With respect to the prepaid income from services which of the following is true? The treatment of prepaid income is the same for tax and financial accounting. An accrual basis taxpayer can spread the income over the period services are to be provided if all of the servidcdes will be completed by the end of the tax year ^^^answer The effects of a below-market loan for 450‚000 made by a a corporation to its chief The corporation has imputed interest income and compensation expense. As a
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CHAPTER I INTRODUCTION 1.1 BACKGROUND OF THE STUDY Asia Technological School of Science and Arts (ASIATECH) are in the education business since 2010. It started opening vocational or two year program in the field of information technology and hospitality management. To date‚ ASIATECH is now offering programs in the tertiary education with eight baccalaureate programs. With the increase of students enrolling in the institution‚ it is also a requirement that they increase the
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benefits‚ and other miscellaneous costs. This report proposes that these costs and problems need to be addressed‚ and one avenue through which they can be is a junk food tax. This report proposes that there be a federal tax placed on junk food purchases‚ similar to the taxes placed on gasoline and tobacco products. This tax would dissuade people from purchasing unhealthy food items. At the same time it would help the nation offset some of the financial costs that obesity has generated. The proposition
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taken by the beneficiaries. In the tax of tax fraud the bond referred to here are actually non-existent and are never enforceable in the tax authorities decide to exercise the right to take the bond such as failure to pay an installment on a tax deficiency or tax return. Another criminal offense is the declaration that there are already permits that the taxpayer has procured from the local government and the cost of such permits is deducted in the income tax return as an
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of that other to such act or abstinence.” The person making the offer is known as the offeror‚ proposer‚ or promiser and the person to whom it is made is called the offeree or proposee. When the offeree accepts the offer‚ she is called the acceptor or promisee . The offeror or proposer expresses her willingness ‘to do’ or ‘abstain from doing’ something with a view to obtain acceptance of the other party to such act or abstinence. Thus‚ there may be ‘positive’ or ‘negative’ acts which the proposer is
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Indirect tax Section 1 This section is about applying your knowledge of VAT and using reference material to make recommendations or decisions. Task 1.1 (a) You have the following information about the taxable supplies of 4 businesses. For each of them‚ indicate whether they need to register for VAT immediately‚ or monitor turnover and register later. Tick ONE box on EACH line. Register now Monitor and register later A A new business with an expected turnover of £6000 per
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African Journal of Economics Vol. 1 (5)‚ pp. 176-190‚ December‚ 2013. Available online at www.internationalscholarsjournals.org © International Scholars Journals Full Length Research Paper Competition in Ethiopian Banking Industry 1 Zerayehu Sime Eshete‚ 2Kagnew Wolde Tesome‚ 3Teshome Ketama Abebe 1 Research and Development Officer at CBE and now PhD candidate in Economics at University of Nairobi‚ Kenya. 2 Research and Development at CBE and now a PhD candidate in Economics at
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services‚ many accounting firms viewed it as a successful model that should be emulated‚ so that the competition pressure increasing sharply. Eventually‚ Andersen failed to withstand the pressure. Thus‚ it leaded to a negative influence on Andersen’s corporate culture‚ which enabled Andersen to be more interested in its own revenue growth through ethical and legal misconducts‚ such as accounting irregularities and fraud. 1.Describe the legal and ethical issues surrounding Andersen’s auditing of companies
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CORPORATE GOVERNANCE Corporate governance refers to the system by which corporations are directed and controlled. The governance structure specifies the distribution of rights and responsibilities among different participants in the corporation (such as the board of directors‚ managers‚ shareholders‚ creditors‚ auditors‚ regulators‚ and other stakeholders) and specifies the rules and procedures for making decisions in corporate affairs. Governance provides the structure through which corporations
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corporation‚ organized and existing under and by virtue of the laws of the Philippines‚ operates a concession in Toledo City‚ Cebu. It actually used and/or consumed tax paid extra gasoline and diesel fuel for the mining operation purchased on various dates from Mobil Oil Philippines. On July 19‚ 1978 Atlas filed with the CIR a written claim for tax credit. There being no action taken on its claim for refund on July 21‚ 1978‚ petitioner filed the instant judicial claim for refund. The period of specific
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