ation(1) ack to course "Taxation(1)' stion 9 The commercial tax services to locate primary authority yet wered Select one: rked out of O True O False Flag estion Previous page Ek to course 'Taxation(1)' on 2 The taxation rules and regulation- authorities red Select one: d out of O a. Secondary authority O b. Analyze authority ion O c. Primary authorities Od. Regular authority evious page

Q: e journal entry required to record the tax effect of the revaluation. a. None of answers given b.…

A: Revaluation has been the process of adjusting a fixed asset class book value to its own current…

Q: You and Sunny are arguing whether tax laws can be retroactive in its application. Sunny noted that…

A: Retroactive in the taxation system Retroactive in the taxation to the taxpayer which was allowed in…

Q: Pls answer the all questions Explain the Concepts 1. Situs of Taxation 2. Double Taxation 3. Tax…

A: Note: Since you have posted a question with multiple sub-part, we will solve the first 3 subparts…

Q: Among the executive officials of the government, only the Commissioner of the Bureau of Internal…

A: The chief of the bureau of internal revenue (also written as BIR) is commissioner. BIR is also…

Q: f a company uses LIFO to prepare its U.S. tax return, then it must use LIFO to prepare its financial…

A: Each and every company has to US tax return for each period and it is compulsory and legally binding…

Q: Which of the following users of accounting verifies accounting information to check the Tax…

A: Regulatory agencies check whether the company is complying with all the tax compliance of the…

Q: Statement 1: Filing reference number is the system developed and maintained by the BIR for…

A: Taxes are the dues and obligations needs to be fulfilled by individual or business to the…

Q: True (t) or False (f) ______ Many companies use LIFO for both tax and internal reporting purposes.

A: The statement is true because the LIFO method helps in tax saving. As LIFO inflates the cost of…

Q: Define Taxation as a: a. State power b. Process c. Mode of cost distribution 2. Theory of taxation…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: the connection between a state and the business that the state is seeking to tax Select one: O a.…

A: Lets understand the meaning of all the options. Average tax rate is a tax rate at which tax payer…

Q: S1: In indirect tax, the impact of taxation and incidence of taxation lie on the same subject. S2:…

A: S1 is false as in indirect tax, the impact of taxation lies on one person while the incidence of…

Q: True or False 1. Regulatory tax is intended to achieve some social or economic end. Special…

A: “Since you have asked multiple question, we will solve the three question for you. If you want any…

Q: 1. The sources of revenue should be sufficient to meet the demands of public expenditures Group of…

A: Solution : Dear student as per the bartleby guidelines we are required to solve the first question…

Q: assumption made for the tax effect method of accounting for a company’s income tax

A: Option A is wrong because an accounting balance sheet and a tax balance sheet will be different.…

Q: Pls answer the all questions Distinguish 1. Tax vs. Debt 2. Tax vs. Penalty 3. National Tax vs.…

A: Since you have posted a question with multiple sub-parts, we will solve the first three subparts for…

Q: discussion for each item in each row. Please make your discussions concise but substantial. Question…

A: Taxation is a term which defines the financial obligation imposed on the citizens or the residents…

Q: The act of the CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal…

A: Introduction: The commissioner of internal revenue is a person who is considered to be the head of…

Q: A major responsibility of the Government Accountability Office is to audit taxpayers’ returns to…

A: The GAO (Government Accountability Officer) serves as a congressional watchdog over government…

Q: Statement 1: As a method of collection, withholding helps improve the government's cash flows.…

A: The withholding taxes are the portion of the employee’s earing deducted from the paycheck of…

Q: Statement 1: The Constitution prohibits that taxes must be paid in any other form than money.…

A: Income tax is a tax levied on the income of an individual or a corporation and it is the primary…

Q: Statement 1: The distinction of a tax from permit or license fee is that a tax is imposed for…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Powers of the Commissioner on Internal Revenue 1. To interpret tax laws and decide tax cases; 2. To…

A: Answer:-  Tax meaning:- A tax is basically a mandatory financial charge or other sort of levy that…

Q: Th e following information pertains to Entiguan Sports, a hypothetical developer ofproducts used to…

A: 1. Dividends received are income but dividends are not taxable in the hand of receiver. Hence, the…

Q: As a tax consultant you receive on continuous basis inquiries and tax forms from your clients.…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following differences between financial accounting and tax accounting ordinarily…

A: Solution:- A deferred tax liability is a listing on a company's balance sheet that records taxes…

Q: Which of the following may not be an effect of VAT on the accounting records of a company?   i. The…

A: VAT refers to indirect tax imposed on the sale and purchase of goods and services.

Q: company in its latest financial statements and associated notes regarding income tax issues. While…

A: Income tax expense is a type of expense which every person is liable or organization on the income…

Q: Taxable income of a corporation:

A: Taxable income of a corporation is the income earned on which the corporate taxes would be levied.…

Q: Statement 1: BIR rulings are the final interpretations of the Tax Code. Statement 2: Supreme…

A: Statement 1: BIR rulings are the final interpretations of the Tax Code. - TRUE In some cases, the…

Q: Amy and Brian were investigating the acquisition of a tax accounting business, Bottom Line…

A: Acquisition Investigation: An acquisition is when one firm acquires the majority of or all of the…

Q: With the intention of limiting contact by taxpayers when dealing with the BIR and at the same time…

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the…

Q: 7. The statement of financial showing current/non-current distinction (classified) or baced on…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: True (t) or False (f) ______ The LIFO conformity rule requires that if a company uses LIFO for tax…

A: The LIFO cost flow assumption can be used to reduce the taxable income by business.

Q: In the case of conflict between the tax laws and generally accepted accounting standards (GAAP) for…

A: GAAP refers to Generally Accepted Accounting Principles which were issued by the accounting…

Q: Instructions: Review the Checkpoint Quick Reference Guide and User Guide. Perform your tax research…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: ys lead to the recognition of a deferred tax assets? Explain your answer with suitable example.…

A: ANSWER 1 Deferred Tax refers to either a positive (Asset) or negative (liability) entry on company…

Q: ACCOUNTING FOR INCOME TAXPART A1) Explain the difference between the ‘tax payable’ and ‘tax effect’…

A: Income Tax- Income tax is the tax amount paid by the taxpayer on his income from the business,…

Q: Instructions: Write “true" if the statement is true and "false" if otherwise. 4. $The$ $data$ Son$…

A: The answer for the True or false question and relevant explanation are presented hereunder :…

Q: A temporary difference arises when a revenue item is reported for tax purposes in a period   After…

A: Reason:  This temporary differences occur because financial accounting and tax accounting rules…

Q: ST. 1 The aspects of taxation are shared by the executive and legislative branches of the…

A: Income Tax Income Tax refers to the charge which is calculated on the salary of an individual or an…

Q: Settled is the rule that in tax matters, the government is not estopped by the errors or mistakes…

A: Taxes Taxes are the compulsory obligations imposed by the government agency on individuals and…

Q: Directions Read cach sentene carefully anl determine whether Ue stalement is TRUE or F'ALSE. 1. A…

A: As per the bartleby guidelines in case of interlinked question answer first 3 only   1) FALSE.  For…