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WorksheetsVAT ON IMPORATION OF GOODS AND ACCOUNTING FOR VALUE-ADDED TAX
Total questions: 10
Worksheet time: 5mins
1. Importations of goods are subject or to value-added tax whether the imported are to be used in business or not.
TRUE
FALSE
2. Importations of goods are always subject to value-added tax whether the goods imported are to be used in business, for sale in the Philippines, or for personal use.
TRUE
FALSE
3. Importation of goods is subject to value-added tax but the tax rate is 0%.
FALSE
TRUE
4. Not included in the tax base on importation of goods
WHARFAGE DUES
ARRASTRE CHARGES
FACILITATION FEE
BROKERAGE FEE
5. Robin P. imported a car from the U.S.A for his personal use. Total landed cost is P250,000, including customs duties of P50,000. VAT payables is?
25,000
20,000
30,000
None, because the importation is for personal use.
6. Importation of books, newspaper, magazines review or bulletin is subject to value-added tax
FALSE
TRUE
7. As a rule, the VAT account title that will appear in the balance sheet shall be..
A. Output tax
C. VAT payable
D. Excess tax carry over
B. Input tax
8. The account title Input Tax normally appears in the balance sheet at the end of the accounting period as current asset.
TRUE
FALSE
9. The account title Output tax normally appears in the balance sheet at the end of the accounting period as a current liability.
FALSE
TRUE
10. The account title VAT payable normally appears in the balance sheet at the end Of the actounting period as a current liability.
TRUE
FALSE
