differentiate between imposed nonexchange revenues and derived tax revenues.

Question

Question

business accounting

Answer 1

Answer #1

**Difference between Imposed non exchange revenue and Derived tax revenue**
	Imposed Non Exchange Revenue	Derived Tax revenue
1	Imposed non exchange revenue basically is an assessment on non governmental entities having no underlying exchange transactions	Derived tax revenue is an assessment on underlying exchange transaction by an entity or even an individual
2	It generally includes an activity of an entity besides an exchange transaction such as not following a law or owning a property	It generally includes an exchange transaction where an entity may acquire an income or a product or service.
3	Example of Imposed non exchange revenue is Property tax, Library fines, forfeits etc	Example of Derived Tax revenue is Income tax, Sales tax etc

Answer 2

Similar Homework Help Questions

Why does the IRS differentiate between a tax credit and a tax deduction?

Why does the IRS differentiate between a tax credit and a tax deduction?
1. a) Differentiate the terms phylogeny and cladistics. b) Differentiate the terms ancestral and derived traits....

1. a) Differentiate the terms phylogeny and cladistics. b) Differentiate the terms ancestral and derived traits. c) What is a dichotomous key, and how is it used?
The GASB has identified four classes of Nonexchange Revenues: Derived, Imposted, Government Mandated and Voluntary. For...

The GASB has identified four classes of Nonexchange Revenues: Derived, Imposted, Government Mandated and Voluntary. For each of the following revenue transactions affecting the city, identify the class in which the revenue falls and prepare an appropriate fund journal entry for the current year (2018) as necessary. 1. The city imposes a $100 tax on each sale of real estate. The tax is collected by the title companies that process the sales and must be forwarded to the city within...

_____________________ are municipal bonds in which the revenues derived from such projects as roads or bridges,...

_____________________ are municipal bonds in which the revenues derived from such projects as roads or bridges, airports, water and sewage systems, and not-for-profit healthcare facilities are pledged as security for the bonds. Question 5 options: Tax-exempt bonds Treasury bills Revenue bonds Mortgage bonds
What is the relationship between tax rates and tax revenues? Provide a graph illustrating your answer....

What is the relationship between tax rates and tax revenues? Provide a graph illustrating your answer. Also include a verbal component justifying your answer.
A tariff is a tax imposed on imports. any non-tax action used to restrict trade. a...

A tariff is a tax imposed on imports. any non-tax action used to restrict trade. a tax imposed on exports. a subsidy granted to imports. any non-subsidy used to increase trade.

A tax is imposed on producers for each gallon of gasoline sold. The graph illustrates the...

A tax is imposed on producers for each gallon of gasoline sold. The graph illustrates the demand and supply curves for gasoline both before and after the tax is imposed. A tax is imposed on producers for each gallon of gasoline sold. The graph illustrates the demand and supply curves for gasoline both before and after the tax is imposed. UN 6 Go Quantity After the tax is imposed, what is he amount of the tax paid (per unit) by...
How would the supply and or demand curve shift if a $4 tax was imposed on...

How would the supply and or demand curve shift if a $4 tax was imposed on suppliers for each unit of caviar and milk sold? With visuals please explain how the tax incidence, DWL, and welfare effects differ between the two goods and why? as much explanation as possible would be greatly appreciated
Permanent differences (between revenues and expenses for accounting and tax purposes): can cause Deferred Tax Liabilities...

Permanent differences (between revenues and expenses for accounting and tax purposes): can cause Deferred Tax Liabilities but not Deferred Tax Liabilities to arise can cause neither Deferred Tax Assets nor Deferred Tax Liabilities to arise can cause both Deferred Tax Assets and Deferred Tax Liabilities to arise can cause Deferred Tax Assets but not Deferred Tax Liabilities to arise

1. An excise tax (sales tax) is imposed on producers of a good. For a given...

1. An excise tax (sales tax) is imposed on producers of a good. For a given supply curve, the more price elastic the demand for the product, the greater the tax incidence on (the party that pays more portion of tax): Producers Both Consumers Neither