Philippine National Taxes and Financial Statements Quiz
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Questions and Answers

Which financial statement displays the assets of a company and their sources of financing?

  • Statement of Financial Position (correct)
  • Statement of Cash Flows
  • Statement of Changes in Equity
  • Income Statement

    • What is the purpose of a National Tax in the Philippines?

  • To support the military defense budget
  • To fund infrastructure development
  • To provide social services to citizens (correct)
  • To regulate international trade

    • What is the main function of a deposit in a bank account?

  • To facilitate electronic payments
  • To secure a loan from the bank
  • To earn interest for the account holder
  • To keep money safe until needed (correct)

    • What type of check is deposited directly into the account of the payee?

    <p>Cross Check</p> Signup and view all the answers

    What does the Statement of Comprehensive Income report on?

    <p>Changes in net equity over a given period</p> Signup and view all the answers

    What is the purpose of the Statement of Changes in Equity?

    <p>To measure changes in owners' equity over a specific accounting period</p> Signup and view all the answers

    Which method involves separately determining the balance per bank and per book?

    <p>Adjusted Method</p> Signup and view all the answers

    What tax is imposed on documents?

    <p>Documentary stamp tax (DST)</p> Signup and view all the answers

    Which tax is imposed on the production, sale, or consumption of goods?

    <p>Excise tax</p> Signup and view all the answers

    What does emoluments refer to?

    <p>Salary, fee, or profit from employment or office</p> Signup and view all the answers

    What is the Motor Vehicle User's Charge (MVUC) related to?

    <p>Vehicle registration</p> Signup and view all the answers

    Which classification of corporation exists other than in the Philippines?

    <p>Foreign</p> Signup and view all the answers

    Who does the National Internal Revenue Code (NIRC) tax at the same rate as wage earners?

    <p>Professionals and self-employed individuals</p> Signup and view all the answers

    How is the Tax Due calculated for a Mixed Income Earner under the Train Law?

    <p>$Multiply by Rate: 8%</p> Signup and view all the answers

    'Compensation Income Earner' individuals derive income from which source?

    <p>Employer-employee relationship only</p> Signup and view all the answers

    'Mixed Earner' individuals earn income from which sources?

    <p>$Both employment and business</p> Signup and view all the answers

    What is another name for the 'Statement of Financial Position'?

    <p>Balance Sheet</p> Signup and view all the answers

    What is the primary function of a 'Stale check'?

    <p>More than 6 months old</p> Signup and view all the answers

    Which type of tax is imposed on the production, sale, or consumption of goods?

    <p>Excise Tax</p> Signup and view all the answers

    What does a 'Cross Check' refer to in banking terms?

    <p>Deposited directly into the account of the payee</p> Signup and view all the answers

    What is the purpose of the 'Statement of Changes in Equity'?

    <p>To report changes in net equity</p> Signup and view all the answers

    What are 'Reconciling items' in the context of banking?

    <p>Items appearing on a company's record but not in a bank's record</p> Signup and view all the answers

    What is the purpose of the National Internal Revenue Code (NIRC) in the Philippines?

    <p>To impose taxes on professionals and self-employed individuals</p> Signup and view all the answers

    What type of tax is the Motor Vehicle User's Charge (MVUC) related to?

    <p>Excise tax</p> Signup and view all the answers

    Who does the National Internal Revenue Code (NIRC) tax at the same rate as wage earners?

    <p>Self-employed individuals and professionals</p> Signup and view all the answers

    Which financial statement displays the assets of a company and their sources of financing?

    <p>Balance sheet</p> Signup and view all the answers

    What tax is imposed on the production, sale, or consumption of goods?

    <p>Excise tax</p> Signup and view all the answers

    What does emoluments refer to?

    <p>Profits from employment or office</p> Signup and view all the answers

    What is the main function of a deposit in a bank account?

    <p>To earn interest income for the depositor</p> Signup and view all the answers

    What does the Statement of Comprehensive Income report on?

    <p>Net income and comprehensive income over a period</p> Signup and view all the answers

    What is the purpose of a National Tax in the Philippines?

    <p>To support national defense and public safety</p> Signup and view all the answers

    What does 'Mixed Earner' individuals earn income from which sources?

    <p>Both from employment and business other than employment</p> Signup and view all the answers

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