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MULTIPLE CHOICE
IIdSTRUCII]ONS I Sel-ect tne coriect answer for each of the t ol lowini,q guestions .
i4ark oniY ane answer for each item bY shading the box corresponding t-o the
ietter of .Your choice on the sheet Provided. SY&ICELY NO ENAS7T'XES AXA ALTONED.
tjss flanciT no. 2 onl
5. In which among the foltowing instances is the flJ-ing of an estate tax return
not a requirement?
r/a-. The gross vafue of ttre estaLe is P100,000 and is exempt from the payment
of the estate tax-
b. The gross value of the estate does not exceed P200,000 consisting of
registered or regist':able properties'
c. The gross value of the .it"t" exceeds P200,000 but is exempt from the
palment of the estate tax.
d. None of the choices.
, ,.: f il
14.The rule on transfer for lnadequate consideratlon doesi not apply to:
a':-' jewelr:y for per:.sona1 use,
h. delivery truck
c- vacant lot-
d. apartinent house .
15" rhe following are the requisi-tes of a donation for purposes of the donor's tax,
except one.
a-, Capacity of the donor
r.6. Capacity of the donee
c. Delivery of the subject matter of gift
C. Donative intent
16 . Wlren is the donation perfected? tt
'The moment the donor knows of the acceptance by the donee Wrf'(tf
--a'.
b. The moment t.he thing donated is delivered, eitherr actually or
const ructi veIy, to the donee -r ir fii'ir,i
c. Upon payment of the donor's tax
-t Upon execution of the deed of donation
f 28. A taxpayer was registered under the vAT system in the secoird month of the
second calendar quarter. Hj-s Certificate of Registration shows the effecLive
date as of June 1. To comply with VAT .l:equirements/ what wi-l1 he file
initiaJ"ly ?
a. Monthly VAT declaration on or before May 20
h. Monthly VAT' declar:ation on or before June 20
c. Quarterly VAT return on o.r before July 25
d. None of the choi_ces.
29. A srirunary list of sales is requirecl to be sui:mitted when the:
a. quarterly sales, gross of VAT, exceeds p2,500,000.
b. quarLerly sa1es, net of VAT, exceeds p2r500,000-
c. quarterly sales, net of VAT, is p2,5C0,000 ancl above.
d. none of the choi_ces.
30. Presumptive input tax is equiva-Lent to:
a. ten percent (10*) cf the gross val-ue in money of the purchases of primary
agricultural prociucts used as j-npuLs to the production.
b. five percent (58) of the gro.ss value in money of the purci:ases of primary
agricultural products used as inputs to the production,
c. four percent (4t) of the gross varue in money of the purchases of primary
agricultural products used as inputs to the producti.orr.
d. two percent ,27) of the gross value in money of the purchases of primary
agricultural products used as inputs to the production.
36.An American tourist comes in and goes out of the Philippj-nes very often.
During the year 2010 he stayed in the Philippines for more than 180 days on the
D agqreqate. For Philippine income tax purposes, he sha1l be classified as:
a, res-idenl alien.
1,. nonresj-dent alien engaged in trade or business.
c. nonresj-dent alien not engaged j-n trade or business.
d. not subject to Philippine income tax.
n 39. The additional exemption applies in all of the followi-ng cases, except when:
U a. the father is absent on a business.
b. a child or other dependent is away at school cr on a vlsit..
c. a parent, t.hrough force of circumstances, is obliged to maintain his
dependent children with refatives or in a boardlng house while he lives
elsewhere.
d. without necessity the dependent continuously makes his home, elsewhere.
4L to 42. are based on the following: A Y-tI_-ggSf _! te re-d t rade r has the following
ransact-ions:
Sales of gocd to pri.vate entities, net of 12it VAT p 2, 500, o0o
Purchases of goods sold to prj-vate enlities,
gross of 12.r VAT 896,000
Sales to a government owned corporation (GOCC),
net of 12:i VAT 1,000,00rJ
Purchases of goods sol-d to GOCC, net of i2't VAil 700,000
41 ,How much is the standard input tax?
a. P120, 000 c. P50, 000
ir. P 70,000 d. ttrone of the cholr:e s
4 r:. is the VA.T payable?
How much
0 a. P244,OAO c" P120,000
b. P204,000 cl . None
43 and 47 are based on the folJ-owing: Rowel and his wife, Vanie, have the
following data on receipts and expenses for the current year:
Gross receipts P350,000
Cost of services 100,000
Business expenses 50,000
Premj-um palrments on insurance for car not used in business 1,000
Premium palment on health insurance (procured in
the month of August of the current year) 3, ooo
The couple has one (1) qual-ified dependent chi1d. So
45. How much is Rowel's taxable net income rr:ing .i-temized deductions?
a. P30. 000 ::. " p24,0AA
b. P25,000 d. i.ione c,f the choices
L 46- How much is the Optional Standarcl Deduction shoulci Rowel opt for it?
a. P145,000 ., p70,000
b. P140,000 l. P2*\,U00
41" is Rowe]'s taxable net income using Optional Standar:d DeducLiorrl:
How much
A a. P30,000 c. P2-4,000
b. P25,000 d. None of the choices
(/ 48. A donation was made by Cris, a crtizen and resident of t-he philippines, to
James Company, a domest-ic corporation. The property donated was l-ocat,eci j rr ir
f or:ei qn r:curt.r y and had a fair market value of p3, 000, 000 . 1he f orei gn
donor's tax paid wa$ P70{1 ,000. There was a <J.onaLion earl.ier in the same
calendar year of Pl, 500, 000 cash to George, a legiti.rnate chitd in the
Philippines.
How much was the donor's tax on the donation to James Company after deducting
foreign donor's tax paid?
a. P984,000 c. P244,000
b. P328,000 . None of the choices
r'{
f-v 49 - How n'tuch ls the taxable net income assurning the clealer j-s married with a
qualified dependent daughter, 25 .years old person with disability?
a. P2, 650,000 (:, P1,625,000
b. P1, 650, 000 ci. Not subject to income tax
'50. How much is the VAT payabfe?-baed on (ocq\nt.rn0
C a. P170, 000 c - ?219,429
b. P204,000 ri. Not sub3ect t.o VAT
TAXATION TAMAYO/cARCrA
45. Answer: C
Gross receipts (L/2 x 350,000) P175,000
tess: Ccst of services (L/2 x 100,000) 50,000
Gross'income 125,000
Lass: Business expenses (L/2 x 50,000) 25,00c
Basic personal exemption 50,000
Additional exeuption 25,000
Premium on healttr insurance (200 x 5) 1,000 101 ,000
Taxable net income P24,OOO
47. Answer: A
Gross receipts (L/2 x 350,000) P175,000
io" l4or- ; 17t o-ooi J0,"9-09-
BrJi- petsonaf exe*ptior, - 50,000
AddiLional exemption 25,000 145,000
Taxable net income P30, 000
-7
I
49 - Answer': C
[-s"r"s shares he-r-d as inventory P4 - 000 000
fG;;t Cost, shares helci as inven 2,000 , o00
? 000 ,000
! Grcss
Busj.ness erq)enses 300 ,000
Basic personi*I exernption 50 ,000
Additional exenption 25,OOO 37s,000
Taxabre net income 000
50. Answer: B
gg!p!!_tgx- 12, 000 ,000 x L2*l ; Yzec, ooo I
T-
C:r suppl-ics (2,000,0OO/3,500,00C x 12,000) ( 6,957) I
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