley, whom I have known since 2009 when she worked with Spectrum
Insurance Brokers, recently informed me of her application to your company for the post of
Assistant FX Trader.
Yours truly,
Rectory
1 Palmetto Avenue
Kingston 6
Tel.: (876) 977-2448
During her stay at Spectrum, from my association with the company, I found her to be a very
congenial and diligent worker. She has also impressed me as a trustworthy individual who
should be an asset to Prime Trust.
Rev. Fr. Seymour Blackwood
Rector's Assistant
arrow_forward
Answer without explanation , quickly as possible as
arrow_forward
[ninth question]
arrow_forward
Chapter Two: Ethics
1. Compare the AAOIFI Code of Professional Ethics with the IMA and AICPA Code of
Professional Ethics.
2. Give your opinion on the major differences between them.
arrow_forward
6. Study Questions #6. Ch 6.
Which of the following is intellectual property?
Protection of works of original authorship
An invention, idea, product, or process registered with the government that awards the author exclusive rights
An exclusive right to make, use, or sell an invention, idea, product, or process for the next 20 years
Why have intellectual property rights (IPRS) become a major issue in recent rounds of international trade negotiations? Check all that apply.
оооо
IPR regulations vary across nations.
There is a lack of enforcement of international IPR agreements.
Developing nations produce more inventions than developed countries.
Poorer developing nations often have little incentive to provide patent protection to the products they need.
arrow_forward
Can you please help me answer these questions
arrow_forward
15. Which of the following is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession?
a.
FASB
b.
CMA
c.
CIMA
d.
IFAC
arrow_forward
Plz both answer and no plagiarism plz( 2 upvote) I give
arrow_forward
Paragraph
Styles
keep using Word without interruption, activate before Monday, 17 May 2021.
Activate
Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
financial year ending December 31, 2020 the clerical officer of the club provided the following
information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
for stationery that was to be…
arrow_forward
ABC 103
CINDAMENTALS OF ABM 1
ST. ANTHONY'S COLLEGE
Business Education Department
San Jose de Buenavista, 5700 Antique
ARTIBUR
Tel. No. (036) S409238; 5400898; 5409971 Tel. No.: (036) 5409196
Website: www.sac.edu.ph Email: Info@sac.edu.ph; bused@sac.edu.ph
In SAC, we carel
Covid Repair Shop
Worksheet
Unadjusted Trial Balance
Deblt
Adjustments
Credit
Adjusted Trial Balance
Debit
Income Stateme
C
Debit
Account No.
Account Titles
Credit
Debit
Credit
33,450
1,200
15,000
2,000
33,450
1,200
8,500
2,000
1,200
30,000
Cash
Accounts Recelvable
Repair Supplies
Prepaid Rent
Prepaid Advertising
Repair Tools
Accumulated Depreciation-RT
Fumiture & Fixtures
Accumulated Depreciation-F&F
Service Equipment
Accumulated Depreciation-SE
Accounts Payable
Notes Payable
Accrued Interest Expense
Accrued Salaries Expense
Accrued Rent Expense
Unearned Repair Revenues
Covid, Capital
Covid, Drawings
Income Summary
Repair Revenues
Advertising Expense
Rent Expense
Salaries Expense
Utilities Expense
Interest Expense…
arrow_forward
9
arrow_forward
Question 1 2020
(i) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs.
(ii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees charged were adequate to avoid threats to due careD. To identify if there are professional reasons why the appointment should not be accepted.
(iii) Which threat can possibly…
arrow_forward
QUESTION THERE (3)
Justify your views on the importance of understanding the differences between these types of property below on the daily practice of muamalat to a Muslim. Examples are encouraged to reinforce your answer. State the importance of them to some specific muamalat contract.
