Final Exam-ABM2

All of the following maybe subjected o 20% final withholding tax, choose the exception?

• Royalties

• Prizes and winnings

• Interest Income

• Answer not given

Gains from dealings in properties such as, land and building maybe subjected to capital gains tax of ___% if any of which is not used in business.

• 6%

• 10%

• 20%

• Answer not given

Employees' income being subjected to withholding tax is called____________.

• Gross Income

• Compensation Income

• Business Income

• Answer not given

A type of bank account that is held for a fixed-term and can be withdrawn only after the lapse of the agreed period and by giving notice to the bank.

• Savings Account

• Time Deposit Account

• Checking Account

• Answer not given

Before the implementation of Train Law, all individual taxpayers are grated a personal exemption amounting________.

• 25,000

• 50,000

• 75,000

• Answer not given

All of the following are the importance of bank reconciliation, EXCEPT?

• It helps in identification of errors in accounting records of the company or the bank

• It provides necessary control mechanism to help protect the valuable resource through uncovering irregularities such as unauthorized withdrawals.

• It assist in regular monitoring of cash flows of a business

• Answer not given

Individual taxpayers are required to file BIR form 1700 or 1701 as their income tax returns, however if the taxpayer is an employee his income tax return is BIR form________ which was filed by his employer for him.

• 1700

• 2307

• 2316

• Answer not given

______ is also called common-size analysis.

• Horizontal Analysis

• Vertical Analysis

• Financial Ratios

• Answer not given

________ are forms used only within the business.

• Internal Business Forms

• External Business Forms

• General Business forms

• Answer not given

At the end of the first month of operations for Juana’s Delivery Service, the business had the following accounts: Accounts Receivable, Php1,200; Prepaid Insurance, Php500; Equipment, Php36,200 and Cash, Php40,650. On the same date, Juana owed the following creditors: Nena’s Supply Company, Php12,000; Maria’s Equipment, Php9,500.The current assets for Juana’s Delivery Service totaled _________.

• 78,550

• 42,350

• 66,550

• Answer not given