ACC143 Q1

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Classification of property as residential, agricultural, commercial, industrial, mineral, or
special is vested with:*
1 point
a. City or Municipal Assessor
b. City or Municipal Mayor
c. City or Municipal Sanggunian
d. City or Municipal Treasurer
Municipalities may still levy reasonable taxes, fees, and charges even if levied by
provinces.*
1 point
a. True
b. False
Pedro contracted Juan to mortgage his land for P3,272,000. His land has a zonal value
of P5,000,000 and an assessor’s fair value of P4,500,000.*
1 point
a. P13,120
b. P12,000
c. P14,500
d. P15,000
Which of the following leases is not subject to DST?*
1 point
a. Lease of equipment
b. Lease of vessels
c. Lease of real estate
d. None of these
1st statement – A sole proprietor can register as a BMBE.     2nd statement – A
corporation can register as a BMBE.     3rd statement – A partnership can register as a
BMBE.     4th statement – A cooperative can register as a BMBE.*
1 point
a. Only one of the statements is TRUE
b. Only two of the statements are TRUE
c. Only three of the statements are TRUE
d. All of the statements are TRUE
Lolo Isko, a senior citizen went to Jollibee to treat his 4 grandchildren on account of his
retirement. They consumed foods and beverages with gross amount of 1,120 inclusive
of VAT. How much is amount to be paid by Lolo Isko?*
1 point
a. 896
b. 920
c. 1,056
d. 1,100
The professional tax shall be payable annually on or before:*
1 point
a. January 31
b. February 1
c. March 1
d. December 31
City or municipality may issue any license or permit for any business or activity even if
there is no clearance obtained from the Barangay where such business or activity is
located or conducted.*
1 point
a. True
b. False
The collection of the real property tax shall be the responsibility of:*
1 point
a. City or municipal assessor
b. City or municipal mayor
c. City or municipal sanggunian
d. City or municipal treasurer
Juan donated a piece of land. He was assessed a basic donor’s tax of P30,000.
Compute the documentary stamp tax.*
1 point
a. P30,000
b. 12,000
c. 11,250
d. 7,500
After determining the eligibility of the business entity or enterprise, a BMBE shall be
issued a Certificate of Authority (CA). The CA shall be effective for a period of:*
1 point
a. One (1) year
b. Two (2) years
c. Three (3) years
d. Four (4) years
e. Five (5) years
The business establishment giving sales discount to qualified SCs is required to keep a
separate and accurate record of sales.*
1 point
a. True
b. False
Before registration with the BIR as a BMBE, the registrant will file initial registration for
determination of the eligibility of the business entity or enterprise as a BMBE with:*
1 point
a. Department of Trade and Industry
b. Office of the Business and Licensing Office
c. Office of the City or Municipal Treasurer
d. Office of the Mayor
e. Sanggunian Panglungsod (for city) or Sanggunian Bayan (for municipality)
If the method of deduction is itemized, the senior citizen (SC) discounts granted by the
seller of qualified goods and services shall be treated as:*
1 point
a. An addition to cost of sales/service.
b. An ordinary and necessary expenses deductible from the gross income of the seller
c. Deduction from sales
d. SC discounts are not required to be reported
Compute the documentary stamp tax on Japeth’s sale of shares. (in previous problem)*
1 point
a. P10,500
b. 9,000
c. 1,050
d. 900
Which of the following statements is correct?*
1 point
a. Double discount to a PWD/SC is not allowed.
b. PWDs/SCs will have the option to choose either promotional/other forms of discounts or the
PWD discount provided that only the PWD discount is exempted from VAT.
c. In case that the PWD is also a SC, the PWD may opt to use either the SC or PWD discount.
d. All of the above.
