TRUE OR FALSE 1:

Answer
1 0
2 0
3 1
4 1
5 0

TRUE OR FALSE 2:
Answer
1 0
2 0
3 1
4 0
5 1

TRUE OR FALSE 3:
Answer
1 1
2 1
3 1
4 0
5 0

TRUE OR FALSE 4:
Answer
1 1
2 0
3 1
4 1
5 1

TRUE OR FALSE 5:
Answer
1 0
2 1
3 0
4 0
5 0
14
15
RUE OR FALSE 1:
Explanation
Employment is a distinct type of undertaking separate from business
It is dependent on the form of property or service sold.

Separate from business, employment is a distinct form of undertaking.

RUE OR FALSE 2:
Explanation
Free from business taxes, but not from income taxes
Still working as an employee

Agent and brokers are considered engaged in business.

RUE OR FALSE 3:
Explanation

pg 64-65
Sales of goods or properties pg 62

RUE OR FALSE 4:
Explanation

Agency Monies pg 66

RUE OR FALSE 5:
Explanation
Always percentage tax

Vatable sales or receipts pg 69

rates vary from 1/2 of 1% tp 30%
Not all, unless they only get excluded revenue or receipts from programs that are subject to a percentage levy.
 MULTIPLE CHOICE - PROBLEMS - Answers (amount) must be linked on the corresponding solution. NO
MULTIPLE CHOICE - PROBLEMS 1 Show your solutions/computations below:
Letter Answer (Amount) - Must be arranged in the order of the questions.
1C P300,000 - Use more than one line and/or column, as necessary.
2B P200,000 - Highlight the final answer that is linked in COLUMN G "Answer
3A P0
4B P4,000
5A P0

MULTIPLE CHOICE - PROBLEMS 2

Letter Answer (Amount)
1C P480,000
2C
3D
4D P140,000
5C P1,919,500

Problems 1
1 Receipts from business advisory services 250,000
Receipts of rentals from boarding house 100,000
350,000
2 Sale of goods held for sale 200,000
4 The dealer is unaffected by the transactions since the shares exchanged are not his own.
5 A business tax does not apply to an investor. Only securities dealers (those who buy and sell securities) are
Problems 2
1 Cash Sales 200,000
Credit/Installment Sales 300,000
Sales return and allowances -40,000
Freight out charged to customers 20,000
480,000
2 20th day from the end of the month.
3 The calendar quarter expires on September 30, 2014, so the deadline for filing the quarterly VAT return is O
4 Fees, paind in cash and checks 80,000
Advances by clients for future services 20,000
Reimbursement for out-of-pocket expenses 40,000
140,000
5 Other sales exceeds P1,919,500.

rcentage levy.
responding solution. NO POINT IF NOT LINKED.

mn, as necessary.
ed in COLUMN G "Answer (Amount)"

buy and sell securities) are subject to business taxes.

e quarterly VAT return is October 25, 2014.