PA 504 Assignment 6

1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund.   A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house 2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements?

1) Determine whether each of the following elements should be classified as taxes, licenses, permits, intergovernmental revenues, service fees, fines, forfeiture, or miscellaneous income in a government fund.     A) Government sales and usage taxes. B) Citizen payments for the use of the city pool. C) Building permits to build a roof in a house   2) Explain income, expenses, receipts, and payment? Draw the figure with an example? What is the difference between the two statements? 15 degrees.

These are involuntary fees levied on individuals or corporations and imposed by the government —whether local, regional, or national to finance government activities. a. Taxes b. Excise Taxes c. Property Tax d. VAT

Property tax revenue recorded in the governmental funds may differ from the amount recorded at the government-wide level in any given year. True or False

3. Compare and contrast the following other agencies tasked with tax collections and other fees. ( .S) a. Bureau of Customs (BOC) b. Board of Investments (BOI) c. Local Gov't Tax Collecting Units

Select all the true statements from the following pool of statements: A - Tax, being one of the indispensable inherent powers, is the government's primary source of revenue. B - Generally, government revenues arising from exchange transactions are measured at face amount of the cash consideration received. C- For revenues that are long-term and deferred in nature, the revenue is measured at present value. D- Taxes are enforced payments by any taxable subjects, in support of government for its fiscal purpose. Taxes, being comprehensive in nature, may include fines, fees and penalties. E- Generally, payments made to the government in the form of checks are not allowed.

Which among the type of taxes (national or local) do you think can be reduced, removed, or revised to the benefit of both the government and the common individual? Cite relevant sources such as previous research studies, taxation reform programs, and the like.

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

Bb.20.

Which of the following items is not recognized as revenue by a governmental unit? Group of answer choices a.) Sales tax proceeds b.) Bond proceeds c.) Property tax levies

Choose the best answer from the four choices Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its governmental fund statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government Assuming that a government will collect its sales taxes in sufficient time to satisfy the “available” criterion, it would ordinarily recognize revenue from sales taxes in its government‐wide statements When the underlying sales transaction takes place On the date the merchant must remit the taxes to the government On the date the merchant must file a tax return When the taxes are received by the government

A major responsibility of the Government Accountability Office is to audit taxpayers’ returns to determine whether they have complied with the tax laws Select one :- a_ true b_ falus

6. Washington County assumed the responsibility of collecting property taxes for all governments within its boundaries. In order to reimburse the county for expenditures for administering the Tax Agency Fund, the Tax Agency Fund is to deduct 1.5 percent from the collections from the city and school district. The total amount deducted is to be added to the collections for the county and remitted to the County General Fund. You are to record the following transactions in the accounts of the Washington County Tax Agency Fund. 1. Current year tax levies to be collected by the Tax Agency Fund were:County General Fund -- $9,800,000Town of Samuels -- 6,200,000Washington County School District -- 9,600,000 2. In the first half of the year $4,120,000 was collected for the County General Fund, $3,456,000 for the Town and $4,608,000 for the School District. 3. Liabilities to all three units were recorded. Required: Record the transactions in the accounts of the Washington County Tax Agency Fund.

Don't give answer in image format

The __________ is the governing body which investigates and reports on the use of public funds while the __________ is the governing body responsible for collecting taxes.   a.) IFRS; FASB b.) SEC; GASB c.) GAO; IRS d.) AICPA; GAAP

The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False

Required information [The following information applies to the questions displayed below.] The county collector of Sun County is responsible for collecting all property taxes levied by funds and governments within the boundaries of the county. To reimburse the county for estimated administrative expenses of operating the tax custodial fund, the custodial fund deducts 2 percent from the collections for the town, the school district, and the other towns. The total amount deducted is added to the collections for the county and remitted to the Sun County General Fund. The following events occurred during the year: 1. Current-year tax levies to be collected by the custodial fund were County General Fund Town of Bayshore Sun County Consolidated School District Total $ 7,664,480 5,508,845 10,778,175 $23,951,500 2. During the year, $20,358,000 of the current year's taxes was collected. 3. The 2 percent administrative collection fee was recorded. A schedule of amounts collected for each…

A. Propose a tax measure in order for the government to eaarn addtional revenue with emphasis ont he following items: 1. Indicate the type of your proposed taxwhat is the name, nature and purpose of the tax?2. what is/are covered transactions and who are the taxpayers? any tax exemption?

In recording its property tax assessment for the year, a county government estimates the amount of uncollectible taxes. How is this estimate reflected in the financial statements: An expenditure under General Government Operations. A credit to Taxes Receivable. A reduction in Property Tax Revenue. A debit to Estimated Uncollectible Taxes.

• 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.