SOUTHERN BAPTIST COLLEGE COLLEGE OF BUSINESS EDUCATION BACHELOR OF SCIENCE IN BUSINESS ADMINISTRATION ADMINISTRATION FINAL EXAMINATION NAME: __________________________________ Score:_______________ TEST I. TRUE OR FALSE. Write TRUE if the statement is correct and FALSE if otherwise. _____________ ______________1. _1. The Donee must be capacitated to make a valid donation. _____________ ______________2. _2. Donation of Real Property with a value of P 3, 000.00 can be made orally. _____________ ______________3. _3. Donation inter vivos takes effect upon the death of the donor. _____________ ______________4. _4. A gratuitous transfer is always subject to estate tax or donor’s tax. _____________ ______________5. _5. The transfer tax accrues at the time of transfer of the decedent’s property or rights to the heir. _____________ ______________6. _6. Donation inter vivos is a completed donation. _____________ ______________7. _7. Non-resident Non-resident alien is not allowed of the Dowry as deduction to donation. _____________ ______________8. _8. Donations Donations made between between the husband and wife during the marriage is void. _____________ ______________9. _9. The first P 50, 000.00 of of the net gift for every year is no subject to donor’s tax. _____________ ______________10. _10. Donation of Real Property with a value of P 3, 000.00 cannot be made orally. _____________ ______________11. _11. A non-vat person is generally subject to percentage tax. _____________ ______________12. _12. The registration threshold for vat business is 1, 919, 500.00 of its sales or gross receipts. _____________ ______________13. _13. A value added added tax is a form of consumption tax. _____________ ______________14. _14. A value added tax is an indirect tax. _____________ ______________15. _15. A zero-rated vat transaction transaction is subject to 0% vat. _____________ ______________16. _16. All sales of goods and services are subject to VAT. _____________ ______________17. _17. Vat-exempt transactions transactions are subject to 0% VAT. _____________ ______________18. _18. In all cases, the buyer could not be legally liable for the payment of VAT. _____________ ______________19. _19. A VAT registered person is subject to percentage tax.
_____________ ______________20. _20. A non-vat person who is required to pay vat is allowed to deduct input vat. TEST II. Multiple Choice. Select the best answer. 1. Which of the following VAT rates rates can be used as rate for output and input VAT. a. 12% b. 7% c. 5% d. 2% 2. Which of the following is not a characteristics of VAT? a. Tax on gross sales b. Tax on consumption c. Tax on sellers d. Tax on buyers 3. The taxpayer in estate taxation taxation is the a. Decedent person b. Estate c. Administrator d. Heir 4. The subject matter of succession a. Estate b. Decedent c. Will d. Escheat 5. A testator to whom a personal property is given by virtue of the will. a. Testator b. Devisee c. Legatee d. Executor 6. Donor’s tax is not a (an) a. Transfer tax b. Excise tax c. Gift tax d. Business tax 7. One of the following is not a donor’s deduction. a. Dowries b. Encumbrances c. Diminution d. Judicial expense 8. The donation to this person is valid. a. Unborn child b. Spouse c. Donor d. All of the above 9. How much is the dowry deduction? a. 10, 000 only b. 10, 000 each donor c. 10, 000 each donor per child
d. 10, 000 each donor per child on account of marriage 10. How much is the threshold of VAT? a. 1, 500, 000 b. 1, 919, 000 c. 1, 919, 500 d. 2, 000, 000 TEST III. Matching type. Match the problem to its corresponding answer. _____1. Alias, the father of the Groom donated to his son an amount of 100, 000.00 on account of his marriage. How much is the net gift/donation? _____2. Benita died leaving an account receivable from Conchita who became bankrupt leaving an asset of 100, 000 and liabilities of 200, 000, 150, 000. How much is the deductible from an insolvent person? _____3. Donita, donated a total of 8, 000, 000. ¾ had been granted to Philippine Government and the remaining has been donated to Republic of Korea. How much is the Taxable donation? _____4. Total Gross estate 2, 500, 000 Actual Funeral Expense 200, 100 How much is the deductible funeral expense? _____5. Felly died leaving an exclusive house of 2, 000, 000 and a conjugal lot of 5, 000, 000. How much is the deductible Family home? How much is the Value Added Tax Payable? _____6. Sales 1, gross of VAT Sales 2, Net of VAT Sales 3, Inclusive of VAT
1, 120, 000 1, 200, 000 1, 680, 000
_____9. Total Vat Gross Receipts Sales, Inclusive of VAT Sales, Gross of VAT
112, 000 448, 000 560, 000
Purchase Invoice Amount 56, 000 Purchases, Gross of VAT 112, 000 Purchases, Inclusive of VAT 78, 400 _____10. Total Gross Invoice Amount 000
a. b. c. d. e. f. g. h. i. j. k. l.
1, 680,
93, 600 1, 000, 000 125, 000 14, 400 180, 000 2, 000, 000 75, 000 90, 000 -0230, 400 100, 000 6, 000, 000
*******************GODBLESS************************ Congratulations in advance for those who will gradu ate this Scho ol Year 2013-2014.
Prepared by: Purchases 1, gross of VAT 560, 000 Purchases 2, Net of VAT 500, 000 Purchases 3, VAT Exclusive780, 000 _____7. Purchases, gross of VAT
1, 000, 000
_____8. Gross Receipts 100, 000 Gross Receipts, net of VAT 50, 000 Gross Receipts, exclusive of VAT 130, 000 Purchases, before VAT Purchases, net of VAT Purchases, VAT Exclusive
40, 000 50, 000 70, 000
NOEL A. BUENAFE JR, CPA PROFESSOR