False (It apply to resident 9. A (securities becoming worthless is generally 9. AMultiple Choices Problems 1 6. Leases with a maximum term of 12 months or less would be treated in accordance with current operating lease rules. A 2013MCIT=P55K] MCIT; for 2016,theP180K 13. D (P1,140K)/2 P10K are subject to RIT.6. B 10. D [P900K-(P900K X 10%)- 20. 40% were from foreign tourists.7. CE11. God bless you! P 300,000 P350,000 building P 300,000 P 600,000 P04. SC SC3. I am a working student, so pagdating ko sa school di na ako masyado nakikinig sa school sa sobrang pagod. A (P1.5/200 x P200K) P160K][P60K-(5K x 11.2)] 7. C (P2M X 0.5% Limit) credited is whichever is Government in NPA 15. B 18. Download Free PDF. B6. C6. C 27. C (P42M-P41.7M) 10. In March 2018, however, the FASB announced a transition relief giving companies the option to transition without restating prior years. C7. C2. You can download the paper by clicking the button above. True 15. A 18. The change from executory costs to nonlease components, discussed above, applies equally to lessors. C (50% apply since he received a notice from the BIR before filing)8. False (or the fair value whichever is lower) 14. 13 (FAS 13), Accounting Standards Update 2016-02: Leases (Topic 842), "FASB Issues New Guidance on Lease Accounting", "Statement of Federal Financial Accounting Standards 54: Leases", Letter from SEC Chief Accountant, Feb. 7, 2005, "FASB Formally Adds Project to Reconsider Lease Accounting", "FASB: Financial Accounting Standards Board", "IASB shines light on leases by bringing them onto the balance sheet", https://www.sec.gov/news/studies/soxoffbalancerpt.pdf, "Coming to a Balance Sheet Near You: $2 Trillion in Leases", https://en.wikipedia.org/w/index.php?title=Accounting_for_leases_in_the_United_States&oldid=1123073227, United States Generally Accepted Accounting Principles, All articles with bare URLs for citations, Articles with bare URLs for citations from March 2022, Articles with PDF format bare URLs for citations, Short description is different from Wikidata, Creative Commons Attribution-ShareAlike License 3.0, A bargain purchase option is given to the lessee. B [(P500K-P200K)/10+ P P1M NI before greater than the actual 200K CSC] contribution expense for EAR, the actual is used)6. Note prizes not exceeding5. Questia. False 21Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. A9. B treatment. D 27,200 Regular compensation (P1,044K P62K) P 1,009,200 Supplemental compensation (P87+5K+24K addcom + 100x 12 90K) Taxable compensation income 24Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. excluded.) D 11. C5. C (P500,000 sales x 40% = P200,000)CHAPTER 10: COMPENSATION INCOMETRUE OR FALSE 1 8. [4] A rental agreement is a lease in which the asset is tangible property. Salaries of a minimum wage earner20. D (P4M P3M) x 30%. D8. True6. P 25,000 P 50,000 P 50,0003. B 15. An estate of a Filipino citizen judicially administered in the Japan DC16. C (350K/1.2M x 400K) P100K)+P100K] 13. I am praying that you will NEITHER give the students or reviewees copies of the solutionmanual NOR tolerate the photocopying of my book in your classes. Rex B. Banggawan at: Please do not allow student access.Globe #: 0995-464-7728Facebook: Real ExcellenceE-mail: [emailprotected](Consultation is free. 9. True5. Taxpayers subject to final taxation and their final tax rates Please refer the students to Appendix 1 for the comprehensive list of final taxes. True 17. The latest Lifestyle | Daily Life news, tips, opinion and advice from The Sydney Morning Herald covering life and relationships, beauty, fashion, health & wellbeing Note also that his 13th month pay and other benefits do not exceed P90,000.)6. [17] While the FASB specified that operating lease liabilities should be considered "non-debt liabilities," so that they should not affect debt ratios and most loan covenants, the addition of an equal asset and liability will reduce most companies' quick ratio, while the fact that an operating lease creates a current liability but not a current asset reduces the current ratio. We are using your textbooks both Income and Business and Transfer Taxation. True 20 people, it is closed corporation)4. False5. A 16. True2. + P50K 5. C (The NOLCO has no tax benefit.)2. A (Parking lot is an 8.ordinary asset.) Each of our self-study courses comes complete with everything you need in order to receive your CPE credit (text, final exam, and grading service). A5. D3. False** 