Professional Documents
Culture Documents
b. False, True
c. True, False
d. False, False
17.Mr. Lash Ing is a manufacturer of fermented liquors. In making sales, all taxes
on the products and transactions are passed on to the buyers. For purposes
of VAT, which of the three taxes mentioned here that pays forms part of the
gross selling price?
a. Excise tax
b. VAT
c. Percentage tax
d. None of the choices.
18.One of the following is not a transaction deemed sale
a. Transfer, use or consumption not in the ordinary course of business of
goods or properties originally intended for sale or for use in the
business.
b. Distribution or transfer to shareholders or investors of goods or
properties as share in the profits of a VAT registered person or to
creditors in payment of debt.
c. Retirement from or cessation of business, with respect to inventories of
taxable goods on the hand as of the date of such retirement or
cessation.
d. Consignment of goods if actual sale is made within 60 days
following the date of such goods were consigned.
19.The allowable transitional input tax is
a. The lower between 2% of the value of beginning inventory or actual
VAT paid on such inventory.
b. The higher between 2% of the value of beginning inventory or
actual VAT paid on such inventory.
c. Actual VAT paid on the beginning inventory.
d. 2% of the value of beginning inventory.
20.Which of the following input taxes can be refunded, converted into tax credit
certificates or carried over the next quarter at the option of the VAT
registered person
a. Input tax on purchases of raw materials.
b. Input tax on importation of supplies.
c. Input tax on zero-rated sales of goods or services.
d. None of the choices.
21.Monthly VAT declaration is filed on or before the
a. 10th day from the end of each month
b. 20th day from the end of each month
c. 25th day from the end of each month
d. 30th day from the end of each month
22.Quarterly VAT return shall be filed on or before the
a. 10th day from the end of each quarter
b. 20th day from the end of each quarter
c. 15th day from the end of each quarter
d. 25th day from the end of each quarter
23.One of the following statement if not correct
39.1st statement: Mr. A died giving B power to appoint a person who will inherit
Mr. As house and lot. B however can only choose among C, D, E and F. B
decided to transfer the property to C, in Bs. The transfer from B to C is
subject to estate tax.
2nd statement: During Mr. As lifetime, he decided to give to B as gift his (A)
car subject to the condition that if B does not become a CPA within three
years. A shall revoke the transfer. In the second year however, A died. The
car can no longer form part of As gross estate.
a. True, True
b. True, False
c. False, True
d. False, False
40.A privilege tax imposed on onerous transfer inter vivos
a. Gift tax
b. Estate tax
c. Donors tax
d. Income tax
41.Donors tax as distinguished from estate tax in all cases:
1st distinction: The rates of donors tax are lower than those of the estate tax.
2nd distinction: in donors tax, the exemption is P100,000 while estate tax is
P200,000.
a. Only 1st is true
b. Only 2nd is true
c. Both are true
d. Both are false
42.1st statement: Gifts in favor of an educational or religious organization are
exempt from donors tax.
2nd statement: Transfers to educational or religious organization are exempt
from income tax.
a. True, True
b. True, False
c. False, True
d. False, False
43.All of the following statements are correct, except
a. Contracts of donation between husband and wife are void in all
cases.
b. The donation in writing of a real property is void.
c. Donations between persons guilty of adultery or concubinage are void.
d. Donations to conceived or unborn children are valid.
st
44.1 statement: A person can donate all his present property unconditionally.
2nd statement: No person may receive or give by way of donation more than
he may give or receive.
a. True, True
b. True, False
c. False, True
d. False, False
45.1st statement: The renunciation of ones share in the legitime is a taxable gift.
2nd statement: The donors tax return is filed within 6 months from the date
of donation.
a. True, True
b. True, False
c. False, True
d. False, False
46.The following statements are not correct, except
a. The exercise of taxation power by the local government is not provided
in the Constitution.
b. The power of taxation of the local government units is not subject to
constitutional limitations.
c. The local government tax ordinances enacted shall be approved and
signed by the local chief executive concerned.
d. Cities have the broadest local taxation power.
