10 - From whom is VAT charged when a receipt is made from the cash register? A) FROM THE TAX OFFICE B) FROM THE CUSTOMER C) FROM THE SELLER D) EMPLOYEE E) NO VAT TAXES
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10 - From whom is VAT charged when a receipt is made from the cash register?
A) FROM THE TAX OFFICE
B) FROM THE CUSTOMER
C) FROM THE SELLER
D) EMPLOYEE
E) NO VAT TAXES
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Solved in 2 steps
- 49. All of the following are considered valid cashless disbursement except Purchase of goods using an electronic card issued by Citibank Payment of payables using a non-Cash Availment Authority Remittance of taxes withheld to the BIR through Tax Remittance Advice Online payment through LBP’s eMDS Payment to a supplier through LBC Padala23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.6. Which will not require an adjusting entry on the depositor’s books? a. NSF check from customer b. Check in payment of account payable amounting to P50,000 is recorded by the depositor as P5,000 c. Deposit of another entity credited to the account of the depositor d. Bank service charge
- 19. A bank deducted OMR 50 from the customer’s account as a bank charge and customer noticed this only on the receipt of bank statements. How to reconcile this item in the bank reconciliation statement? a. Deduct from the bank statement balance b. Add to the bank statement balance c. Deduct from the cash book balance d. Add to the cash book balance45. According to the GAM for NGAs, disbursements for salaries and wages shall be supported by: Disbursement vouchers Payroll Petty cash vouchers Official receipts44. Which of the following results to the recognition, in the books of accounts, expenses classified as Personnel Services? Granting of cash advance for payroll Liquidation of payroll fund Issuance of office supplies to end users Set up payable for payroll
- Which of the following is not normally decreased by a cash outflow transaction? a. Payroll Withholdings Payable b. Accrued Expense c. Deposits on Returnable Containers d. Deferred Revenues34-Which of the following is normally recorded in the cash disbursement journal? a. Payment made to monthly expense b. Purchase made on credit c. Sales made for cash d. Cash received from individual customers38 Assume that Arkan Majan International LLC sold goods to its customer on credit for OMR 2500 and received notes receivables for the same amount. The customer directly deposited the amount of OMR2500 in company bank account that the company unaware. The company received the bank statement in which OMR 2500 is showing more as compared to company’s cash book balance. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR2500 to the bank statement balance b. Add OMR2500 to the cash book balance c. Less OMR2500 from the cash book balance d. Less OMR2500 from the bank statement balance Clear my choice
- The official receipt reports a higher amount of cash collected while the corresponding sales invoice being paid reported a lower amount. What possible type of fraud occurred in this case? Group of answer choices a.Not given among the given choices b.Tax fraud c.Lapping d.Abstraction of collectionNote: Just provide the right answers no need for many information or explanations. 44 a penalty charged by a commercial bank on the early withdrawal of money from acertificate of deposit account can be deducted for adjusted gross incomeA true B false45 self-employed taxpayers deduct qualified moving expenses for AGI assuming theypass the distance and employment tests.A True B false46 when taxpayer are charged an early withdrawal penalty they reduce the amount ofinterest they include in gross incomeA True B false47 Deductible interest includes interest paid on a qualified home equity loanA True B False48 A taxpayer is allowed to take an itemized deduction for a loss resulting fromdamage to the taxpayers automobile caused by a collision, even if the taxpayer was atfaultAtrue B false49 To be deductible as an itemized deduction. Personal property taxes must be advalorum taxesA ture B false50 When an activity ( excluding horse activities) shows a profit in any three of fiveconsecutive…33 - What is the record to be made when the company pays a debt that arises from the purchase of goods on credit, by paying a check from a customer by endorsement?A) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT COMMERCIAL GOODS XX SELLERS XXB) CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT SELLERS XX CHECKS RECEIVED XXC) THE CODE AND NAME OF THE ACCOUNT WILL BE DEBT COMMERCIAL GOODS XX CHECKS RECEIVED XXD) CODE AND NAME OF THE ACCOUNT WILL BE DEBT SELLERS XX CHECK GIVEN AND PAYMENT ORDERS. XXE) THE CODE AND NAME OF THE ACCOUNT WILL RECEIVE DEBT CHECK GIVEN