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A. Sale of Real Property

The document contains a series of multiple-choice questions related to tax regulations and accounting practices in the Philippines. Key topics include documentary stamp tax, changes in accounting methods, filing financial statements, and the Bureau of Internal Revenue's authority. It also addresses the responsibilities of corporate officers in tax matters and the requirements for availing tax benefits from payments made abroad.

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Kenneth Mangual
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36 views2 pages

A. Sale of Real Property

The document contains a series of multiple-choice questions related to tax regulations and accounting practices in the Philippines. Key topics include documentary stamp tax, changes in accounting methods, filing financial statements, and the Bureau of Internal Revenue's authority. It also addresses the responsibilities of corporate officers in tax matters and the requirements for availing tax benefits from payments made abroad.

Uploaded by

Kenneth Mangual
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
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29.

A documentary stamp tax is necessary in


A. Sale of real property.
B. Inheritance of real property.
C. Estate tax payment
D. Donation of real property.

30. JB Bookstore is using cash method of accounting in recognizing its taxable income
and deductions. For the current year, JB decided to adopt the accrual method of
recognizing income and expenses. The application for permission to change the
method of accounting employed and the basis upon which return is made shall be
filed the BIR within
A. 90 days
B. 60 days
C. 30 days
D. 15 days

31. As Certified Public Accountant, what would you tell if a domestic corporation asked
you where to file first its financial statements and income tax returns?
A. Securities and Exchange Commission
B. Local Municipal City Treasurer where the corporation has a principal address
C. Bureau of Internal Revenue
D. Authorized Accredited Agent Banks

32. How may financial statement and tax return copies are filed with the Bureau of internal
Revenue?
A. Duplicate
B. Triplicate
C. Quadruplicate
D. As many as required by the revenue officer.

33. When may the Bureau of Internal Revenue not terminate taxing period?
A. When the taxpayer is retiring from business subject to tax.
B. When the taxpayer went abroad.
C. When the taxpayer removes his property from Philippines.
D. When the taxpayer hides or conceals his property.

34. The Board of Directors of RAPC Corporation received a subpoena from the
Department of Justice involving tax fraud. The Chairman of the Board summons you
to attend the regular Board of Directors meeting to address whose signature must
appear on the withholding tax returns and consequently be held imprisoned in case of
fraud?
A. President and Treasurer
B. Treasurer and Corporate Secretary
C. Corporate Secretary and Internal Auditor
D. Internal Auditor and Comptroller

35. The Bureau of Internal Revenue may use “Oplan Kandado” against all of the
following taxpayers, except
A. VAT registered person who fails to issue receipts.
B. VAT registered person who fails to file VAT returns.
C. VAT registered person who understates its taxable sales by 30%.
D. VAT registered person who understates its purchase by 30%.

36. In order to avail the benefits of taxes paid abroad, what must be presented to the
regulatory body?
A. Memorandum of agreement between the taxpayer and host country
B. Tax treaty law of the host country
C. Tax treaty relief application
D. Other relevant document as may be required by regulatory body.

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