Quiz 1* Name: Section:
Score:
MULTIPLE CHOICE-PROBLEMS
In 2012, Mr. Pacino was employed as account ocer in a non!li"e insurance company. #e recei$ed P%000 &asic mont'ly salary. In addition, 'e (ets ) o" (ross premium as commission on policies issued under 'is account. In 2012, (ross premium under 'is account totaled P+.2 million. #e is liewise entitled to representation allowance o" P1,000 a mont'. 1. #ow muc' is to &e included as (ross income in 2012a. /,000 &. 0/,000 c. 1%,000 d. eempt
Mr. uscemi, t'e 3reasurer o" 4pollo 5orp., recei$es P2),000 &asic salary a mont'. 6or &ein( one o" t'e 7$e mem&ers o" t'e &oard o" t'e same corporation, 'e, in addition, recei$es recei$es P1),000 a mont'. In 8ecem&er 2012, 'e recei$ed 'is 1 t' mont' pay o" P+0,000 and producti$ity producti$ity incenti$e incenti$e o" P1)0,000. 2. Mr. uscemi9s (ross income is a. +%0,000 &. )20,000 c./0,000
d. /+0,000
;ulia <., <., an employee, 'as 'as t'e "ollowin( "ollowin( details relati$e relati$e to 'er employment employment in 2012: S'e consulted t'e company p'ysician due to 'eadac'e. #ad s'e consulted anot'er p'ysician, s'e would 'a$e &een c'ar(e P00 as consultation "ee. S'e recei$ed cas' "rom customer "or ecient ser$ice, P),000. S'e "ailed to account "or it to 'er employer. S'e claimed "or t'e monetized $alue o" 'er unused lea$e credits "or % days. #er daily &asic salary is P00. •
•
•
. #ow muc' is to &e considered as compensation compensation incomea. ),000 &. ,+00 c. ,00
d. ),/00
d. 2,000
Mr. 4rnold S. was in>ured in a $e'icular accident in 2011. #e incurred and paid medical epenses o" P+0,000 and le(al "ees o" P20,000 durin( year. In 2012, 'e recei$ed P1+0,000 as settlement "rom t'e insurance company w'ic' insured t'e car owned &y t'e ot'er party in$ol$ed in t'e accident. ). 6rom t'e a&o$e payments and transactions, t'e amount o" taa&le income to Mr. S in 2012 is a. zero . %0,000 c. 1+0,000 d. 100,000
Quiz 1** Name: Section:
Score:
MULTIPLE CHOICE-PROBLEMS
?eteran Poultry employs t'e cas' &asis o" accountin( "or its poultry &usiness. 6or t'e taa&le year 2012, it 'as t'e "ollowin( data: 5as' sales on li$estoc raised P)00,000 Sales o" li$estoc purc'ased 2)0,000 5ost o" sales 00,000 @t'er income 100,000 1. 3'e (ross income in 2012 is a. ))0,000 &. +)0,000
c. )0,000
d. %)0,000
5ameron 8., a sole proprietor, 'as t'e "ollowin( data in 2012, its 7rst year o" merc'andisin(: =ross sales P00,000 5ost o" (oods sold 1)0,000 @t'er income )0,000 Sellin( epenses 20,000 8epreciation epense +,000 2. #ow muc' is 5ameron9s (ross incomea. 00,000 &. 1)0,000 c. 200,000
d. 22+,000
In addition to t'e compensation &ein( recei$ed &y Ms. Aynn <. as employee, s'e leases out 'er !door apartment "or P10,000 a mont' eac' unit. #er compensation income "or 2012 consists o" P1,000 &asic salary a mont', 1 t' mont' pay &ased on &asic salary plus P2),000 &onus. 4s royalties,
