5/22/2021 ACCO20133 QUIZ 3 BSA

ACCO20133 QUIZ 3 BSA Total points 22/22

Email *

aischellemhae014@gmail.com

Constituted when a group of individuals, acting jointly, establish and operate 1/1
business enterprise under an artificial name, with an invested capital divided
into transferable shares, an elected board of directors, and other corporate
characteristics but operating without formal government authority. *

Joint stock companies

Joint account companies

Associations

None of the above

Statement 1: Partnership, no matter how created or organized , are taxable as 1/1

corporations for income tax purposes. Statement 2: Associations and mutual
fund companies, for income tax purposes, are excluded from the definition of
corporations *

Only statement 1 is correct

Only statement 2 is correct

Both statements are correct

Both statements are incorrect

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5/22/2021 ACCO20133 QUIZ 3 BSA

One of the following is exempt from income tax * 1/1

Proprietary educational institutions

Private cemeteries

Government educational institutions

Mutual Savings Bank

Which of the following statements is correct? I. The term "domestic" when 1/1
applied to a corporation, means created or organized in the Philippines or
under the laws of a foreign country as long as it maintains a Philippine Branch
II. A corporation which is not domestic may be a resident. III. Resident foreign
corporations are subject to income tax based on net income from sources
within the Philippines. *

I only

II only

II and III only

I, II and III

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5/22/2021 ACCO20133 QUIZ 3 BSA

The term applies to a foreign corporation not engaged in trade or business in 1/1
the Philippines *

Resident foreign corporation

Nonresident foreign corporation

Multinational corporation

Petroleum contractor

Which of the following does not have the benefit of claiming deductions in 1/1
computing income tax? *

Domestic Corporations

Resident foreign Corporations

Non-resident foreign corporation

All of the above

The minimum corporate income tax is imposed on * 1/1

Proprietary educational institutions

General professional partnerships

Business partnership

All of the above

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5/22/2021 ACCO20133 QUIZ 3 BSA

In 2022, The MCIT shall apply to which of the following resident foreign 1/1
corporations? I. International carrier II. Offshore banking units III. ROHQ

I only

III only

I, II and III

none of the above

A domestic corporation is generally liable for Minimum Corporate Income Tax. 1/1
However, the Secretary of Finance may suspend the imposition of MCIT on
any corporation which suffers losses on account of any of the following.
except: *

Prolonged Labor Dispute

Mismanagement

Force Majeure

Legitimate Business Reverses

Force Majeure includes: * 1/1

A cause due to irresistible force as by "Act of God"

Lighting, earthquake, storm, flood and the like

Armed conflicts like war or insurgency

All of the above

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5/22/2021 ACCO20133 QUIZ 3 BSA

Juco Corp. is a domestic corporation and has been operating since 2002. It 2/2
has the following information from 2020-2022. How much is Juco Corp's
Income tax due in 2020? *

P 1,800,000

P 1,500,000

P 1,650,000

P 1,200,000

Answer not given

In relation to the above question, How much is Juco Corp's Income tax due in 2/2
2021? *

P 60,000

P 110,000

P 220,000

P 75,000

Answer not given

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5/22/2021 ACCO20133 QUIZ 3 BSA

In relation to the above question, How much is Juco Corp's Income tax due in 2/2
2022? *

P 1,250,000

P 1,200,000

P 950,000

P 2,250,000

Answer not given

In relation to the above question, How much is Juco Corp's Income tax due in 2/2
2022 if it is a non-resident foreign corporation? *

P 1,250,000

P 1,200,000

P 950,000

P 2,250,000

Answer not given

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5/22/2021 ACCO20133 QUIZ 3 BSA

Juca Medical Center is a Non-Profit Proprietary Hospital operating since 1972 2/2
in Quiapo, Manila. It has the following data in 2021: Gross Income from Patient
Service - P 10,000,000, Gross Income from Laboratory Service - P
5,000,000, Gross Income from Canteen - P 8,000,000, Gross Income from
Invesments - P 8,000,000, Business Expenses - 9,500,000, . How much is the
Income Tax Due in 2021? *

P 5,375,000

P 215,000

P 2,150,000

P 4,300,000

Answer not given

PUP a Government Educational institution recorded the following for 2020 2/2
activity: Earnings from Tuition Fees - P 10,000,000 and School Expenses: P
2,400,000. How much is the income tax due? *

P 1,000,000

P 2,280,000

P 3,000,000

None of the above

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