Professional Documents
Culture Documents
ledger of
P 5,000,000 includes the following:
A. P 4,000,000 C. P 2,700,000
B. P 3,500,000 D. P 2,200,000
(Difficult) KenetKabinet's bank statement for the month of December included the following
information:
In comparing the bank statement to its own cash records, KenetKabinet found the following:
KenetKabinet also discovered that that he erroneously recorded a check for P 96,000 that
should be recorded as P 69,000 from a customer.
A. P 4,687,000 C. P 4,633,000
B. P 2,787,000 D. P 3,710,000
Solution:
Balance per Bank 3,000,000
Deposit in Transit 1,500,000
Outstanding Checks (790,000)
Adjusted bank balance 3,710,000
(Average) In general, there are three classes of tax systems around the world, which is :
A. single tax, direct tax, and indirect tax
B. single tax, double tax, and partial double tax
C. single tax, double tax, and VAT
D. direct tax, indirect tax, and VAT
(Difficult) Clarisse was injured in a vehicular accident that was reported in the news with the
headline "akala ko katapusan ko na". She incurred and paid medical expenses of P10,000
and legal fees of P5,000. In the same year, she recovered P35,000 as settlement from the
insurance company which insured the car owned by the other party involved in the
accident. From the above payments and transactions, the amount taxable to Clarisse is?
A. P 35,000
B. P 40,000
C. P 45,000
D. P 0
Solution : Based on iCPA. All of the recovered amounts are not income because they are
merely compensation for actual losses suffered. They do not constitute taxable gain as they
were not received as payment for services, interest or profit from investment.
A. P 7,000,000 C. P 8,500,000
B. P 6,000,000 D. P 7,500,000