47.Which of the following are not liable to community tax?
a. Domestic corporation doing business in and outside the Philippines.
b. Foreign corporation doing business in the Philippines.
c. Individual doing business in the Philippines.
d. Individuals permanently residing and working abroad.
48.Which of the following statements is not correct?
a. Real property shall be appraised at its current and fair market value.
b. Real property shall be classified for assessment purposes on the basis
of its actual use.
c. The appraisal, assessment and levy of real property tax shall not be let
to any private person.
d. The real property tax rate should be applied to the present
market value.
49.The following properties are exempt from documentary stamp tax, except
a. Certificate of oaths administered to any government official in his
official capacity.
b. Certificates of acknowledgement by any government official in the
performance of his official duties.
c. Affidavits of poor persons for the purpose of proving poverty.
d. Ordinary bill of sale of personal property and sales of real
property with a consideration that does not exceed P500.
50.The tax return for documentary stamp tax shall be filed
a. Within 10 days after the close of the month when the taxable
document was made.
b. Within 15 days after the close of the month when the taxable
document was made.
c. Within 20 days after the close of the month when the taxable
document was made.
d. Within 25 days after the close of the month when the taxable
document was made.
Test II Problems (2 pts each)
51.Hope Company, a VAT registered, has the following vat sales for the month:
Sale to private
Sale to export-oriented enterprise
Sale of exempt good
224,000
100,000
100,000
The following input taxes were passed on by its vat suppliers during the
month:
Input tax on taxable goods
Input tax on zero-rated sales
Input tax on sale of exempt goods
Input tax on depreciable capital good not attributable to any
specific activity
5,000
3,000
2,000
20,000
d. P35,000
55.Assuming the above article was sold for a sales price of P600,000. What is
the VAT payable?
a. P37,000
b. P22,000
c. P12,000
d. P9,500
56.Confidence Company, trader company, made the following sales of goods
during the month of June 2013, net of VAT:
Cash sales
Open account sales
Installment sales (P40,000 cash were already received)
P200,00
100,000
100,000
448,000
224,000
d. P1,200
59.Delighted Company, a building contractor, showed you the following data:
Contract price, net of vat
Cash received, gross vat
Receivables, gross vat
Advances from other contracts still unearned, net of vat
Payments, vat excluded
For materials, net of vat
For supplies, net of vat
For operating expenses, net of vat
For service of sub-contracts, gross vat
5,000,00
0
2,240,00
0
3,000,00
0
1,000,00
0
500,000
100,000
200,000
1,680,00
0
P2,000,00
0
500,000
784,000
112,000
1,000,000
1,500,000
500,000
a. P360,000
b. P240,000
c. P100,000
d. None of the choices.
63.Appreciated Company operates a cockpit and also operates a restaurant
inside the cockpit arena. The following data are for the quarter of 2013:
Cockpit operations
P500,000
Restaurant operations
Sale of goods
100,000
Sale of liquor
150,000
The amusement tax due from Appreciated Company is
a. P75,000
b. P90,000
c. P135,000
d. P225,000
64.Using the preceding number, assuming that the said restaurant is not owned
by Appreciated Company but by Blissful Company. Blissful Company is not a
VAT registered company and annual gross never exceeded P1,919,500. The
amusement tax due from Appreciated is
a. P75,000
b. P90,000
c. P135,000
d. P225,000
65.A domestic Corporation paid P40,000 stock transaction tax on IPO (Initial
Public Offering) of 500,000 shares. After the IPO, there were 800,000 shares
outstanding. The selling price of IPO per share was
a. P10
b. P8
c. P4
d. P2
66.In the third quarter of 2013, a taxpayer engaged in the sale of services whose
annual gross receipts do not exceed P1,919,500 has the following data:
Account receivable, beginning of the quarter
P50,000
Sales during the quarter
100,000
Accounts receivable, end of the quarter
75,000
Purchases of supplies, total invoice price
11,200
What is the percentage tax due?
a. P2,250
b. P3,000
c. P6,500
d. P7,500
67.Mr. and Mrs. Natuto donated the following community properties to their
children on May 30, 2013:
Amount
125,000
Donee
Dean
Quito
Virgen
Cath
40,000
40,000