TRUE or FALSE

1. Representation expenses incurred by

marketing staff are allowable
deductions at all times even without
supporting documents

2. Duly supported entertainment,

amusement and recreation expense
is allowed as deduction 100%
TRUE or FALSE
3. Grocery items purchased by the President
for his household can be claimed as
deduction as long as it is duly supported

4. Bribes, kickbacks and other similar

payments can be claimed as deduction as
long as it is acknowledge by the recipient
TRUE or FALSE
5. As general rule, compensation income
earners under employer-employee
relationship and self-employed taxpayers
or those having business may deduct
pertinent items from their gross to arrive
at net taxable income
TRUE or FALSE
6. In the case of a non-resident alien
individual engaged in trade or business in
the Philippines and a resident foreign
corporation, the deductions for taxes shall
be allowed only if and to the extent that
they are connected with income from
sources within the Philippines
TRUE or FALSE
7. Taxpayer should signify his intention to claim
Optional Standard Deduction during the filing of the
first quarterly tax return, and such election would
be irrevocable for the taxable year in which return is
made

8. Proceeds of sale of real property classified as capital

asset may be exmpt from the 6% capital gains tax
Identify if REGULAR TAX or FINAL TAX
9. Interest income earned by a depositor is subject to
________________

10. Non-operating income are generally subject to

_________________

11. Raffle prizes during Christmas party in the amount

of Php 1,000 is subject to ____________________
Identify if REGULAR TAX or FINAL TAX
11. Winnings are generally subject to ______________

12. Prizes are generally subject to _________________

13. Royalties are generally subject to

_________________

14. Income from e-Sabong betting is subject to

__________________
Identify if REGULAR TAX or FINAL TAX
11. Winnings are generally subject to ______________

12. Prizes are generally subject to _________________

13. Royalties are generally subject to _______________

14. Income from e-Sabong betting is subject to

_________________
15. Tax from Alimony is subject to ________________