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University of Perpetual Help System laguna – Isabela Campus Minante 1, Cauayan City, Isabela College of Business and Aountany
Business !a"ation # Semester, A$%$ #&1' ( #&1) nd
*ame *ame++
-ate -ate++
Course %e %ear . Setion+
Sore+
Midterm /ui0 1 (Erasure/Alteration means wrong) I.
MULTIPLE CHOICE. Choose the best answer. Encircle the letter of your choice. Show you solutions for questions 11 to 20.
1. When to to file file VA VAT return? return? (1 oint! oint! A. #. C. &.
"onth nthly $early %uar %uarte terrly Wee'l ee'ly y
2. Which of the the followin followin are are )ero*rat )ero*rate+ e+ transact transactions? ions? (1 (1 oint! oint! A. #. C. &.
Sale of ser,ic ser,ices es to Asian &e,elo&e,elo-ent ent #an' #an' Sale of ser,ice ser,icess to /nternati /nternational onal ice esear esearch ch /nstitut /nstitutee Sale of of ol+ ol+ to #an'o Sentral Sentral n ili-inas ili-inas Sale Sale of ser, ser,ic ices es to +uly +uly rei reist ster ere+ e+ an+ accr accre+ e+it ite+ e+ enter enter-r -ris ises es with with hili hili---in inee Econoic one Authority. Authority.
. What What in-ut in-ut ta3e ta3ess ay be be cre+it cre+ite+? e+? (1 (1 oint! oint! A. #. C. &.
/n-ut ta3es ta3es fro non*VA non*VAT su--liers su--liers /n-ut ta3es fro -urchase -urchase of +irect +irect labor labor /n-ut ta3es ta3es fro fro i-ort i-ortation ation of oo+s oo+s for sale /n-ut ta3es ta3es fro i-orta i-ortation tion of -ersonal -ersonal an+ househol+ househol+ effects effects..
4. &iety is non*stoc'5 non*stoc'5 non*-rofit non*-rofit orani)ati orani)ation on a+e an i-ortatio i-ortation n of aricult aricultural ural foo+ foo+ -ro+uct -ro+uct in its oriinal state fro a Chinese farer aountin to 252405000. /f you are the Custos Collector5 Collector5 how will you treat such i-ortation? A. Sub6ect to to 127 VA VAT. #. Sub6ect to to )ero*rate+ )ero*rate+ VA VAT.
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C. E3e-te+ fro VAT. &. Sub6ect to 7 other -ercentae ta3. 8. "r. San &ieo a--roache+ you an+ as'e+ for your -rofessional hel- with rear+ to a sale of his ancestral house an+ lot in the aount of 850005000. $our a+,ise woul+ be9 Such transaction will be sub6ect to A. #. C. &.
127 VAT ero*rate+ VAT E3e-t fro VAT 7 other -ercentae ta3
:. Call Center o-erate+ by a +oestic enter-rises in "a'ati that e3clusi,ely the reser,ations of a hotel chain which are all locate+ in ;orth Aerica. The ser,ices are paid or in U! " an+ +uly accounte+ for with the rulins of #an'o Sentral n ili-inas. /s sub6ect to9 A. #. C. &.
127 VAT 07 VAT E3e-t fro VAT ;one of the abo,e
<. Three of the followin are e3e-t fro the ,alue*a++e+ ta3. Which is the e3ce-tion? A. #. C. &.
/-ortation of boo's an+ any news-a-ers5 aa)ines5 re,iew or bulletin. /-ortation of aricultural an+ arine foo+ -ro+ucts in their oriinal state. /-ortation of -etroleu -ro+ucts an+ their raw aterials. /-ortation or sale of fish5 -rawn5 li,estoc' an+ -oultry fee+s.
=. Which of the followin lessors of resi+ential units is>are sub6ect to VAT? A # C & ;o. of a-artent units 20 18 10 10 "onthly rent>unit 5000 105000 125000 145000 A. #. C. &.
# an+ & C an+ & #5 C an+ & & only
. Which of the followin i-ortation is sub6ect to VAT? A. /-ortation of fro)en eat #. /-ortation of a--les for -ersonal consu-tion
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C. /-ortation of baboo -oles &. /-ortation of ra-es for sales 10. Which stateent is wron? Value*a++e+ ta3 on i-ortation of oo+s9 A. #. C. &.
