Which of the following is true regarding the governmental fund statements?
The governmental fund statements are prepared using the current financial
resources measurement focus and modified accrual accounting.
82. Eliminating the current system of withholding income taxes directly from
employee paychecks would:
A. Violate the convenience criterion of federal taxation
B. Increase the rate of compliance
C. Make collection of federal income taxes easier
D. All of
51. Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in
interest from an investment in city of Birmingham Bonds. Using the U.S. tax rate
schedule for year 2014, what is his effective tax rate (rounded)?
62. Which of the following statements is true?
A. Municipal bond interest is subject to explicit federal tax
B. Municipal bond interest is subject to implicit tax
C. Municipal bonds typically pay a higher interest rate than corporate bonds
with similar ri
40. Margaret was issued a $150 speeding ticket. This is:
A. A tax because payment is required by law
B. A tax because the payment is not related to any specific benefit received from
the government agency collecting the ticket
C. Not a tax because it is c
72. Which of the following principles encourages a vertically equitable tax
A. Pay as you go
C. Income effects
D. Ability to pay principle
E. None of these
Manny, a single taxpayer, earns $65,000 per year in taxable income and an
Governmental and enterprise funds are required to be reported as major funds if they meet following
Total assets plus deferred outflows of resources, liabilities plus deferred inflows of resources,