Reference no: EM132787778

Problem 1: The taxable event for Value added tax (VAT) is the

a. any of these

b. earning of taxable income.

c. undertaking of a taxable activity.

d. movement of dutiable goods or services across the customs boundary.

Problem 2: Which of the following principles used by business entities is not applicable to non-profit organizations?

a. Use of fair value measurement

b. Accrual basis of accounting

c. Disclosure of earnings per share.

d. Going concern

Problem 3: Which of the following is a non-exchange transaction?

a. Rendering of legal services

b. Collection of tuition fees

c. Leasing

d. Collection of taxes

Problem 4: Cash flows from a public university bookstore would appear on the statement of cash flows as

a. Cash flows from financing activities.

b. Cash flows from investing activities.

c. Cash flows from noncapital financing

d. Cash flows from operations.

Problem 5: Which of the following may not be included in the inventories of a government entity?

a. rice and other welfare goods held for distribution

b. equipment costing ?15,000

c. raw materials and work-in-process

d. accountable forms

Problem 6: Account titles in the Revised Chart of Accounts (RCA) are arranged according to this sequence

a. Assets, Equity, Liability, Revenue, and Expenses

b. Assets, Liability, Equity, Revenue, and Expenses

c. In no particular order.

d. Assets, Expenses, Liability, Equity and Revenue

Problem 7: It refers to the disbursement authority issued by the DBM to agencies with foreign operations allowing them to use the income collected by their Foreign Service Posts to cover their operating requirements.

a. Non-Cash Availment Authority (NCAA)

b. Tax Remittance Advice (TRA)

c. Cash Disbursement Ceiling (CDC)

d. Notice of Cash Allocation (NCA)