/s i-ose+ on an i-ortation for sale or for use in business. /s i-ose+ on an i-ortation for -ersonal use. Shoul+ be -ai+ -rior to reo,al fro custos custo+y. /s not a,ailable as in-ut ta3 e,en if relate+ to business.
(in-ut ta3 on i-ortation is a,ailbale only for business relate+ i-ortation! 11. The followin e,ents ha--en in a VAT enter-rise9 @une * -erfoance of ser,ices @uly * recei,e+ an in,oice aount of 1125000 Auust * -ai+ the ser,ices. When an+ how uch in-ut VAT will be claie+? A. #. C. &.
@uly5 125000 Auust5 125000 @uly5 15440 Auust5 15440
12. The followin accountin recor+s re,eal9 Accounts ecei,able5 #einnin Accounts ecei,able5 En+in /n,entory5 #einnin /n,entory5 En+in urchases Sales urchase &iscount Sales eturn Collections Cost of Sales
1005000 1105000 805000 :85000 05000 2805000 85000 105000 2005000 <05000
ow uch is the ,atable sales?B A. 2805000 #. 205000 C. 2405000
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&. 2005000 1. ow uch is the outout VAT? A. #. C. &.
2<5:00 05000 2=5=00 245000
14. ow uch is the in-ut VAT? A. #. C. &.
105200 =5400 105=00 ;one
18. A VAT reistere+ -erson is enae+ in the sale of VAT ta3able oo+s an+ at the sae tie is also enae+ in non*VAT business5 in the sae business establishent. &urin the year5 total sales in,oice of the VAT business aounte+ to :5000. The sales of the non*VAT business aounte+ to 2005000 with a se-arate+ -ercentae ta3 of :5000 for a total of 20:5000. &urin the sae quarter5 re-airs on the buil+in aounte+ to 805000 -lus ,alue a++e+ ta3 of :5000. Su--lies -urchase+ for coon use aounte+ to 105000 -lus 15200 VAT. The cre+itable in-ut ta3 is A. #. C. &.
:5000 <5200 15000 4520
1:. sin the abo,e +ata5 the VAT -ayable is A. #. C. &.
245000 285000 15:=0 2:5400
1<. A5 is a VAT D reistere+ +ealer of a--liances. The followin +ata are for the last quarter of 200: Sales5 net of out-ut ta3 urchases5 net of in-ut ta3 Sales return
:5=005000 858005000 2005000
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urchase return 005000 &eferre+ in-ut ta3 (carrie+ o,er fro the thir+ quarter of 200:
5800
The VAT -ayable for the last quarter of 200: by A is A. #. C. &.
1205800 <05800 =05000 18=5800
1=. A ta3-ayer reistere+ un+er the VAT syste on @anuary 15 200<. is recor+s +urin the onth show Value of in,entory as of &eceber 15 200:5 -urchase+ fro VAT reistere+ -ersons * VAT -ai+ on in,entory as of &eceber 15 200: Value of in,entory as of &eceber 15 200:5 VAT e3e-t oo+s Sales5 net of VAT Sales5 ross of VAT urchases5 net of VAT
805000 :5000 :05000 1405000 485000 <05000
VAT -ayable is A. #. C. &.
115100 <5221 5100 1=5100
1. A i-orte+ an article fro SA. The in,oice ,alue of the i-orte+ article was <5000 (1980!. The followin were incurre+ in relation with the i-ortation /nsurance Freiht ostae Wharfae Arrastre chares #ro'erae fee Facilitation fee
185000 105000 85000 <5000 =5000 285000 5000
The i-orte+ article is sub6ect to 805000 custos +uty an+ 05000 e3cise ta3. A s-ent 85000 for truc'in fro the custos warehouse in %ue)on City. The VAT on i-ortation is9 A. #. C. &.
805000 85000 805800 :05000
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20. The followin +ata are ta'en fro the boo's of accounts of a VAT*reistere+ ta3-ayer9 Thir+ quarter9 Sales 150005000 urchases =005000 E3cess in-ut VAT as of en+ of secon+ quarter 285000 Fourth quarter9 Sales urchases
158005000 151005000
ow uch is the VAT -ayable for the thir+ an+ fourth quarters?
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