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Intax and Stratcost

Test bank for STRATCOST

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0% found this document useful (0 votes)
9 views6 pages

Intax and Stratcost

Test bank for STRATCOST

Uploaded by

mednooh0604
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 6

INCOME TAXATION

(6 questions; 3 theories 3 problems)

1. The following are the general


principles of income taxation:
2 . a. A
citizen of the Philippines residing
therein is taxable on all income
derived from sources within and
3. without the Philippines.
4. b. A nonresident citizen is
taxable on income derived from
sources within the Philippines.
5. c. An individual citizen of
the Philippines who is working
and deriving income from abroad
as an
6. overseas contract worker is
taxable only on income from
sources within the Philippines.
7. d. An alien individual, whether
a resident or not of the Philippines,
is taxable only on income derived
8. from sources within the
Philippines.
9. e. A domestic corporation is
taxable on all income derived
from sources within and outside
the
10. Philippines.
11. f. A foreign corporation,
whether engaged or not in
business in the Philippines, is
taxable only on
12. income derived from sources
within the Philippines.
13.
1 4 .
a. All the statements are true.
15. b. All the statements are false.
16. c. One of the statements is
false.
17. d. Some of the statements are
false.
1. The following are the general principles of income taxation:
a. A citizen of the Philippines residing therein is taxable on all income derived from
sources within and without the Philippines
b. A nonresident citizen is taxable on income derived from sources within the
Philippines
c. An individual citizen of the Philippines who is working and deriving income from
abroad as an overseas contract worker is taxable only on income from sources within
the Philippines
d. An alien individual, whether a resident or not of the Philippines, is taxable only on
income derived from sources within the Philippines
e. A domestic corporation is taxable on all income derived from sources within and
outside the Philippines
f. A foreign corporation whether engaged or not in business in the Philippines, is
taxable only on income derived from sources within the Philippines.

a. All the statements are true


b. All the statements are false
c. One of the statements is false
d. Some of the statements are false

2. One of the following is not an inherent limitation on the exercise of the power of
taxation
a. International comity
b. Double taxation
c. Non-delegation of the legislative power to tax
d. Territoriality

3. Allowable deductions from business income includes:


1. Basic personal and/or additional exemptions
2. Premium payments on health and/or hospitalization insurance
3. Itemized deductions under the Tax Code
4. Optional standard deductions
a. 1, 3, and 4
b. 4 Only
c. 1, 2, 3, and 4
d. 1, and 3 only

Ms. B is the accounting staff of LMN Company, a corporation engaged in the manufacturing of
canned tuna. The following data were taken from the monthly pay slip of Ms. B.

Monthly Salary P 30,000


SSS Contribution 300
Pag-ibig Contribution 100
Philhealth Contribution 300

At the end of the year, Ms. B received her 13th month pay of P30,000. Total taxes withheld on
compensation by her employer amounted to P 16,932.

4. How much is the taxable income?


a. P 351,600

b. P 351,400

c. P 420,000

d. P 420,400
5. How much is the annual income tax due?
a. P 40,200
b. P 24,000
c. P 20,320
d. P 29,000

6. How much is the Income tax payable?


a. P 3,400
b. P 7,310
c. P 8,032
d. P 3,388

STRATEGIC COST MANAGEMENT


(6 questions)

1. Which of the following types of information are used in management accounting?


A. Nonfinancial information
B. Information used on the long term
C. Financial Information
D. All of the above
2. The cost management function is usually under the:
a. Chief Information
b. Controller
c. Treasurer
d. Purchasing manager
3. Based on the following, compute the number of sales:

Profit margin before tax based on sales 8%


Margin of safety ratio 20%
Fixed Costs P 1,200,000
Variable Cost of goods sold 25%
Variable selling and administrative expense ?

a. P 2,026,667
b. P 3,750,000
c. P 6,000,000
d. 4,750,000

4. Asteria Company has fixed costs of P100,000 and breakeven sales of P800,000. Based on
this relationship, what is its projected profit at P1,200,000 sales?
a. P 50,000
b. P 100,000
c. P 200,000
d. P 400,000

5. Albatross Company had fixed costs of P90,300. At sales volume of P360,000, return on
sales is 10%; at a P600,000 volume, return on sales is 20%. What is the break-even
volume?
a. P 225,000
b. P 258,000
c. P 300,000
d. P 240,000

6. Planning is a function that involves?


a. Hiring the right people for a particular job
b. Coordinating the accounting information system
c. Setting goals and objectives for an entity
d. Analyzing financial statements

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