- istihlaki property with isti‘mali property
- ‘asli property with thimari property
- mamluk property with mubah property
- ‘aqar property with manqul property
- qabil lil qismah property with ghayr qabil lil qismah property
arrow_forward
45
arrow_forward
Question 1 The standards for cooperation credit under federal sentencing guidelines influence the
internal investigation processes and procedures of public corporations and business
organizations. O True 4 pts False
arrow_forward
question 41
choose the correct answer from the choices
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Related Questions
- 10 Ijma’ is the source of shari’ah law that concerns Select one: all the actions and sayings that Muslims collectively recognise either to be done or to be avoided. the extension of existing shari’ah rulings to new cases. the practice of a number of people within large community the unanimous agreement upon rules pertaining to Islam.arrow_forwardPls answer number 1 to 5 True or falsearrow_forward4:40 LTE AA A sakai.ug.edu.gh UNIVERSITY OF GHANA 34 Question 10 of 100 The model is characterized by limited state activity and a weak non-profit sector. OA. Liberal Model OB. Corporatist Model OC. Statist Model D. Partnership Model Reset Selection Next Save Exit UG Sakai Portal Send us a mail The Sakai Project Copyright 2003-2021 The Apereo Foundation. All rights reserved. A Questarrow_forward
- 11614 DISCUSSION QUESTIONSp ali togib.e 1. Tom Taxpayer meets with his CPA about a potential transaction. At the bns (0 meeting Tom Taxpayer presents the CPA with a private letter ruling that ed lliw is directly on point to his potential transaction. Can Tom Taxpayer rely vlataiba on the private letter ruling if he is later audited with respect to the return ert to bfiled for the year in which he enters the transaction? How would your dhue dianswer change if Tom Taxpayer provided a Revenue Ruling directly on point? nd blaleuwarrow_forwardThe personal information collected by CRA on the T1 return is Question 3 options: is shared with specific other parts of the government, such as Elections Canada is shared with all other departments of the federal government. only for CRA use is readily accessible by everyone in Canadaarrow_forwardQ17 Statement I: A company is accountable to the society since it makes use of community-owned resources and other infrastructural facilities and enjoys concessions provided by state from tax-payers money.Statement II: The best way of social responsibility reporting is to prepare a value-added statement, which shows the income earned by all the stakeholders (staff, community & public) a. Both the statement are true b. Both the statements are false c. Only Statement I is true d. Only statement II is truearrow_forward
- E 19-3 Multiple choice Which of the following is considered an exchange transaction under GASB 33? A city receives a federal grant A bus driver collects bus fare from a rider Property taxes are collected from a homeowner An employer withholds state income tax from employee paychecks One would not expect to find fixed asset accounts in the Governmental fund financial statements Proprietary fund financial statements Government-wide financial statements Financial statements of a governmental entity The cash received from the sale of vehicles used by the sheriff’s office should be recorded in The general fund The general fixed assets account group A capital projects fund A debt service fund Which fund follows the modified accrual basis of accounting? General fund Special revenue fund Debt service fund All of the above The simplified governmental fund accounting model is as follows: Assets = Liabilities + Fund BalanceAssets =…arrow_forward36arrow_forwardQuestion 1 2020 (i) Which one of the following best illustrates the approach adopted by NCCG 2016?A. “apply and explain”B. “apply or explain”C. “comply and explain”D. “comply or explain” (ii) Agency theory is based on the view thatA. The purpose of corporate governance (CG) should be to satisfy (as far as possible) the objectives of all stakeholders.B. Boards of directors are considered as important mechanism for reducing transaction costs associated with environmental interdependency.C. Corporate governance will be to employ or design techniques or systems that can secure the interests and values of the management.D. The system of CG should be designed to minimise agency problems & costs. (iii) Which one of the following statements is not a relevant reason for an accountant to liaise with their predecessor when accepting a professional assignment?A. It is a matter of professional etiquetteB. To avoid the appearance of solicitationC. To determine whether the professional fees…arrow_forward
- Diocese of Jamaica & the Cayman Islands THE CHURCH OF THE ASCENSION 1A Daisy Avenue, Mona Heights, Kingston 6 Church Office 1 Palmetto Avenue Kingston 6 Tel.: (876) 977-4743 December 29, 2021 The Manager Prime Trust Financial Corporation 86 Half Way Tree Road Kingston 10 Dear Sirs ST. MATTHEW'S MISSION Jacks Hill, St. Andrew RE: Miss Samantha Dunkley Miss Samantha Dunkley, whom I have known since 2009 when she worked with Spectrum Insurance Brokers, recently informed me of her application to your company for the post of Assistant FX Trader. Yours truly, Rectory 1 Palmetto Avenue Kingston 6 Tel.: (876) 977-2448 During her stay at Spectrum, from my association with the company, I found her to be a very congenial and diligent worker. She has also impressed me as a trustworthy individual who should be an asset to Prime Trust. Rev. Fr. Seymour Blackwood Rector's Assistantarrow_forwardAnswer without explanation , quickly as possible asarrow_forward[ninth question]arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you