1. Statement 1: An article may be subject to both value-added tax and excise tax. Statement 2: The lease of commercial spaces in a building with a monthly rental of P14, 000 per unit is exempt from vat and opt. a. True, true c. True, false b. False, true d. False, false.

1. Statement 1: An article may be subject to both value-added tax and excise tax. Statement 2: The lease of commercial spaces in a building with a monthly rental of P14, 000 per unit is exempt from vat and opt. a. True, true c. True, false b. False, true d. False, false.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.

Question

1. Statement 1: An article may be subject to both value-added tax and
excise tax.
Statement 2: The lease of commercial
spaces in a building with a
monthly rental of P14, 000 per unit is exempt from vat and opt.
a. True, true
c. True, false
b. False, true
d. False, false.

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