question archive 1) LBJ made the following sales during the 12-month period: *Sales, VAT taxable transactions 2,325,000 Sales, VAT zero-rated transactions 620,000 Sales, VAT exempt transactions 155,000 Total 3,100,000   Which of the followings is correct?   A) LBJ may not register under the VAT system because his sales from VAT taxable transactions did not exceed P3,000,000 B) LBJ may not register under the VAT system because his sales from VAT Taxable and zero rated transactions did not exceed P3,000,000

1) LBJ made the following sales during the 12-month period: *Sales, VAT taxable transactions 2,325,000 Sales, VAT zero-rated transactions 620,000 Sales, VAT exempt transactions 155,000 Total 3,100,000   Which of the followings is correct?   A) LBJ may not register under the VAT system because his sales from VAT taxable transactions did not exceed P3,000,000 B) LBJ may not register under the VAT system because his sales from VAT Taxable and zero rated transactions did not exceed P3,000,000

Subject:LawPrice: Bought3

1) LBJ made the following sales during the 12-month period: *Sales, VAT taxable transactions 2,325,000

Sales, VAT zero-rated transactions 620,000

Sales, VAT exempt transactions 155,000

Total 3,100,000

 

Which of the followings is correct?

 

A) LBJ may not register under the VAT system because his sales from VAT taxable transactions did not exceed P3,000,000

B) LBJ may not register under the VAT system because his sales from VAT Taxable and zero rated transactions did not exceed P3,000,000.

C) LBJ is required to register because his total 12-month sales exceeded P3,000,000.

D) None of the foregoing.

 

2) Which of the following is exempt from VAT? *

A) Common carriers transporting passengers by air within the Philippines.

B) Common carriers transporting passengers by sea within the Philippines.

C) Common carriers transporting passengers by land within the Philippines.

D) Common carriers transporting cargoes by air within the Philippines.

 

3) Which statement is correct about VAT on goods or properties sold? *

A) It is based on gross sales and not on net sales;

B) May be due even if the goods or properties were not actually sold;

C) Does not cover goods exported;

D) It forms part of the selling expense of the trader.

 

4) In the value-added tax on sale of services, the output tax is computed: *

A) On the billings of the month.

B) On collections of the month on all billings made.

C) On the contract price of contracts completed during the taxable period.

D) Only and strictly on labor performed under the contract for services.

 

5) Which statement is wrong? *

A) There is a transitional input tax from purchase of goods or properties;

B) There is a transitional input tax from purchases of services;

C) There is a transitional input tax from purchases of materials;

D) There is a transitional input tax from purchases of supplies.

 

pur-new-sol

Purchase A New Answer

Custom new solution created by our subject matter experts

GET A QUOTE