Acc 311 (3:30- 4:30) - 623

General Instruction: Answer the following questions, write your answer in a clean
sheet of paper. Take a photo of your answer, convert it to pdf format and submit it to
d.salanio.480975@umindanao.edu.ph and CC asherahsedillo@umindanao.edu.ph
on or before 4:30 PM of December 7, 2021, with an Email SUBJECT of SURNAME_ACC
311_ Review Wk 6-7 using your umindanao account. Double rule your final answers.

MCQ
1. A corporation on a fiscal year ending March 31, should file its annual return
a. On or before April 15 of the same year
b. On or before April 15 of the following year
c. On or before July 15 of the same year
d. On or before July 15 of the following year

2. Which of the following is classified as special corporation subject to preferential

corporate income tax rate?
a. Social Security System
b. Phil. Charity Sweepstakes Office
c. Proprietary Educational Institution
d. Government Service Insurance System

3. The Local water districts (RA 10026), a government owned corporation is:
a. Exempt from the corporate income tax
b. Subject to the preferential corporate income tax for special corporation
c. Subject to the basic corporate income tax
d. Subject to final tax

4. Any income from transactions with depository banks under the expanded foreign
currency deposit system shall be exempt from income tax if derived by a
a. Domestic corporation
b. Non-resident foreign corporation
c. Resident foreign corporation
d. Resident alien

5. The MCIT shall not apply to the following resident foreign corporation, except
a. Resident foreign corporation engaged in business as international carrier
subject to 2 ½ % of their Gross Philippine Billings.
b. Resident foreign corporation engaged in business as Offshore Banking
Units on their income from foreign currency transactions with local
commercial banks.
c. Resident foreign corporation engaged in business as regional operating
headquarters.
 d. Resident foreign corporation engaged in hotel, motel and resort
operations.

Problem Solving
1. Davon University, a private educational institution organized in 2000, had the
following data for 2012.
Tuition fees P850,000
Rental income (net of 5% cwt) 142,500
School related expenses 820,000
The income tax payable for 2012 is

2. Sea Air, a resident foreign air carrier, reported the following summarized results
of its Philippine Operations during a quarter: Compute the income tax
due_____________.

Outbound flights Inbound flights Total

Gross Receipts 10,000,000 9,000,000 P 19,000,000
Less: Direct Expenses 6,000,000 5,000,000 11,000,000
Other Common Expenses 3,000,000
Net Income 5,000,000

Prepared by Davon Jade Salanio

Academe Intern