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QUIZBOWL / 3.21.14
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Which of the following is NOT a characteristic of

1
VAT?

a. Tax on value added of taxpayer

b. Broad-based tax on consumption of goods,
properties and services in the Phil
c. Final tax
d. Collected thru the tax credit method
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What is the aggregate amount of actual or

2 expected gross sales and/or receipts for a person
to be subject to VAT?

?
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3
Tax base for sale of goods or property is
“Gross Selling Price” (GSP) -

a. Including VAT and Excise Tax, if any

b. Including VAT but not Excise Tax, if any
c. Excluding VAT and Excise Tax, if any
d. Excluding VAT but including Excise Tax, if any
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4
The current VAT rate/s in the Philippines
is/are ?

a. 0%
b. 3%
c. 12%
d. 0% and 12%
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5 Which is not true?

a. In a VAT exempt sale, no output tax shall be

billed.
b. In a VAT exempt sale, purchases from VAT-
registered persons are allowed input tax.
c. VAT exempt transactions are not subject to
VAT.
d. VAT exempt transactions are not allowed input
tax.
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6
Foreign currency denominated sale
shall be subject to __ VAT rate.

?
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VAT on the sale or lease of goods,

7 properties or supply of services by a
taxable person

a. Output tax
b. Input tax
c. Taxable base
d. Taxable purchase
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A non-VAT person reported the following

1
during the year:
Domestic sales 2,000,000
Export sales 1,000,000
Importation of goods 500,000

Its total VAT taxable transactions would be?

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A VAT-registered person reported the

2
following during the year:
Export sales 1,000,000
Domestic sales 1,000,000
Importation 500,000

Its zero-rated transaction is?

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3
M is a VAT-registered business with a
total sales of P2.24M inclusive of VAT.
How much is the direct tax to be paid
by M to the BIR in relation to VAT?
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4 Y is a non-VAT business with a total

sales of P2,000,000 of which 70% has
been collected. Its total purchases
inclusive of VAT is P1,120,000. How
much is the VAT payable of Y?
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During the quarter, a VAT-registered business

5 reported the following:
Gross sales:
Cash sales 500,000
Credit sales 800,000
Sales returns 100,000
Sales discounts 50,000
Consigned goods (unsold after 90 days)100,000

VAT payable
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Compute VAT and VATable amount

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M. Cruz, a trader, made the following sales of goods during the

month of July 2014, exclusive of VAT:
3
Cash sales P 200,000
Open account sales
100,000
Installment sales
100,000
Note: Receipt from installment sales is 40,000
Consignment sales
Apr. 15, 2014 100,000
Feb. 15, 2014 100,000

Output tax is:

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On January 5, 2014, Laylu Co., VAT-registered,

4 sold on account goods for P112,000 to Vinmar
Corp. The term was: 2/10, n/30. Payment made on
January 10, 2014.

The total amount due is:

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Goldilocks sells cakes and pastry items to well-known

5 hotels around Cebu City area. The hotels are
allowed credit based on the track record of the
hotels. The total amounts received or receivable
from sales by Goldilocks in April 2014 were
P224,000, excluding the value-added tax. 75% of
the sales are normally on account.

How much is the output tax for the month of April

2014?
Thank you !