Multiple-Choice – Problems: Part 1

1. Sabina
Sabina Flour Millin
Milling
g (SFM) Corporat
Corporation
ion imports
imports and
and mills wheat
wheat for the
the domestic
domestic market.
market.
During the month, it imported wheat at a total landed cost of !, """,""". #he same was milled
and $ielded %,""" sacks of flour. 1,%"" sacks was sold at a price of %,&"" per sack.

'hat is the adanced *# to be paid b$ SFM upon importation of the wheat+

a.  " c.  !-","""
 b.  %,""" d.  &-",""

e.
%. Sugar ann$
ann$ Corporat
Corporation
ion (SC)
(SC) bu$s sugar
sugar cane from farmers
farmers and
and processes
processes them
them into refined
refined
sugar. During a month, SC made the following purchases/
f.
g. urcha
urchasese of canes
canes sugar
sugar  1,"",
1,"","""
"""
h. 0ther
0ther supplies
supplies,, ecluding
ecluding *# !"","""
!"","""
i. 0ther
0ther epens
epenses,
es, includ
including
ing *# 11%,"
11%,"""
""
 2.
k. * total
total of %,"""
%,""" bags were
were produced.
produced. 1,3""
1,3"" were sold
sold at a price of 1,-""
1,-"" per bag
bag in the same
same
month.
l.
m. SC paid the adanced * *# on the production in accordance with the 4567s
4567s prescribed new
 based price for refines sugar.
sugar.
n. 8
o. 'hat
'hat is the
the adan
adanced
ced *#+

a.  %"&,
%"&,""
"""
" c.  %,
%,""
"""
"
 b.  %1-,""" d.  !!-,"""

c.