8. Paper 1: Financial Reporting At thedate of sale, the value of the stocks doubled to P3,000,000 (P1.5M value at purchase x 2).9. Use this option if you would like course materials which can be immediately downloaded. A 14. To distinguish the two, the Financial Accounting Standards Board (FASB) provided criteria for when a lease should be capitalized, and if any one of the criteria for capitalization is met, the lease is treated as a capital lease and recorded on the financial statements. This would yieldP26,880, the question answer. C (P30K+P70K+P10K) 18. For scoring good marks in Indirect Tax law, try to focus more on Good and Services Tax(GST)and give more time in solving practical problems. B (P100K NI x 30%) 60% x 30% tax rate.)8. [P92K- 13. N (A principle but not a limitation)10. False 16. D2. True 14. CE20. OB OB10. D (P16.4M/20 X ) 11. A5. B (This is an old question.) C subject to fringe benefits x 50%/4 = P31,250. D 20. B (P800,000 X 25/75)5. C (P45K/12 X 10) 12. B 20. B 10. Donation of a property in trust designated by the donor as irrevocable DC12. C 17. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---Note to professors:1. 15% of salaries to senior citizen None 2. Gain on sale of goods by the home office to its branch *10. P 200,0005. x 12)4. He also earned P40,000 rent from his P 40,000 P 100,000Philippine condominium unit.4. True net capital gain) and is not an expense.9. A (The P10K final tax threshold interest is P90,000 x 20% x 25% = P60,000. . C 30. B6. False6. Individual 2. True with cumulative balances.)4. Ans. P9,000 (P750/mo. False 10. Regular corporations a. D (The VAT is part of supplies expense.)3. B (P25+P12+P9+P10+P5)3. CE6. D7. True3. B2. EB EB20. B 13. True6. C 17. B (P9K and P6.8K are6. Compensation income b. C (P4M-P2M-P75K) 13. D4. 1 1. Each paper writer passes a series of grammar and vocabulary tests before joining our team. C 25. BMultiple Choices Problems: Part 21. Leveraged leasing is discontinued, though leveraged leases entered into before the effective date of ASC 842 can continue to be accounted for under ASC 840 unless they are modified. A TECHNICAL ANSWER! Components of compensation income c. Treatment of fringe benefits (those subject to regular tax vs. those subject to final tax) 5. Hence, P45,900/102% = P45,000.7. True 15. 19. A 9. Amount received by the insured in excess of insurance premiums paid 8. True 9. True 10. C 10. True*As a rule, expense of regular income only.Multiple Choice Theory Part 1 10. B (P182K X 15%) 12. False2. B (P780K regular + P43K supplemental + P0K excess computed as [P65K P90K]Multiple Choice Problems: Part 21. A Japanese who married a Filipina and residing in the Philippines for 2 RA years DC 8. B 11. CProblem 3-6: C (200 20x7) Problem 3-17: C 3. False (still MWE, but 9. Lal Kothi Jaipur : 8905991422, 8905991421, 8905991426, 8905991425, 8905991423, 8905991419, 8905991429, 8905991427, 9773301988, 9773301986, Jamshedpur : 67(4/2), Birenu Trade Centre, Penar Road, Sakchi, Jamshedpur 831001 | 6206261159, 7004859827, Mangalore : Sure Pass #9, II Floor, Manasa Towers, Kodialbail, Mangalore 575003 | +91 9901798000 | [emailprotected], Commerce Past Question Papers from All Boards, CA Final question papers with suggested answers, Advanced Auditing and Professional Ethics, Strategic Cost Management and Performance Evaluation, Direct Tax Laws and International Taxation, Framework for Preparation and Presentation of Financial Statements, Ind AS 1: Presentation of Financial Statements, Ind AS 115: Revenue from Contracts with Customers, Ind AS 8: Accounting Policies, Changes in Accounting Estimates and Errors, Ind AS 10: Events after the Reporting Period, Ind AS 20: Accounting for Government Grants and Disclosure of Government Assistance, Ind AS 101: First-time Adoption of Ind AS, Division II of Schedule III to The Companies Act, 2013, Ind AS 105: Non-Current Assets Held for Sale and Discontinued Operations, Ind AS 37: Provisions, Contingent Liabilities, and Contingent Assets, Ind AS 21: The Effects of changes in Foreign Exchange Rates, Financial Instruments: Scope and Definitions, Financial Instruments: Equity and Financial Liabilities, Classification and Measurement of Financial Assets and Financial Liabilities, Recognition and Derecognition of Financial Instruments, Business Combination and Corporate Restructuring, Introduction to Consolidated Financial Statements, Consolidated Financial Statements: Accounting of