
VAT ON IMPORATION OF GOODS AND ACCOUNTING FOR VALUE-ADDED TAX
Quiz
•
Business
•
2nd Grade
•
Medium
Alona Navarro
Used 17+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. Importations of goods are subject or to value-added tax whether the imported are to be used in business or not.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
2. Importations of goods are always subject to value-added tax whether the goods imported are to be used in business, for sale in the Philippines, or for personal use.
TRUE
FALSE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
3. Importation of goods is subject to value-added tax but the tax rate is 0%.
FALSE
TRUE
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
4. Not included in the tax base on importation of goods
WHARFAGE DUES
ARRASTRE CHARGES
FACILITATION FEE
BROKERAGE FEE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
5. Robin P. imported a car from the U.S.A for his personal use. Total landed cost is P250,000, including customs duties of P50,000. VAT payables is?
25,000
20,000
30,000
None, because the importation is for personal use.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
6. Importation of books, newspaper, magazines review or bulletin is subject to value-added tax
FALSE
TRUE
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
7. As a rule, the VAT account title that will appear in the balance sheet shall be..
A. Output tax
C. VAT payable
D. Excess tax carry over
B. Input tax
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