The journal entry to record the property tax levy Select one: O A. is made when taxes are assessed and billings are sent to residents. 0 B. is not made until the taxes are received. C. must include an entry to record deferred taxes. D. Both A and C are true.
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- A property owner after payment of taxes received tax abetment due to his commitments to a local regulations, this will be handled by a. Estimated discount on property taxes b. Allowance for uncollectible property taxes c. No need for adjustment d. Allowance for property tax refundWhich of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a.All of the above b.i, ii and iv c.i, and iii d.i onlyWhich of the following statements are correct? i. A VAT invoice should be pre-numbered and must show the: - Words “Tax Invoice” (shown prominently) ii. A VAT invoice should display the total amount of the consideration and the VAT. iii. A VAT invoice should display the name and address of the registered taxpayer to whom the taxable supply is made. iv. A VAT invoice should display the date of the taxable supply. a. All of the above b. i, ii and iv c. i only d. i, and iii
- consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. a. cash b. federal income tax payable this year c. long-term note payable d. current portion of a long-term note12. A taxpayer is required by law to provide the payer's name, address, & tax identification number on a separate summary sheet attached to Schedule B when reporting interest from which of the following sources on their return? a. Nominee distribution. b. Seller-financed mortgage. c. Frozen deposit. d. Certificate of deposit.Revenue from property taxes should be recorded in the General Fund: When received. When there is an enforceable legal claim. O When they are available for recognition. O In the period for which the resulting resources are required or permitted to be used. In the period in which the tax bills are mailed. Question 4
- 27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal yeard. Prepare all journal entries relating to income tax. e. Compute the total income tax expense, identifying separately the current income tax expense and the deferred tax expanseSelect the correct order of the line items listed below based on the sequence of their appearance on Form US 1040. Number the items from the lowest number (1) going to the first item to appear on the return and the last number going to the final item from the list to appear on the return. Question 5 options: Wages Taxes withheld and quarterly tax payments Non-refundable tax credit Student Loan Interest Deduction Standard Deduction Interest Income Refund or Taxes Due Computed income tax before non-refundable tax credits Taxable Income Adjusted Gross Income (AGI)
- 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?Do Interpretation of the data given below in a professional manner. 1. Income from property. – (1) The rent received or receivable by a person [for] a tax year, other than rent exempt from tax under this Ordinance, shall be chargeable to tax in that year under the head "Income from Property". (2) Subject to sub-section (3), "rent" means any amount received or receivable by the owner of land or a building as consideration for the use or occupation of, or the right to use or occupy, the land or building, and includes any forfeited deposit paid under a contract for the sale of land or a building. (3) This section shall not apply to any rent received or receivable by any person in respect of the lease of a building together with plant and machinery and such rent shall be chargeable to tax under the head "Income from Other Sources". [(3A) Where any amount is included in rent received or receivable by any person for the provision of amenities, utilities or any other service connected with…Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither. A. Cash B. Federal income tax payable this year C. Long-term note payable D. Current portion of a long-term note payable E. Note Payable due in four years F. Interest Expense G. State income tax