In case of failure to pay the basic real property tax or any other tax levied, the interest
rate is ____ per month on the unpaid amount or a fraction thereof, until the delinquent
tax shall have been fully paid: Provided, however, that in no case shall the total interest
on the unpaid tax or portion thereof exceed thirty-six (36) months.*
1 point
a. 1%
b. 2%
c. 5%
d. 10%
A business enterprise shall be considered “micro-business in nature and scope” if: 1st
statement - its principal activity is primarily for livelihood, or determined by the
appropriate government agency as a priority area for development or government
assistance 2nd statement - the enterprise is not a branch, subsidiary, division or office
of a large scale enterprise 3rd statement - its policies and business modus operandi are
not determined by a large scale enterprise or by persons who are not owners or
employees of the enterprise.*
1 point
a. Only one of the statements is TRUE
b. Only two of the statements are TRUE
c. All of the statements are TRUE
d. All of the statements are FALSE
The ___________ may levy an annual professional tax on each person engaged in the
exercise or practice of his profession requiring government examination as such amount
and reasonable classification as the Sangguniang Panlalawigan may determine.*
1 point
a. Province
b. City
c. Municipality
d. Barangay
German Company issued bonds to Mr. Wong, a resident of the Philippines. The bonds
had P2,000,000 face value. Compute the documentary stamp tax.*
1 point
a. P0
b. 7,500
c. 15,000
d. 20,000
In relation to the preceding number, in order for private establishments to avail the
additional deduction, the minimum period of employment of senior citizen is:*
1 point
a. At least three months
b. At least six months
c. At least one year
d. No minimum period is required
In the case of a province, the uniform rate of basic real property tax is not exceeding
______________ of the assessed value of real property*
1 point
a. 1%
b. 2%
c. 5%
d. 10%
The 5% special discount granted to senior citizens on basic and prime commodities is
limited to purchases not exceeding ________ per calendar week without carry-over of
the unused amount.*
1 point
a. 1,000
b. 1,200
c. 1,300
d. 1,500
Private establishments employing SCs shall be entitled to additional deduction from
their gross income equivalent to ______________________*
1 point
a. 5% of the total amount paid as salaries and wages to Senior citizens
b. 10% of the total amount paid as salaries and wages to Senior citizens
c. 15% of the total amount paid as salaries and wages to Senior citizens
d. 20% of the total amount paid as salaries and wages to Senior citizens
e. 25% of the total amount paid as salaries and wages to Senior citizens
Are goods not considered as basic necessities but are essential to consumers.*
1 point
a. Basic necessities
b. Prime commodities
c. Non-essential goods
d. Any of the above
The prescriptive period in the collection of basic real property tax and any other tax
_______ years from the date they become due.*
1 point
a. Five
b. Ten
c. Twenty
d. Twenty five
If the basic real property tax and the additional tax are paid in advance in accordance
with the prescribed schedule of payment, the Sanggunian concerned may grant a
maximum discount of ___________ of the annual tax due.*
1 point
a. 10%
b. 20%
c. 30%
d. 50%
Statement 1: The 20% discount granted to a PWDS carries with it an exemption from
VAT. Statement 2: The 5% special discount granted to a PWD carries with it an
exemption from VAT.*
1 point
a. Only statement 1 is correct
b. Only statement 2 is correct
c. Both statements are correct
d. Both statements are wrong
Real Property Tax is a/an:*
1 point
a. Ad valorem tax
b. Internal revenue tax
c. Special tax
d. Specific tax
For taxpayers with PWD dependent, the amount of additional exemption which may be
claimed is:*
1 point
a. Php 0
b. Php 25,000.00
c. Php 50,000.00
d. Php 100,000.00
Before registration with the BIR as a BMBE, the registrant will file initial registration for
determination of the eligibility of the business entity or enterprise as a BMBE with:*
1 point
a. Department of Trade and Industry
b. Office of the Business and Licensing Office
c. Office of the City or Municipal Treasurer
d. Office of the Mayor
e. Sanggunian Panglungsod (for city) or Sanggunian Bayan (for municipality)
Senior citizens are not required to file income tax returns.*
1 point
a. True
b. False
The permit to extract sand, gravel and other quarry resources shall be issued
exclusively by the ________________, pursuant to the ordinance of the Sangguniang
Panlalawigan.*
1 point
a. City or Municipal Mayor where such activity is being conducted
b. Congressman
c. Governor
d. Vice-Governor who is the presiding officer of the Sanggnuiang Panlalawigan
All local taxes, fees and charges are paid annually.*
1 point
a. True
b. False
1st statement – Income tax exemption of BMBE shall apply to passive income e.g.
prizes and other winnings, royalties and dividends. 2nd statement – Income tax
exemption of BMBE shall apply to capital gains from the sale of shares of stock not
traded through the stock exchange and capital gains from the sale or other disposition
of real property*
1 point
a. Only the 1st statement is true
b. Only the 2nd statement is true
c. Both of the statements are true
d. Both of the statements are false
ABC Corporation issued shares 1,000,000 P10-par value shares to various
shareholders for a total consideration of P12,000,000. One of the shareholders is
Japeth who subscribed for 120,000 shares. Japeth sold the shares for P140,0000.