!. 5n the immediatel$
immediatel$ preceding problem,
problem, what is the
the total credit against
against output
output *
*# (including the
the
adanced
adance d *#)
*#) for the month+
a.  !1,
!1,""
"""
" c.  &3-,
&3-,""
""""
 b.  !%&,""" d.  &","""
&.
3. * **#9tapa$er
9tapa$er had the following data on its *
*# obligation
obligation at the last :uarter of the $ear/
-.
;. 0utput
0utput *# on regular
regular sales
sales  13","""
13","""
. 5nput *# on regular
regular sales 1%","""
1%","""
<. *danc
*danceded input
input *# ;","""
;","""
1". *danced input *# claimed as ta credit &","""
11. *# paid in the prior months &","""
1%.
1!. 'hat is the input *
*# carr$9oer
carr$9oer for the following :uarter+
 a.  " c.  3","""
 b.  &",""" d.  ","""
1&.
13. Mr. =speron, * *# registered person, had the following transactions during the month/
1-.
1;. Sales to non9*# persons, *# eclusie  &"","""
1. Sales to *# persons, *# eclusie 3"","""
1<. urchases from *# persons, *# eclusie %"","""
%". urchases from non9*# persons 1"","""
%1.
%%. Compute the *# pa$able.
a.  &,""" c.  !-,"""
 b.  ;%,""" d.  %&,"""
%!.
%&. Ms. Chelsea had the following transactions in >une %"1&/
%3.
%-. Sale of *#9eempt goods  %"","""
%;. Sale of atable goods &"","""
%. urchases of *#9eempt goods 1%","""
%<. urchases of atable goods %3","""
!".
!1. *ll figures are eclusie of *#. Compute the *# pa$able.
a.  &%,""" c.  %1,"""
 b.  %;,-"" d.  1,"""
!%.
!!. #he following gross receipts and input *# relates to a non9profit and non9stock charitable
institution in the month/
!&. Contribution from the public  ,""","""
!3. ?oernment grant 1,""","""
!-. Sales of gift shop items <"","""
!;. 6ental of acant premises 1,""","""
!.
!<. 5nput *# related to shop and rental operations  11%,"""
&". 5nput *# related to non9profit operations &%,"""
&1.
&%. 'hat is the *# pa$able+
a.  " c.  ;-,"""
 b.  11-,""" d.  &","""
&!.
&&. * seller of goods reported the following in the month/
&3.
&-. Cash sales  &3","""
&;. Credit sales (&"@ collected) -3","""
&. 5nstallment sales (!"@ collected) &"","""
&<. #otal sales, eclusie of *#  1,3"","""
3".
31. urchases of goods, *# inclusie &&,"""
3%. urchases of e:uipment, *# inclusie 1,"","""
3!.
3&. 'hat is the *# pa$able+
a.  1!%,""" c.  %&,"""
  b.  1!",%"" d.  "
33.
3-. #he net income of *klan #rading Compan$ during the :uarter is as follows/
3;.
3. ?ross income (&"@ of sales)  !-","""
3<. Aess/ =penses 1%","""
-". et income  %&","""
-1.
-%. !;.3"@ of the epenses were from *#9suppliers. *ll the inentories were purchased from *#
suppliers. 5nentor$ increased b$ -",""" at the end of the month.
-!.
-&. Compute the *# pa$able.
a.  &3,""" c.  !",-""
 b.  !;,"" d.  %,""
-3.
--. *4C Construction Compan$ started work on a 3, -"",""" fied price construction contract.
Details of its operations during the :uarter is presented below/
-;.
-. #otal progress billings on the contract  %,-,"""
-<. Collection from the contract %,%&","""
;". Depreciation epense -"","""
;1. Supplies epense 1!&,&""
;%. Salaries epense &"","""
;!. Btilities epense, inclusie of 1%,""" *# 1&","""
;&.
;3. *ssuming all data are inclusie of *#, computer the *# pa$able.
a.  %-1,-"" c.  %1!, -""
 b.  %3,-"" d.  %1",-""
;-.
;;. * *# registered seller of goods had the following sales and purchases, eclusie of *#/
;.
;<. Sales  "","""
". Sales return and allowances %","""
1. urchases -"","""
%. urchases returns and allowances &","""
!.
&. #he *# pa$able is
a.  " c.  %&,-""
 b.  %1,-"" d.  %-,&""
3.
-. Mrs. 4aniaga, a fruit and egetable dealer, had the following sales and purchases/
;.
. Sales of fruits and egetables  "","""
<. urchases of fruits and egetables 3"","""
<". urchases of cellophane and containers, eclusie of *# %","""
<1.
<%. Determine the *# pa$able.
a.  " c.  !-,"""
 b.  !!,-"" d.  !&,""
<!.
<&. * *#9registered trader reported the following during the month/
<3.
<-. =port sales  "","""
<;. Domestic sales 1,%"","""
<. urchases 1,""","""
<<.
1"". #he *# pa$able is
a.  %&,""" c.  ;%,"""
 b.  -",""" d.  1%","""
1"1.
1"%. * domestic seller and eporter had the following summar$ of trading actiities in the
:uarter/
1"!.
1"&. =port sales  1,""","""
1"3. Domestic sales 1,3"","""
1"-. urchases 1,%"","""
1";.
1".  !-,""" input *# was applied for a ta refund during the period.  1%,"""
1"<. *# was paid in the two prior months of the :uarter.
11".
111. #he *# pa$able still due should be
a.  %&,""" c. -","""
 b.  !-,""" d. ;%,"""
11%.

