PHILIPPINE ACCOUNTANCY ACT OF 2002 is what RA being referred to:

Law the U.S. Congress passed on July 30 of that year to help protect investors from fraudulent financial reporting by corporations. 1 Also known as the SOX Act of 2002, it is referred to:

The integrated national professional organization of Certified Public Accountants accredited by the Board and the Commission

          The Philippine Accountancy Act of 2004 and its subsequent amendments;

the Professional Regulatory Board of Accountancy of the Philippines created under Republic Act No. 9298

the Professional Regulatory Board of Accountancy of the Philippines created under Republic Act No. 9298

A person who holds a valid Certificate of Registration and a valid Professional Identification Card issued by the Commission upon recommendation by the Board to those who have satisfactorily complied with all the legal and procedural requirements for such issuance, including in appropriate cases, having passed the CPA licensure examination.

The code of ethics approved by the Commission in December, 2003 per its PRC Resolution No. 83, Series of 2003 and its subsequent amendments which contains the no rms and principles governing the practice of the accountancy profession in the highest standards of ethical conduct.

A professional partnership engaged in the practice of public accountancy which is formed in accordance with Philippine laws, either as a general partnership or a limited liability partnership, and whether or not it is registered as such with the Securities and Exchange Commission (SEC).

The integrated national professional organization of Certified Public Accountants accredited by the Board and the Commission per PRC Accreditation No. 15 dated October 2, 1975.

A card with validity of three (3) years, bearing the registration number, date of issuance with an expiry date, due for periodic renewal, duly signed by the Chairperson of the Commission issued by the PRC to a registered CPA upon payment of the annual registration fees for three (3) years.

The code of ethics approved by the Commission in December, 2003 per its PRC Resolution No. 83, Series of 2003 and its subsequent amendments which contains the no rms and principles governing the practice of the accountancy profession in the highest standards of ethical conduct.

The Board of Accountancy shall be composed of a chairman and six (6) members to be appointed by the ____________

The Board of Accountancy shall be composed of a ________________to be appointed by the President of the Philippines.

The Commission upon the recommendation of the Board shall within ninety (90) days from the effectivity of this IRR, create an accounting standard setting body to be known as the __________________

The FRSC shall be composed of __________________

The AASC shall be composed____________

Tax Reform for Acceleration and Inclusion (TRAIN)

RA No. 10963

the "WATCHDOG"

TRUE OR FALSE: Partnerships are required to be registered with the Securities and Exchange Commission [SEC]. 

Partnerships in the Philippines are governed by and covered under ____________________ of the Civil Code of the Philippines

This Code shall be known as the “Revised Corporation Code of the Philippines”.

A _________________s an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its existence.

TRUE or FALSE: A corporation shall have perpetual existence unless its articles of incorporation provides otherwise.

The due incorporation of any corporation claiming in good faith to be a corporation under this Code, and its right to exercise corporate powers, shall not be inquired into collaterally in any private suit to which such corporation may be a party. Such inquiry may be made by the Solicitor General in a quo warranto proceeding.

All persons who assume to act as a corporation knowing it to be without authority to do so shall be liable as general partners for all debts, liabilities and damages incurred or arising as a result thereof: Provided, however, That when any such ostensible corporation is sued on any transaction entered by it as a corporation or on any tort committed by it as such, it shall not be allowed to use its lack of corporate personality as a defense. Anyone who assumes an obligation to an ostensible corporation as such cannot resist performance thereof on the ground that there was in fact no corporation

Some of the examples are clothing stores, grocery stores, and bookstores. These businesses function by taking lots of products from either wholesalers or manufacturers at a discount and then reselling the products to make profits.

A ______________________ is any company that uses raw materials or components to create finished goods. Manufacturing businesses make most of the products we use, including electronic devices, furniture, medical equipment and aircraft.

____________________________means a kind of a business association that involves one or more associates offering their expertise and competencies to a company as an investment to an enterprise instead of money. What type of partner is being referred to?

A partner who allows the partnership firm to use his/her name but does not contribute any capital or take part in the management and affairs of the business. He does not share the profits and losses of the firm but he is liable to the creditors for the repayment of the firm's debts.

A __________________is a person who gives an impression to others that he/she is a partner of the firm through his/her own initiative, conduct or behaviour.

TRUE or FALSE: There are three basic principles of a sound taxation: fiscal adequacy, equality or theoretical justice and administrative feasibility.

Revenue raised must be sufficient to meet the government/public expenditures and other public needs. Neither an excess nor a deficiency of revenue vis-à-vis the needs of government would be in keeping with the principle. 

The tax system should be capable of being effectively administered and enforced with the least inconvenience to the taxpayer. 

Must take into consideration the taxpayer's ability to pay

An inherent power of the state exercised through legislature, to impose burdens upon subjects and objects within its jurisdiction, for the purpose of raising revenues to carry out the legitimate objects of the government

This is the power vested in the Legislature by the Constitution to make, ordain, and establish all manner of wholesome and reasonable laws, statutes and ordinances, either with penalties or without, not repugnant to the Constitution, for the good and welfare of the State and its subjects

This is the right of the State to acquire private property for public use upon payment of just compensation and observance of due process.

TRUE or FALSE: The following are SIMILARITIES of INHERENT TAXATION: 1. They are indispensable to the existence of a state.
2. They are inherent rights which means that they can exist without the constitution.
3. They are the means by which the state interferes with private rights and properties.
4. These powers are generally exercised by the legislature.
5. They contemplate an equivalent compensation or benefit.

TRUE or FALSE: Double taxation is a disadvantage of a corporation because the corporation has to pay income taxes at twice the rate applied to partnerships.

• TRUE or FALSE: Double taxation is A DISADVANTAGE OF CORPORATION. Because a corporation is a separate legal entity, its net income is subject to double taxation. The corporation pays a tax on its income, and stockholders pay a tax on corporate income received as dividends.

is a corporation created for or devoted to charitable purposes or one supported by charity. It is a corporation created, not for private gain or profit, but for the administration of a charitable trust or for a charitable purpose, such as the maintenance of a hospital.

A______________is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to collectively fund government spending, public expenditures, or as a way to regulate and reduce negative externalities.

Refers to the fees and financial obligations imposed by a government on its residents. Income taxes are paid in almost all countries around the world. However, taxation applies to all payments of mandatory levies, including on income, corporate, property, capital gains, sales, and inheritance.

TRUE OR FALSE: Filing VAT Returns

You need to file and pay your VAT returns monthly or quarterly. It will also depend on how you are classified as a taxpayer. You are classified as a taxpayer if your annual sales exceed PHP 3,000,000 and if your annual sales are less than that amount, then you are classified as a non-large taxpayer.

Filing VAT Returns

You need to file and pay your VAT returns monthly or quarterly. It will also depend on how you are classified as a taxpayer. You are classified as a taxpayer if your annual sales exceed _____________ and if your annual sales are less than that amount, then you are classified as a non-large taxpayer.

TRUE OR FALSE: One characteristic of Taxes is GENERALLY PAYABLE IN MONEY

In 1494, LUCA PACIOLI first book, _____________________________, was published in Venice.

Filing out of tax. Which do you see first?

TRUE OR FALSE: Value Added Taxes (VAT) are also an example of an indirect tax

Filing out of tax. What do you see first?

True or False:: Vat returns are filed monthly using Monthly Value Added Tax BIR Form 2550Q

One type of direct tax is individual income tax, which is also known as personal income tax.

Net Vat Payable=Output tax- Input tax