CPA - PUBLIC FINANCE & TAXATION - INTRODUCTION TO TAXATION - LESSON 1
CA23 Public Finance and Taxation PDF notes
It has been held as a study of principles underlying the spending and raising of funds by the public authorities. The various theories which form the basis of the collection; maintenance and expenditure of the public income constitute the subject and matter of finance. It covers a full discussion of the influence of government fiscal operations on the level of overall activity, employment, prices and growth process of the economic system as a whole. According to Musgrave, the scope of public finance embraces the following three functions of the governments budgetary policy confined to the fiscal department the:. Private finance is the study of the income, debt and expenditure of the individual or a private company or business venture or an association. It includes the study of their own view regarding earning expenditure and borrowing.
Certified public Accountants CPA. Certified credit professionals CCP. Certified investment and financial analysts CIFA. Certified secretaries CS. It has been held as a study of principles underlying the spending and raising of funds by the public authorities. The various theories which form the basis of the collection; maintenance and expenditure of the public income constitute the subject and matter of finance.
Taxation , imposition of compulsory levies on individuals or entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue for government expenditures, although they serve other purposes as well. This article is concerned with taxation in general, its principles, its objectives, and its effects; specifically, the article discusses the nature and purposes of taxation, whether taxes should be classified as direct or indirect, the history of taxation, canons and criteria of taxation, and economic effects of taxation, including shifting and incidence identifying who bears the ultimate burden of taxes when that burden is passed from the person or entity deemed legally responsible for it to another. In addition, see international trade for information on tariffs. In modern economies taxes are the most important source of governmental revenue. Taxes differ from other sources of revenue in that they are compulsory levies and are unrequited—i.