113. Multiple-Choice – Problems: Part 2

1. * realt$ dealer disposed two residential units during the month/

11&.
113. Bnit 1&1  4  %,3"","""
11-. Bnit 1&%  C !,3"","""
11;. #otal sales, eclusie of *#  -,""","""
11.
11<. #otal input *# during the month  %1","""
1%".
1%1. Compute the *# pa$able
a.  ;%",""" c.  %<;,3""
 b.  31",""" d.  %1","""
1%%.
%. * *#9registered restaurant had the following transactions during the month.
1%!.
1%&. 6eceipts from food sered  -"","""
1%3. 6eceipts from softdrinks %"","""
1%-. urchases of rice, meat and egetables %"","""
1%;. urchases of egetables 1"","""
1%. urchases of softdrinks 1%","""
1%<. urchases of food condiments ","""
1!".
1!1. *ssume all amounts are eclusie of *#.
1!%.
1!!. Compute the *# pa$able.
 a.  " c.  !-,"""
 b.  <,-"" d.  ;%,"""
1!&.
!. * *#9registered ta practitioner who is using the cash basis of accounting disclosed the
following results of operations (eclusie of *#)/
1!3.
1!-. 6eceipts from clients  3,""","""
1!;. *dance from clients 1,""","""
1!. Salaries epense !,""","""
1!<. Depreciation epense %"","""
1&". 0ffice supplies epense 3"","""
1&1. Btilities epense 3","""
1&%.
1&!. Compute the *# pa$able.
a.  13",""" c.  -!&,"""
 b.  3!&,""" d.  -3&,"""
1&&.
&. * manufacturing subcontractor generated the following receipts from arious clients/
1&3.
1&-. 6eceipts from =* locator  &,""","""
1&;. 6eceipts from on9=* locators 1,""","""
1&. 5nput *# traceable =* clients 1"","""
1&<. 5nput *# traceable to non9=* locators 3","""
13". 5nput *# on general operations -","""
131.
13%. Compute the *# pa$able.
a.  !<",""" c.  3","""
 b.  3,""" d.  "
13!.
3. DEC, radio broadcasting compan$ with  M annual receipts, generated a total reenue of 
1M out of which  "",""" was collected during the month. 5t incurred a  -"",""" total
ependitures out of which  %%&,""" were paid to *# suppliers.
13&.
133. Compute the *# pa$able.
a.  " c.  &,"""
 b.  %&,""" d.  ;%,"""
13-.
-. * *#9tapa$er had the following data during the month/
13;.
13. 6egular sales  !,""","""
13<. =port sales 1,3"","""
1-". 5nput *# on regular sales ( ","""
1-1. applied for ta credit certificate) 1"","""
1-%.
1-!. Compute the *# pa$able.
a.  1%",""" c.  %","""
 b.  1"",""" d.  "
1-&.
;. *n insurer had the following receipts and input *# data during the month/
1-3.
1--. Aife on9life #otal .
1-;. Cash collection  &,""","""  %,3"","""  -,3"","""
1-. romissor$ note 3"",""" 1"",""" -"","""
1-<. #raceable input *# 1%",""" ",""" %"","""
1;". 0ther input *# ;","""
1;1.
1;%. Compute the *# pa$able.
a.  %!%,""" c.  %";,"""
 b.  %%",""" d.  1<3,"""
1;!.
. * lessor of commercial spaces had the following receipts and input *# data for the month/
1;&.
1;3. Spaces with  3,""" monthl$ rental  3"","""
1;-. Spaces with  1",""" monthl$ rental "","""
1;;. Spaces with  13,""" monthl$ rental ;"","""
1;. Spaces with  %",""" monthl$ rental 1,""","""
1;<. #otal  !,""","""
1".
11. #otal input *# during the month
1%.
1!. Compute the *# pa$able.
a.  !-",""" c.  %"&,"""
 b.  %;",""" d.  13!,"""
1&.
<. * domestic airliner had the following transactions during the month/
13.
186. International operation
1;. 6eceipts from outgoing flights  %,""","""
1. 6eceipts from incoming flight %,3"","""
1<.
190. Domestic operation
1<1. #ransport of passengers  &,""","""
1<%. #ransport of cargoes, mails, ecess baggage 1,3"","""
1<!.
1<&. #otal claimable input *#  &-,"""
1<3.
1<-. 'hat is the *# pa$able+
a.  !"<,""" c.  3%,!-!
 b.  1<%,""" d.  1%,"""
1<;.
1". * seller of goods had the following sales/
1<.
1<<. Sales of unprocessed agricultural food products  %"","""
%"". Sales of processed agricultural products !"","""
%"1. Sales of non9food products 3"","""
%"%.
%"!.
%"&. 5nput *#
9 urchase of goods and supplies  %,"""
9 urchase of e:uipment (& $ear life) %&,"""
%"3.
 %"-. Compute the *# pa$able.
a.  -,""" c.  &,""
 b.  -;,3"" d.  &&,"""

