1. It has often been said that taxation is an economic tool‚ to what extent if any‚ is this assertion valid in Ghana? 2. Discuss the relative importance of the main sources of revenue to the government of Ghana. Answer to question 1 Definition The system of compulsory contributions levied by a government or other qualified body on people‚ corporations and property in order to fund public expenditures in Ghana is known as taxation. It is an imposition financial charge or other levy upon a taxpayer
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To: Controller of LOI‚ Files From: Accounting Class Re: Recognition of Asset Retirement Obligations for Lack of Information Date: June 2‚ 2014 Background Lack of Information (LOI) owns and operates 50 warehouses throughout the country. As part of LOI’s efforts to identify potential asset retirement obligations‚ LOI’s internal audit group held interviews with all 50 of the warehouse managers and also performed site visits at each of the 50 locations. The related findings of the interviews and
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Unearned revenues are revenues that are received before the company delivers goods or provides services. Some industries that have unearned revenues would include magazine publishers as they only receive checks from customers once the magazine is ordered. Until then the company awaits payment and does not have this in advance. Another company would be airlines because they receive cash once the tickets are sold for future flights. Unearned revenue is used by any company that accepts payments or deposits
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Bureau of Internal Revenue (Philippines) The Bureau of Internal Revenue (Filipino: Kawanihan ng Rentas Internas‚ or BIR) is an attached agency of Department of Finance. BIR collects more than one-half of the total revenues of the government. Functions The powers and duties of the Bureau of Internal Revenue are: Assessment and collection of all internal revenue taxes‚ fees and charges; and enforcement of all forfeitures‚ penalties‚ and fines connected therewith‚ including the execution of judgments
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Public Revenue Reporting and Monitoring The main sources of public revenue are: Taxes and levies such as for e.g. income tax‚ property tax‚ sales tax‚ license fees‚ import and export duties‚ levies charged for services etc Earnings from natural resources like oil‚ gas‚ minerals etc Loans from other governments‚ the private sector‚ or international financial institutions like the International Monetary Fund‚ World Bank and regional development banks that must eventually be repaid with
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Expenditures and Revenues Matrix and Summary Amber Pickett AJS/522 April 16‚ 2012 Park Atatah Expenditures and Revenues Matrix and Summary Budgets are significant in the budget formulation process. Budgeting as a tool is the make-up of public policy (Smith & Lynch‚ 2004). Budgets exist at all levels of government‚ local‚ state‚ and federal. When describing revenue sources in public budgeting‚ it is important to describe the source of revenue‚ the source of the funding‚ importance of
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Accounting 712 Crazy computer case Issue: 1. Should Crazy Computer recognize the commission revenue for sale of the extended warranty at the time of the sale‚ if CIC reinsures with TPI sold by CC. Analysis: My opinion to this question is that the Crazy Computer Company cannot recognize the commission revenue at the time of the sale and the revenue should recognize on a timely basis and also the revenue should be amortized and recognize along with the time of the service period.
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course: This week you learned about the unearned revenue account. Provide three examples of unearned revenue. Answer: Three examples of unearned revenue would be 1.Prepaid Expense - A year long insurance contract a company paid $12‚000 for at the beginning of the year. Since the insurance company owes the company service‚ the expense prepayment is recorded as an asset Journal Entries: debit Prepaid Insurance and credit Cash). 2. Unearned Revenue - A year long subscription of $12‚000 is received
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The American Revenue Act (Sugar Act) is relevant to Chapter 6. It is relevant to Chapter 6 because the Sugar Act was one of the many conflicts in the Empire during the 1700’s. The Sugar Act was a reform to the failing Molasses Act of 1733. The Act was one of many policies that the British Parliament tried to impose on the colonist in an effort to bring the colonies closer to the Empire. The Sugar Act stirred colonist’s fears and emotions‚ and they began to consider their independence from the Parliament
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The Five Drivers of Revenue Growth for Professional Services A Leader’s Guide to Increasing Revenue Mike Schultz‚ Co‐President John Doerr‚ Co‐President Robert Croston‚ Vice President Wellesley Hills Group 600 Worcester Road Framingham‚ MA 01702 www.whillsgroup.com (508) 626‐9991 A Wellesley Hills Group White Paper Table of Contents Part I: The White Paper Growth Opportunities All Around..............................................................................
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