Compute the documentary stamp tax on the issue of stocks.*
1 point
a. P120,000
b. P100,000
c. 90,000
d. 75,000
Kulas loaned Tomas P1,000,000 evidenced by a 12% interestbearing note due in one-
year time. Compute the documentary stamp tax.*
1 point
a. P0
b. P5,000
c. P7,500
d. 8,400
1st statement - A duly registered BMBE shall be exempt from income tax on income
arising purely from its operations as such BMBE.                                                    2nd
statement - Income tax exemption shall not apply to interest, including those from any
currency bank deposit and yield or any other monetary benefit from deposit substitutes
and from trust funds and similar arrangements*
1 point
a. Only the 1st statement is true
b. Only the 2nd statement is true
c. Both of the statements are true
d. Both of the statements are false
1st statement - A duly registered BMBE shall be exempt from income tax on income
arising purely from its operations as such BMBE. 2nd statement - Income tax exemption
shall not apply to interest, including those from any currency bank deposit and yield or
any other monetary benefit from deposit substitutes and from trust funds and similar
arrangements*
1 point
a. Only the 1st statement is true
b. Only the 2nd statement is true
c. Both of the statements are true
d. Both of the statements are false
A person who has paid the corresponding professional tax shall be entitled to practice
his profession in any part of the Philippines without being subjected to any other
national or local tax, license, or free for the practice of such profession.*
1 point
a. True
b. False
The share of the Barangay in the proceeds of the tax on sand, gravel and other quarry
resources is:*
1 point
a. Twenty percent (20)
b. Thirty percent (30%)
c. Forty percent (40%)
d. Fifty percent (50%)
The share of the Component City or Municipality in the proceeds of the tax on sand,
gravel and other quarry resources is:*
1 point
a. Twenty percent (20)
b. Thirty percent (30%)
c. Forty percent (40%)
d. Fifty percent (50%)
The 5% special discount granted to PWDs on basic and prime commodities is limited to
purchases not exceeding ________ per calendar week without carry-over of the unused
amount*
1 point
a. 1,000
b. 1,200
c. 1,300
d. 1,500
Private establishments employing SCs shall be entitled to additional deduction from
their gross income equivalent to ______________________*
1 point
a. 5% of the total amount paid as salaries and wages to Senior citizens
b. 10% of the total amount paid as salaries and wages to Senior citizens
c. 15% of the total amount paid as salaries and wages to Senior citizens
d. 20% of the total amount paid as salaries and wages to Senior citizens
e. 25% of the total amount paid as salaries and wages to Senior citizens
For taxpayers with PWD dependent, the amount of additional exemption which may be
claimed is:*
1 point
a. Php 0
b. Php 25,000.00
c. Php 50,000.00
d. Php 100,000.00
The power to impose a tax, fee, or charge or to generate revenue under the Local
Government Code (LGC) shall be exercised by:*
1 point
a. The Governor
b. The Mayor
c. The Sanggunian
d. The Vice-Mayor who is the Presiding Officer of the Sanggunian
After determining the eligibility of the business entity or enterprise, a BMBE shall be
issued a Certificate of Authority (CA). The CA shall be effective for a period of:*
1 point
a. One (1) year
b. Two (2) years
c. Three (3) years
d. Four (4) years
e. Five (5) years
The share of the province in the proceeds of the tax on sand, gravel and other quarry
resources is:*
1 point
a. Twenty percent (20)
b. Thirty percent (30%)
c. Forty percent (40%)
d. Fifty percent (50%)
The professional tax referred to in the preceding number shall in no case exceed:*
1 point
a. One hundred pesos (P100.00)
b. Three hundred pesos (P300.00)
c. Five hundred pesos (P500.00)
d. One thousand pesos (P1,000.00)
Refers to goods “vital to the needs of consumers, for their sustenance and existence”.*
1 point
a. Basic necessities
b. Prime commodities
c. Non-essential goods
d. Any of the above