207. Multiple-Choice – Problems : Part 3

1. Deni Marketing bought a building to house its retail actiities. #he following relates to its sales
and input *# during the :uarter/
%".
%"<. Sales of goods  !,""","""
%1". =port sales 1,3"","""
%11. Sales of *#9eempt goods 3"","""
%1%. #otal sales, eclusie of *#  3,""","""
%1!.
%1&. 5nput *# carr$9oer in the prior :uarter  -","""
%13. 5nput *# on purchase atable goods 13","""
%1-. 5nput *# on building (%" $ear life) 1","""
%1;. *# paid prior months ","""
%1.
%1<. 'hat is *# pa$able+
a.  " c.  ;","""
 b.  -&,""" d.  1!","""
%%".
%. * *#9registered bus compan$ had the following receipts in >anuar$ %"13/
%%1.
%%%. 6eceipts from passengers  %,;"","""
%%!. 6eceipts from cargoes !"","""
%%&. 5nput *# on gasoline 3","""
%%3. 5nput *# on bus insurance and repairs !","""
%%-. 5nput *# on purchase of new bus !-","""
%%;.
%%. 'hat is the *# pa$able for >anuar$ +
a.  " c.  !","""
 b.  %;,&"" d.  %;&,"""
%%<.
!. * domestic sea carrier had the following receipts and attributable input *# for the month/
%!".
%!1. 6eceipts from passengers  %,&"","""
%!%. 6eceipts from cargoes -"","""
%!!. #otal input *# for the month %&","""
%!&.
%!3. 'hat is the *# pa$able+
a.  1%",""" c.  %&,"""
 b.  &,""" d.  "
%!-.
&. * *# registered teleision compan$ with annual receipts of M reported  1M total reenue
for the month of >une %"13. 5t collected  1,%"",""" from arious clients including adances and
 paid  "",""" of epenses,  3-",""" of which is paid to *# suppliers.
%!;.
%!. #he collections and pa$ments are inclusie of *#.
%!<.
%&". 'hat is the *# pa$able+
a.  " c.  -,3;1
 b.  3%,"" d.  ;-,""
%&1.
3. * bookstore had the following summar$ transactions during the month/
%&%.
%&!. Sales of books inentor$  !"","""
%&&. Sales of school supplies, eclusie of *# ;"","""
%&3. 6ental epense, inclusie of *# 3-,"""
%&-. Salaries epense 1"","""
%&;. Btilities epense, eclusie of *# %","""
%&.
%&<. 'hat is the *# pa$able+
a.  1%",""" c.  ;, 1%"
 b.  &,""" d.  ;;,"""
%3".
-. Danes 4akeshop had the following details of operations during the month/
%31.
%3%. Sales of bread  &,""","""
%3!. Sales of cakes 3"","""
%3&. 5mportation of flour 1,""","""
%33. 0ther purchases, inclusie of  %&",""" *# %,3"","""
%3-. Salaries epenses 3"","""
%3;. 0ther epenses, eclusie of  1%",""" *# 1,%"","""
%3.
%3<. Compute the *# pa$able.
a.  %",""" c. 1&","""
 b.  -",""" d. 1","""
%-".
;. Sweet apa Corporation is a *#9registered sugar refiner. Details of its operations are as follows/
%-1.
%-%. Domestic sale of refined sugar  !,""","""
%-!. =port sales of refined sugar %,""","""
%-&. urchases of sugar cane  1,""","""
%-3. 0ther purchases, inclusie of *# &&,"""
%--. *danced input *# paid  %&","""
%-;.
%-. 'hat is the *# pa$able+
a.  !1%,""" c.  ;%,"""
 b.  %;%,""" d.  !%,"""
%-<.
. 4aguio ?eneral Gospital had the following receipts and input *#/
%;".
