Which of the following constitute a tax and why? l Payment for driver’s license? l Payment for required (by government) house appraisal? l Payment for hotel use of 1% of bill to pay for city projects. l Payment for rental car use of 3% of bill to pay for the roads.

Which of the following constitute a tax and why? l Payment for driver’s license? l Payment for required (by government) house appraisal? l Payment for hotel use of 1% of bill to pay for city projects. l Payment for rental car use of 3% of bill to pay for the roads.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 8MCQ

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Question

Which of the following constitute a tax and why?

l Payment for driver’s license?

l Payment for required (by government) house appraisal?

l Payment for hotel use of 1% of bill to pay for city projects.

l Payment for rental car use of 3% of bill to pay for the roads.

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