A senior citizen may claim additional exemption in the amount of Php 25,000.00 if he
has a qualified dependent*
1 point
a. True
b. False
Private corporations which are employing PWDs either as regular employee, apprentice
or learner, shall be entitled to an additional deduction, from their gross income,
equivalent to:*
1 point
a. Ten percent (10%) of the total amount paid as salaries and wages to PWDs
b. Fifteen percent (15%) of the total amount paid as salaries and wages to PWDs
c. Twenty percent (20%) of the total amount paid as salaries and wages to PWDs
d. Twenty-five percent (25%) of the total amount paid as salaries and wages to PWDs
Sandro Clinic, a VAT-registered entity, performed a prosthetic surgery on the legs of
Manny, a person with disability. The total cost of medical operation was 500,000. Being
a disabled person, Lloyd received 20% discount from Sandro. How much is the total
amount to be paid by Manny?*
1 point
a. 400,000
b. 448,000
c. 500,000
d. 560,000
Who can register as a BMBE?*
1 point
a. Glenn & Maggie’s Walking Alive, a shop with a total assets (excluding land) of Php 5Million
b. Negan & Co., CPAs, a general professional partnership
c. Nicanor who is a Certified Public Accountant
d. Rick and Daryl Beauty Shop, a partnership of professional beauticians
Lola Leni, a senior citizen, bought a medicine with a selling price of 9,250 inclusive of
VAT. How much is the net amount to be paid by Lola?*
1 point
a. 8,500
b. 7,616
c. 6,916
d. 6,800
The proceeds of the annual tax collected above accrue to:*
1 point
a. The Local Treasury
b. The National Treasury
c. The Sanggunian
d. The Special Education Fund (SEF)
Teddy sold a piece sold a piece of lot with zonal value of P4,000,000 to a buyer
P4,500,000. Compute the documentary stamp tax.*
1 point
a. P270,000
b. P67,500
c. P63,750
d. 60,000
A province or city, or a municipality within the Metropolitan Manila Area, may levy and
collect an annual tax of ____________ on the assessed value of real property which
shall be in addition to the basic real property tax.*
1 point
a. 1%
b. 2%
c. 5%
d. 10%
Which of the following statements regarding discounts allowed to PWDs is incorrect?
1 point
a. In case the seller provides promotional discounts, the PWD will have the option to choose
either the promotional discount or the PWD discount.
b. Only the PWD discount is exempted from VAT
c. In cases where the PWD is also a senior citizen, the PWD shall also be entitled to SC discount
in order to maximize the discounts granted under magna Carta for PWDs and SC.
d. None of the above
 A business enterprise shall be considered “barangay-based” if: 1st statement - The
majority of its employees are residents of the municipality where its principal place of
business is located. 2nd statement - The principal activity consists in the application/use
of a particular skill peculiar to the locality or of raw materials predominantly sourced
from the area. 3rd statement - Its business operations are confined within the territorial
jurisdiction of the municipality or LGU in which its principal place of business is located.*
1 point
a. Only one of the statements is TRUE
b. Only two of the statements are TRUE
c. All of the statements are TRUE
d. All of the statements are FALSE
In the immediately preceding problem, compute the documentary stamp tax assuming
the properties were sold to the government.*
1 point
a. P270,000
b. P67,500
c. P63,750
d. 60,000
A check is subject to a documentary stamp tax of*
1 point
a. P1
b. P3
c. P5
d. P8
Under the LGC, the real property shall be classified, valued and assessed on the basis
of its _____________ regardless of where located, whoever owns it, and whoever uses
it.*
1 point
a. Actual use
b. Declaration by the owner
c. Intended application
d. Predominant use
In the case of a city or a municipality within the Metropolitan Manila Area, the uniform
rate of basic real property tax is not exceeding _________ of the assessed value of real
property.*
1 point
a. 1%
b. 2%
c. 5%
d. 10%

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