%;1. 6eceipts from hospital operations  %",""","""
%;%. Sales of medicines &,""","""
%;!. 5nput *# traceable to hospital operations %,1"","""
%;&. 5nput *# on hospital drugstore 1%","""
%;3.
%;-. Compute the *# pa$able.
a.  --",""" c. !"","""
  b.  !-",""" d. %-","""
%;;.
<. * *#9registered professional reiew school had the following receipts during the month/
%;.
%;<. #uition fees  "","""
%". Miscellaneous fees 1"","""
%1. Sale of snacks 13","""
%%.
%!. 6eiewer salaries !"","""
%&. urchase of supplies, eclusie of *# 13","""
%3. 0ther epenses, inclusie of  1-,""" *# %%","""
%-.
%;. Compute the *# pa$able.
%. a.  " c.  <%,"""
%<. b.  %,""" d.  11","""
%<".
1". Cordon College had the following receipts and input *# pa$ments/
%<1.
%<%. #uition fees  "","""
%<!. Miscellaneous fees %"","""
%<&. 5nput *# %","""
%<3.
%<-. Compute the *# pa$able.
%<;. a.  " c.  ;-,"""
%<. b.  &,""" d.  1"","""
%<<.
11. olaris Compan$, a *# seller, had the following sales and purchases during the month as
recorded on its books of accounts/
!"".
301. Costumers
302. Government Foreigners Others otal .
!"!. Sales  1,""","""  %,""","""  &,""","""  ;,""","""
!"&. urchases -"",""" 1,%"",""" !,""",""" !,"","""
!"3.
!"-. olaris Compan$ claimed  &3,""" of input *# on eport sales as a ta credit
!";.
!". Compute the *# pa$able
!"<. a.  ;1,""" c.  1&&,"""
!1". b.  <-,""" d.  1<,"""
!11.
1%. * *# tapa$er made the following sales/
!1%.
!1!. Sale to the goernment  %3","""
!1&. Sale to non9profit institutions !3","""
!13. Sale to the a registered =coone eport trader %"","""
!1-. Sales to persons engaged in business ;"","""
!1;. Sales to persons not engaged in business 3"","""
!1. #otal sales  %,""","""
!1<.
!%". urchases and pa$ments, inclusie of *#  1,31%,"""
!%1.
 !%%.  %",""" actual input *# is traceable to the sales to the goernment.
!%!.
!%&. Compute the *# pa$able.
!%3. a.  " c.  3-,3""
!%-. b.  3&,""" d.  ;,"""
!%;.
!%.
!%<.
!!".
!!1.
!!%.
!!!.
!!&.
!!3.
!!-.
!!;.
!!.
!!<.
!&".
!&1.
!&%.
!&!.
!&&.
!&3.
!&-.
!&;.
!&.
!&<.
!3".
!31.
!3%.
!3!.
!3&.
!33.
!3-.
!3;.
!3.
!3<.
!-".
!-1.

362. Answers: !;%. . #

!-!. !;!. <. #
!-&. #rue or False !;&. 1". F
!-3. 1.F !;3. 11. F
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!-;. !. # !;;. 1!. #
!-. &. # !;. 1&. F
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!;1. ;. # !1. Multiple Choice  #heor$
!%. 1. * &".
!!. %. C &"<. Multiple Choice  roblems/ art %
!&. !. D &1". 1. C
!3. &. * &11. %. D
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!<". <. C &1-. ;. D
!<1. 1".C &1;. . 4
!<%. &1. <. 4
!<!. Multiple  Choice roblems/ art 1 &1<. 1". C
!<&. 1. 4 &%".
!<3. %. D &%1. Multiple Choice  roblems/ art !
!<-. !. 4 &%%. 1. 4
!<;. &. 4 &%!. %. 4
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&"&. 11. D &!". <.C
&"3. 1%. * &!1. 1".*
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&";. 1&. C 433. 1%. C