32 Questions
Which financial statement displays the assets of a company and their sources of financing?
Statement of Financial Position
What is the purpose of a National Tax in the Philippines?
To provide social services to citizens
What is the main function of a deposit in a bank account?
To keep money safe until needed
What type of check is deposited directly into the account of the payee?
Cross Check
What does the Statement of Comprehensive Income report on?
Changes in net equity over a given period
What is the purpose of the Statement of Changes in Equity?
To measure changes in owners' equity over a specific accounting period
Which method involves separately determining the balance per bank and per book?
Adjusted Method
What tax is imposed on documents?
Documentary stamp tax (DST)
Which tax is imposed on the production, sale, or consumption of goods?
Excise tax
What does emoluments refer to?
Salary, fee, or profit from employment or office
What is the Motor Vehicle User's Charge (MVUC) related to?
Vehicle registration
Which classification of corporation exists other than in the Philippines?
Foreign
Who does the National Internal Revenue Code (NIRC) tax at the same rate as wage earners?
Professionals and self-employed individuals
How is the Tax Due calculated for a Mixed Income Earner under the Train Law?
$Multiply by Rate: 8%
'Compensation Income Earner' individuals derive income from which source?
Employer-employee relationship only
'Mixed Earner' individuals earn income from which sources?
$Both employment and business
What is another name for the 'Statement of Financial Position'?
Balance Sheet
What is the primary function of a 'Stale check'?
More than 6 months old
Which type of tax is imposed on the production, sale, or consumption of goods?
Excise Tax
What does a 'Cross Check' refer to in banking terms?
Deposited directly into the account of the payee
What is the purpose of the 'Statement of Changes in Equity'?
To report changes in net equity
What are 'Reconciling items' in the context of banking?
Items appearing on a company's record but not in a bank's record
What is the purpose of the National Internal Revenue Code (NIRC) in the Philippines?
To impose taxes on professionals and self-employed individuals
What type of tax is the Motor Vehicle User's Charge (MVUC) related to?
Excise tax
Who does the National Internal Revenue Code (NIRC) tax at the same rate as wage earners?
Self-employed individuals and professionals
Which financial statement displays the assets of a company and their sources of financing?
Balance sheet
What tax is imposed on the production, sale, or consumption of goods?
Excise tax
What does emoluments refer to?
Profits from employment or office
What is the main function of a deposit in a bank account?
To earn interest income for the depositor
What does the Statement of Comprehensive Income report on?
Net income and comprehensive income over a period
What is the purpose of a National Tax in the Philippines?
To support national defense and public safety
What does 'Mixed Earner' individuals earn income from which sources?
Both from employment and business other than employment
Test your knowledge of the national taxes collected by the BIR in the Philippines and key financial statements like the balance sheet, comprehensive income, and changes in equity. This quiz covers important concepts related to taxation and financial reporting.
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