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WorksheetsUPFRS
Total questions: 50
Worksheet time: 26mins
TRAIN stands for
(a)
On ___________, President Duterte signed into law Package 1 of the Comprehensive Tax Reform Program (CTRP) also known as the Tax Reform for Acceleration and Inclusion (TRAIN).
December 17, 2019
December 19, 2017
December 17, 2018
December 19, 2019
TRAIN Law took effect on _____________.
January 1, 2018
January 7, 2019
January 1, 2019
January 7, 2018
The objectives of TRAIN Law are_______: Select all that apply.
To make the Philippine tax system simpler, fairer, and more efficient to promote investments, create jobs and reduce poverty.
To raise revenues that will fund the president’s build, build, build project that will sustain high and inclusive growth of the country.
To promote the general welfare of the people.
To take private property for public use by paying just compensation.
Finance investments in our people through enhanced education, health and social services.
Republic Act No. (a) shall be known as the Tax Reform for Acceleration and Inclusion.
(a) refers to gross income less deductions.
Compensation income earners are
Individual whose source of income is purely derived from employer-employee relationship.
Individual earned income from self employment – job order, practice of profession and not under employer-employee relationship.
Combination of minimum wage earner and self-employed.
Paid with equal or not more than the statutory minimum wage rates.
Mr. Juan dela Cruz, a minimum wage earner, earning P150,000 a year. Is Mr, Crux exempt from income tax? Choose the best answer.
No, because he earned an income of P150,000.
Yes, because he is considered minimum wage earner.
No, because he is required to file income tax return.
Yes, because his income is below P250,000.
Which of the following individual most likely will pay high income tax?
Taxable income of P1,850,000 by Mrs. Cabasag, a solo parent with one daughter.
Taxable income of P2,000,000 by Mrs. Ondoy, a married individual, with four children.
Taxable income of 1,950,000 by Ms. Amelo, single.
Taxable income of P1,900,000 by Mr. Mechael, married with six children.
Which of the following is not required to file income tax return?
Individual deriving compensation from two or more employers.
Individual whose taxable income does not exceed P250,000.
Employees deriving compensation income, regardless of amount, whether from single or several employers, the income tax has not been withheld correctly.
Individuals receiving purely compensation income from single employer, although the income tax has been correctly withheld, but whose spouse is required to file income tax return.
TRAIN stands for
(a)
Mr. Juan dela Cruz, a minimum wage earner, earning P150,000 a year. Is Mr. dela Cruz exempt from income tax? Choose the best answer
Yes, because he is considered minimum wage earner.
No, because he earned an income of P150,000.
Yes, because his income is below P250,000.
No, because he is required to file income tax return.
Which of the following is not required to file income tax return?
Individuals receiving purely compensation income from single employer, although the income tax has been correctly withheld, but whose spouse is required to file income tax return.
Individual deriving compensation from two or more employers.
Individual whose taxable income does not exceed P250,000.
Employees deriving compensation income, regardless of amount, whether from single or several employers, the income tax has not been withheld correctly.
(a) refers to gross income less deductions.
On __________, President Duterte signed into law Package 1 of the Comprehensive Tax Reform Program (CTRP) also known as the Tax Reform for Acceleration and Inclusion (TRAIN).
December 17, 2018
December 17, 2019
December 19, 2017
December 19, 2019
Republic Act No. (a) shall be known as the Tax Reform for Acceleration and Inclusion.
Which of the following individual most likely will pay high income tax?
Taxable income of P1,900,000 by Mr. Jalico, married with two children.
Taxable income of P1,950,000 by Ms. Villanueva, single.
Taxable income of P1,850,000 by Mrs. Pangilinan, a solo parent with 2 children.
Taxable income of P2,000,000 by Mrs. Lopez, a married individual, with four children.
TRAIN law took effect on __________.
January 7, 2019
January 1, 2018
January 7, 2018
January 1, 2019
TRAIN law took effect on __________.
January 7, 2019
January 1, 2018
January 7, 2018
January 1, 2019
Compensation income earners are
Individual whose source of income is purely derived from employer-employee relationships.
Individual earned income from self-employment - job order, practice of profession and not under employer-employee relationships.
Combination of minimum wage earner and self-employed.
Paid with equal or not more than the statutory minimum wage rates.
The objectives of TRAIN Law are __________: Select all that apply.
To raise revenues that will fund the president's build, build, build project that will sustain high and inclusive growth of the country.
To promote the general welfare of the people.
To make the Philippine tax system simpler, fairer, and more efficient to promote investments, create jobs and reduce poverty.
To take private property for public use by paying just compensation.
Finance investments in our people through enhanced education, health and social services.
A corporation is an artificial being created by operation of law,
having the right of succession and the powers,
attributes and properties expressly authorized by law
or (a) to its existence.
