Allowable Deductions

Allowable Deductions

Professional Development

20 Qs

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Allowable Deductions

Allowable Deductions

Assessment

Quiz

Specialty

Professional Development

Practice Problem

Hard

Created by

Baeam Dimaporo

Used 29+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

As a general rule, all expenses claimed for deduction for income taxation purposes must be NECESSARY, ORDINARY, and SUBSTANTIATED, otherwise, these expenses cannot be allowed for deduction.

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

As general rule, compensation income earners under employer-employee relationship and self-employed taxpayers or those having business may deduct pertinent items from their gross income to arrive at net taxable income.

True

False

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

995,000

760,000

825,000

550,000

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Rentals on lease of property are deductible provided taxpayer does not acquire interest other than as a mere possessor

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Section 34 of the National Internal Revenue Code

Allowable Deductions

Itemized Deductions

Deductions from Gross Income

Itemized Deductions from Gross Income

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

ABC Co. is engaged in the sale of goods and services with net sale and net service revenue of P2M and P1M, respectively. The actual Entertainment, Amusement, Representation expense amounted to P21,000. How much is the allowable deduction to be claimed as EAR Expenses:

21,000

17,000

20,000

24,000

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The allowable deduction for interest expense shall be reduced by 42% of the interest income subjected to final tax effective January 1, 2009.

True

False

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