Answer Key - Chapter 4-9 (for student)

Answer Key - Chapter 4-9 (for student) - CHAPTER 4 INCOME...

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CHAPTER 4: INCOME TAX SCHEMES, ACCOUNTING PERIODS AND ACCOUNTING METHODS Multiple Choices – Theory 4-1: General Concepts 1. B 2. D 3. C 4. C 5. D 6. B 7. B 8. A 9. C 10.A 11.A 12.D 13.D 14.C 15.C 16.C 17.D 18.B 19.D 20.B 21. 22. Multiple Choices – Problem 4-1: Accounting period 1. D 2. C 3. D 4. C 5. A 6. B 7. B 8. C 9. B 10.B 11. 12. Multiple Choices – Problems 4-2: Tax schemes and accounting methods 13.Please pattern your solution to the book illustration. If you encounter any problem, feel free to contact me. Thank you! 14. 1. A (P2M – P1.1M COGS + P60K + P30K). * 2. B (P2M – P1.1M COGS + P60K + P40K) 3. D 4. C 5. B 6. A 7. C 8. D 9. C 10.A 11.D 12.C (80% x P1M – P600K) 13.A 14.A 15.D 16.B 17.A 18. 19. *Note that the deductible amount for inventory (a form of prepayment) shall be the expired (sold) portion for both cash basis and accrual basis. Advanced income is taxable upon receipt for both methods. For cash basis collected income excluding accrued income is included. For both accrual and cash basis, unrealized income is not subject to tax. 20. 21. 22. 23. CHAPTER 5: FINAL INCOME TAXATION 24. 25. Multiple Choices – Theory 1. C 2. D 3. D 4. B 5. C 6. A 7. A 8. A 9. B 10.C 11.C 12.C 13.C 14.C 15.B 16.B 17.D 18.C 19.C 20.D 21.D 22.C 23.A 24.B 25.D 26.D 27.A 28.C 29.B 30.D 31.C 32.A 33.C 34. 35. Multiple Choices – Problems 1. D 2. C 3. D 4. C 5. D 6. A 7. C 8. B 9. B 10.C 11.A 12.A 13.A 14.B 15.D 16.C 17.A 18.B 19.C 20.B 21.A 22.D 23.A 24.B
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25.A 26.A 27.C 28.C 29.D 30.A 31.B 32.D 33.D 34.D 35.D 36.D 37.D 38.A 39.
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