Term of elected trustees
1 year
2 years
3 years
answer not provided
Required vote for amendment of
stock corporation by-laws
majority of the board of directors
at least 2/3 of the board of directors
stockholders representing 2/3 of
the outstanding capital stock
stockholders representing at least 2/3 of
the outstanding capital stock
The appraisal right is exercised in the following instances EXCEPT:
In case of sale of substantially all of
the corporate property
In case of consolidation
In case of amendment of the Articles
with respect to the corporate name
None of the above
The Revised Corporation Code of the Philippines was enacted
on February (a) , 2019.
Right/s of a holder of delinquent shares
None
Right to vote
Right to be voted for
Right to dividends
A compliance officer is:
a corporate officer under the by-laws
required in corporations vested with public interest
a corporate officer under the law
required in all kinds of corporations
Regular stockholders' meetings are
held annually on:
April
any date of April of every year
any date after April 15 of every year
on a date fixed in the by-laws
May form a One Person Corporation
Estate
Trust
Natural person
Licensed professionals
Partnership
A single stockholder in a One Person Corporation may not be appointed as the (a) .
Boy Tupada, a student activist, wants to impugn the
validity of a tax on online sabong. Aside from claiming that the law adversely
affects her since he always bet on online sabong, what may she allege that would
strengthen her claim to the right to file a taxpayer’s suit?
A. That he is entitled to the return of the taxes collected from her on case the
court nullifies the tax measure
B. That the tax money is being extracted and spent in violation of the
constitutionally guaranteed right to freedom of communication
C. That she is filing the case in behalf of a substantial number of taxpayers
D. That online sabong are an important part of the lives of the people he
represents.
The best source of our tax laws is—
A. Statutes
B. Court Decisions
C. Constitution
D. BIR Rulings
1st Statement: Our Constitution does not prohibit double
taxation
2nd Statement: If double taxation occurs, the taxpayer may seek relief under the
uniformity clause or the equal protection guarantee
A. 1st Statement is correct, 2nd Statement is wrong
B. 1st Statement is wrong, 2nd Statement is correct
C. Both Statements are wrong
D. Both Statements are correct
In case of ambiguity, tax laws shall be interpreted
A. Strictly against the taxpayer
B. Strictly against the government
C. Liberally in favor of the taxpayer
D. Liberally against the government
The instructors, Jim Stice and Kay Stice, are professors from which University?
Brigham Young University
New York University
Fudan University
The University of Texas at Austin
Before IFRS16, how did the IASB consider a lease to be a finance lease rather than an operating lease regarding fair value of an asset?
The value of payment is equal to or greater than 75% of the asset's value.
The value of payment is substantially all of the fair value of the asset.
The value of payments is substantially all of the economic life of the asset.
The value of payments is equal to or greater than 90% of the asset's value.
FASB and IASB implemented new lease accounting rule in
Y2018
Y2019
Y2020
Y2021
What major accounting rule change to operating lease accounting in IFRA16?
All leases are to be reported on the balance sheet.
The total value of lease payments criterion was abandoned.
All long-term leases are to be reported on the balance sheet.
The useful life criterion for assets was eliminated.
ABC Corp. enters into a 10-year lease for a P500k machine. How do you calculate the annual depreciation expense under IFRS16？
P500k minus salvage value divided by 10
P500k times the interest rate divided by 10
P500k minus interest expense divided by 10
P500k divided by 10
ABC Corp. included its long-term leased in its 2018 balance sheet; XYZ did not. If both companies had similar fixed-asset turnover in 2018, what will happen in 2019 when the new lease rule is used?
ABC will show a lower fixed-asset turn over ratio than XYZ.
The lease arrangements for both companies will remain off-balance-sheet.
the new lease accounting rule has no impact to fixed assets.
XYZ will show a lower fixed-asset turn over ratio than ABC.
With the new lease accounting rule, what impact will there be on investors?
Procedures for measuring leverage will have to be changed.
Provision in existing loans will have to be re-examined.
The way in which operating profit is computed will have to be adjusted.
Valuation models will have to be changed to reflect the new rule.
Which of the following is advantages of leasing office equipment?
Operating cost
Outdated equipment
Tax benefits
Poor quality
Which of the following is disadvantages of leasing?
Cheaper cost
Guard against obsolescence
Unfavorable term
Efficient use of funds
A finance lease is an agreement between an owner of an asset and a user of that asset wherein the:
usual risks and benefits of ownership are transferred to the user
legal title to property is transferred to the lessee when the first lease payment is made
ownership passes to the lessor on inception date of the lease
substantially all of the risks and benefits of ownership remain with the lessor
A long-term arrangement in which the lessee acquires control of an asset in return for rental payments to the lessor
cash lease
capital lease
custom hiring
lessee
The party who receives the right to use an asset in a lease.
lessor
lease
custom hiring
lessee
The party who transfers the right to use an asset in a lease
lessor
lease
custom hiring
lessee
A contract that grants the use of an asset for a specified period of time, usually in return for a payment
lessor
lease
custom hiring
lessee
Leasing may be beneficial in the long term but more costly over a short period.
True
False