Subsidiaries, Investment in Associates & Joint Ventures, Foreign Exchange Exposure and Risk Management, Mergers, Acquisitions and Corporate Restructuring, Auditing Standards, Statements and Guidance Notes An Overview, Special Aspects of Auditing in an Automated Environment, Audit of Consolidated Financial Statements, Internal Audit, Management, and Operational Audit, Appointment and Qualifications of Directors, Appointment and Remuneration of Managerial Personnel, Compromises, Arrangements and Amalgamations, Prevention of Oppression and Mismanagement, Compounding of Offences, Adjudication, Special Courts, National Company Law Tribunal and Appellate Tribunal, Corporate Secretarial Practice Drafting of Notices, Resolutions, Minutes and Reports, The Securities Contract (Regulation) Act, 1956 and the Securities Contract (Regulation) Rules, 1957, The Securities Exchange Board of India Act, 1992, and SEBI (Listing Obligations and Disclosure Requirement) Regulations, 2015, The Foreign Exchange Management Act, 1999, The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, The Prevention of Money Laundering Act, 2002, Foreign Contribution Regulation Act, 2010, The Arbitration and Conciliation Act, 1996, Introduction to Strategic Cost Management, Chapter 2: Source and Evaluation of Risks, Chapter 4: Evaluation of Risk Management Strategies, Chapter 6: Credit Risk Measurement and Management, Chapter 7: Risk associated with Corporate Governance, Impact of various policies of Financial Markets, Banking as Source of Capital Including NBFCs, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Buy Back of Securities) Regulations, 2018, An Overview of the Black Money and the Imposition of Tax Law, Tax Treaties: Overview, Features, Application and Interpretation, Chapter 3: The Real Estate (Regulation & Development) ACT, 2016, Chapter 4: Insolvency and Bankruptcy Code, 2016, Chapter 5: Prevention of Money Laundering Act, 2002, Chapter 6: The Foreign Exchange Management Act, 1999, Chapter 7: Prohibition of Benami Property Transactions Act, 1988, Significant Differences between IFRS and US GAAP, Incomes which do not form part of Total Income, Profits and Gains of Business or Profession, Income of Other Persons included in assessees Total Income, Aggregation of Income, Set-Off and Carry Forward of Losses, Charitable or Religious Trusts and Institutions, Political Parties and Electoral Trusts, Tax Planning, Tax Avoidance & Tax Evasion, Deduction, Collection and Recovery of Tax, Transfer Pricing and Other Provisions to check Avoidance of Tax, Application and Interpretation of Tax Treaties, Fundamentals of Base Erosion and Profit Shifting, Payment of Tax, Interest and Other Amounts, Tax Deduction at Source and Collection of Tax at Source, Classification of Imported and Export Goods, Importation, Exportation and Transportation of Goods, Basic Concepts relating to Export Promotion Schemes under FTP, How to Get a Rank in CA Final Examination, Chapter 2: Ind AS on Presentation of Items in the Financial Statements, Chapter 4: Ind AS on Measurement-based on Accounting Policies, Chapter 5: Other Indian Accounting Standards, Chapter 7: Ind AS on Assets of the Financial Statements, Chapter 9: Ind AS on Liabilities of the Financial Statements, Chapter 10: Ind AS on Items impacting the Financial Statements, Chapter 11: Ind AS on Disclosures in the Financial Statements, Chapter 12: Accounting and Reporting of Financial Instruments, Chapter 14: Consolidated Financial Statements, Chapter 16: Due Diligence, Investigation, and Forensic Audit, Chapter 17: Peer Review and Quality Review, Part-A: Strategic Cost Management and Decision Making, Part-B: Performance Evaluation and Control, Chapter 1: Levy of and Exemptions from Customs Duty. D 38Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. False regulations) concept.) False 9. False (more than one year)3. D (P314K + 12K + 24K); Note 13th month and other benefits is below P90K exclusion11. 10: No answerBasic tax due (P2.5M x 6%) P 150,000Surcharge (P150,000 x 25%) 37,500Interest (P150,000 x 12% x 366/365) 18,049Exact answer P 205,549**No. B (P4M P3M) x 30%. Ques 4 How many Subjects are there in CA Final Course? True14. 100% of the compliance expense 10% of gross income 7. A (125 + max 100 PERA) subject to final tax) 19Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. Proportional tax 12. True (Only resident aliens are subject to 7.5% final tax.)16. False (including domestic) is when no tax benefit is 14. Classified as an asset; amortized using the straight-line method over the life of the lease. C [(P400K GI-P300K Bus. A 9. Tax malpractices and corruption can belimited by adequate public tax education.Most schools fail on their duty in transforming their graduates as agents of change in society becauseteaching tends to be too basic or too theoretical to be applied. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---Double declining balanceDeclining rate* 0.5 Annual Semi-annual Actual dep'n Tax Basis 1,500,000.002010 4 1,000,000.00 500,000.00 500,000.00 750,000.00 500,000.00 375,000.002011 3 500,000.00 250,000.00 750,000.00 225,000.00 250,000.00 200,000.002012 2 250,000.00 125,000.00 375,000.00 200,000 125,000.002013 1 175,000.00 25,000.00 150,000.00 25,000.002014 - - 25,000 2015 - --*1/4 x 200% = 50%Exercise Drill No. A4. Non-resident foreign corporation 8. Aminado pu ako wala akong natutunan sa undergrad sa tax kaya binasa ko po ng mabuti yung book nyo during review. C7. True 15. A (P40K + P4K), Note that basic local tax and interestCommission income + P30K)] are deductible.) C [(P1.5M-P1.2M) X 50%]10. B2. D1. This is the Seventh subject of CA Final. Resident alien 3. Refundable security deposits: Treated as a receivable by the lessee; Treated as a liability by the lessor until the deposit is refunded to the lessee. C 15. 39Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. C (Income from related operations only)2. A1. Welcome to books on Oxford Academic. I8. B4. A7. Between whether the taxpayer is an individual or a corporation, an individual taxpayer is presumed (This is because there are more individuals than corporations.)b. D 10. C 26. False (Philippine income) 11. B [(P120K CI-P150K PE)+1. C (P200K PH TI x 10%)3. D2. Production cost abroad were P200,000. True benefit)Multiple Choice Theory 1 6. C 7. A5. False (Active or passive income are subject to final tax)9. D11. If the Constitutional exemption does not apply, the income from unrelated activities would be taxed.2. True8. New Model for CPA Licensure; Expected to Launch in 2024 . True 16. DE17. True (Most types of passive income are subject to final tax with the exception of rent.)6. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059--- 2019 INCOME TAXATION SOLUTION MANUAL ---Multiple Choice Problems 2 7. Order 80 credit hours of courses for a 15% discount on your entire order*. A (P4M x 60% - P3M x 50%) x 30% tax. False1. A 11. B9. In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. C (P800K+P100K+P400K+P200K) their venturers.) Hence, P4.5M x 5% x50%/4 x 35%/65%.CHAPTER 12: DEALINGS IN PROPERTIESTRUE OR FALSE 1 9. This is a premium rent payment that the lessor requires and is treated as a period expense. False 7. Branch profit remittance tax 5Downloaded by Eijnom Sebial (eijno[emailprotected])lOMoARcPSD|5625059INCOME TAX SOLUTION MANUAL TEACHERS SOLUTION MANUALCHAPTER 1: INTRODUCTION TO TAXATIONExercise Drill1. Capital Cost Allowance (CCA) is the means by which Canadian businesses may claim depreciation expense for calculating taxable income under the Income Tax Act (Canada). 18. True subject to FIT) 11. D 14. A [(P1.2M x4/12)/8] (P300K/P1.35M)];[(P540 19. That excellence will multiply. True (As a rule)1. B 16. D 13. Stickney and Weil 2007 p. 791 (Glossary of Financial Accounting: An Intro. Exclusions discusses income not subject to any income tax schemes 3. C 7. C2. True5. False (25%) amount of expense)2. A (nearest answer)Basic tax due (140K x 15%) P 21,000Surcharge (21K x 25%) 5,250Interest (21K x 90/365 x 12%) 621The exact answer P 26,871Deadline is March 22 since February 2019 is a 28-day period. False5. C 15. False *3. D [P10K X(P13-P10)] 17. True (Deductible as they are used up or are expired in the business of the taxpayer.)3. B 7. These are permanently affixed to the property, and revert to the lessor at the termination of the lease. False MCIT)5. P 0 P6,0005. A5. Contact me whenever you need assistance. True 12. D 15. D1. Truly simplified, principle-based approach. Jhoven Mabaquiao from Divine World College of Legaspi7. Exemption rule and alternative taxation rule 2. B2. Duties of a Patriot Download Grade 9 Civics & Ethical Education Textbook [PDF] At the end of each unit of Civics & Ethical Education textbook, there is a summary of what you have read. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---10. Net operating loss carry-over b. +P70K-P60K P125K]7. 3Basic salary P 250,000 24,000Less: Employee share in SSS, PHIC, HDMF and union dues P 226,000Regular compensation income 16,000Supplemental compensation OT 013th month pay and other benefits (P21,000 P82,000)Gross taxable compensation income P 242,000Note: The SSS benefits and retirement pay are exemptExercise Drill No. 9. [Total amount out of pocket] - [Financed amount] = [Total finance charge] C virtue of international8. C {P128K regular + P8K supplemental + {(P120K x140/150 + P12K) P90K}] Note that the retirement benefit is exempt.7. D 24. For both capital and operating leases, a separate footnote to the financial statements discloses the future minimum rental commitments, by year for the next five years, then all remaining years as a group. A 26Unauthorized distribution of book manual (current or prior editions) is an infringement of copyright punishable by law. B (P10M+50K+80K) x 30% 8. A 15. Exceptional taxation scheme 1. C 8. As part of their joint commitment to the development of high quality, compatible accounting standards that could be used for both domestic and cross-border financial reporting,[8] the International Accounting Standards Board (IASB) and the FASB agreed in 2006 to priorities and milestones for convergence of lease accounting rules. Taxation Reviewer3. CHANGES IN THE 2019 EDITIONThis edition packages all changes introduced by the TRAIN law. Prop 30 is supported by a coalition including CalFire Firefighters, the American Lung Association, environmental organizations, electrical workers and businesses that want to improve Californias air quality by fighting and preventing wildfires and reducing air pollution from vehicles. [2] For state and local governments and agencies, accounting is regulated by the Governmental Accounting Standards Board, whose GASB 87 leases standard took effect with the start of fiscal years after June 15, 2021.[3]. B 11. D (D is fringe benefit 9. ZERO. With our money back guarantee, our customers have the right to request and get a refund at any stage of their order in case something goes wrong. A (Yatch is considered real property in fringe benefit taxation)8. False (only domestic stocks)6. A3. Use this option if youre ordering a complete course that youd like shipped to you. C (P1M X 60% X 10%)Multiple Choices Problems 3 11. 3. D 15. x 10%Integrative Illustration (You can handle this. Specific tax 13. TrueMULTIPLE CHOICE Theory: Part 11. 4 (You can skip this for classroom drills. A 5%]Multiple Choices Problems 2 4. C [P900K GP x 14. Taxable compensation income: P 519,000 17,000 Regular compensation (P540,000 P21,000) Supplemental compensation P 536,000 Taxable compensation income P 676,000 Alternatively: 140,000 Gross compensation (540+45+45+26+12+8) Less: Non-taxable compensation P 536,000 Taxable compensation income8. P1M x 12% x 94/365) = P30,904. False (MCIT gross income 10. The accounting profession recognizes leases as either an operating lease or a capital lease (finance lease). D 16. A 12. A (Everything will be exempt by virtue of Constitutional exemption.)3. Order 60 credit hours of courses for a 12% discount on your entire order*. B 17. False (Subject to RIT, as a 19. D (P800K-P124K+P150K) 8. Note that the P500/month rate given does not match with the P8,000 annual total indicating that additional allowances were given. The distinction between ordinary assets and capital assets b. False (exempt) 12. B (i.e. D4. C1. D (P617,500/95%) x 8% fees - P230K deductible 7. )Note:Subject to his availability, the author can beinvited to provide tax seminar or lecture in yourschool for a reasonable fee. 50% of the contribution 6. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and markets, their D 9. B 10. False (They are subject to7. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---Multiple Choice Problem: Part 2 6. Following the second Exposure Draft, the IASB decided to require all leases to be treated as finance leases. D(20Kx4)] Problem 3-16: D 2. Only the income from unrelated activities is taxable.Problem 9:1. A 14. True7. True (Active income is subject to regular tax. I hope and pray that you respect the dignity of my work in the same way you valueyours. P1,008,000 (P2,520,000 x 2%)Exercise Drill No. C 15. 24. 2. B + (P360K 2016GP 16. B3. A2. False (some are not 9. A1. Downloaded by Eijnom Sebial ([emailprotected])lOMoARcPSD|5625059 --- 2019 INCOME TAXATION SOLUTION MANUAL ---Multiple Choices Problems: Part 41. 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