FINAL EXAM – TAX 312

Encircle the best answer for each item. Erasures or any alterations will invalidate your answers.
1. Which is FALSE? S1 – VAT Declarations/Returns are filed monthly and quarterly. S2 –
Percentage Tax Returns of taxpayers whose registration is non-VAT and whose gross receipts
are subject to 1%(SEC116) rate are filed monthly and quarterly.
a. S1 b. S2 c. Both are true d. Both are false

2. What is the BIR form used to file the monthly VAT return?
a. 2551M b. 2551Q c. 2550Q d. 2550M

3. The deadline of monthly VAT return is _____ days after the end of the month.
a. 20 b. 25 c. 15 d. 10

4. What is the BIR form used to file the quarterly VAT return?
a. 2551M b. 2551Q c. 2550Q d. 2550M

5. The deadline of quarterly VAT return is _____ days after the end of the quarter.
a. 20 b. 25 c. 15 d. 10

6. Statement 1: VAT registered taxpayers are required to file a VAT return even if there is no
transaction during the month.
Statement 2: A person that is a Non-Vat registered is required to file a return if his/her Gross
Receipts exceed 3 million pesos.
a. True, True b. False, False c. True, False d. False, True

7. Birdy Corp. is engaged in trading. The following information were disclosed in the VAT returns:

How much is the VAT Payable (Overpayment) in 1st Quarter?

a. (Php 240,000) b. (Php 540,000) c. (Php 900,000) d. Php 360,000

8. How much is the VAT Payable (Overpayment) in 2nd Quarter?

a. (Php 110,000) b. (Php 240,000) c. Php 60,000 d. Php 130,000

9. How much is the VAT Payable (Overpayment) in 3rd Quarter?

a. (Php 86,000) b. Php 24,000 c. Php 60,000 d. Php 130,000

10. How much is the VAT Payable (Overpayment) in 4th Quarter?

a. Php 34,000 b. Php 120,000 c. Php 600,000 d. Php 230,000

11. Ms. A, 62 years old, was treated by her grandchildren X, Y and Z to ABC Restaurant during
grandparents day and their total bill is P3,920. How much is the discount of the Senior Citizen
and the amount due and payable on the bill?
a. P196; P3,920 b. P175; P3,640 c. P700; P3,619 d. P784; P3,627

12. The common carrier’s tax is imposed on

 A. Transport of passengers by land
B. Transport of cargoes by land
C. Transport of cargoes by sea within the Philippines
D. Transport of passengers by air within the Philippines

13. Transport of passengers by air within the Philippines is

A. Subject to 3% common carriers tax
B. Subject to 12% value added tax
C. Subject to 0% value added tax
D. Exempt from both common carriers tax and value added tax

14. Transport of cargoes by air from Philippines to abroad by international carriers

A. Subject to 3% common carriers tax
B. Subject to 12% value added tax
C. Subject to 0% value added tax
D. Exempt from both common carriers tax and value added tax

15. Tyra Banks, a banking institution, had the following transactions for the taxable month:
Interest from loans, 3 years before maturity – 772,000
Interest from loans, 7 years before maturity – 270,000
Dividends and equity shares in net income of subsidiaries 856,000
Royalties received – 517,000
Rental payments received – 838,000
Net trading gains - 407,000
Total 3,660,000
Compute for the bank’s gross receipts tax
A. P164,640 B. P173,200 C. P175,440 D. P180,080

16. Overseas Communication tax is imposed at the rate of

A. 2% B. 3% C. 5% D. 10%

17. All of the ff are subject to 18% amusement tax, except

A. Cockpits B. Cabarets C. Day clubs D. Jai-alai

18. Sabungan sa Buenaflor is operated by JungCock. During the first quarter of 2019, it had the ff
receipts:
Entrance fees for audience 5,150,000
Registration fees for cockfighters 5,930,000
Receipts from restaurants owned by JungCock inside the cockpit 3,580,000
Lease payments made by private concessionaire with places inside the cockpit 4,270,000
Advertisement fees 4,200,000 How much is the amusement tax due?
A. P2,638,000 B. P2,775,600 C. P3,407,400 D. P4,163,400

19. Shairel, an agricultural trader has the following sales during the period:
Sale of Tilapia 300,000
Sale of flowers 200,000
Sale of potato 300,000
Sale of refined sugar 1,000,000
Sale of muscovado 2,000,000
Sale of marinated fish 300,000
How much is the output tax on the said transactions?
a. 180,000 b. 200,000 c. 384,000 d. 264,000

20. S1. Agricultural Cooperatives are totally exempt from VAT.

S2. Sale of cooperative’s own produce to Non-members is VATable.
a. True, True b. True, False c. False, False d. False, True

21. S1. Credit Cooperative are subject to VAT on lending activities to Non-members.
S2. Credit Cooperative are subject to VAT on non-lending activities to Members.
a. True, True b. True, False c. False, False d. False, True

22. S1. Electric Cooperatives are subject to VAT.

 S2. Non Agricultural, Non lending, and Non Electric Coop are exempt from VAT if the
contribution of members is more than 15,000.
a. True, True b. True, False c. False, False d. False, True

23. S1. Sale of fuel, goods and supplies by persons engaged in international shipping or air
transport operations for use in international shipping is exempt from VAT.
S2. Banks and Non-bank Financial intermediaries are exempt from VAT.
a. True, True b. True, False c. False, False d. False, True

24. Super Bright CPA Review is operating in Tacurong city with a gross receipts of 3,200,000
during the year. 200,000 of the gross receipts was made in the first quarter. How much is the
output tax of the review center during the first quarter?
a. 0 b. 24,000 c. 384,000 d. exempt
25. FlyButterfly, a domestic carrier has the following receipts during the quarter:
Transport by land of cargoes from Esperanza to Tacurong 300,000
Transport by air of cargoes from Davao to Manila 800,000
Transport by land of passenger from Tacurong to Davao 100,000
Transport by sea of passenger from Iligan to Iloilo 500,000
Transport by air of cargoes from Philippines to Korea 2,000,000

Compute the Common Carriers Tax under sec. 117 of the tax code.
a. 3,000 b. 12,000 c. 18,000 d. 0

26. Compute for the Output Vat

a. 192,000 b. 432,000 c. 444,000 d. 0

27. Mr. Lee a seller of goods has the following information during the 2nd quarter.
Total Billings to Customer 672,000
Total collections on billings 336,000
Total Purchases (Excluding VAT) 500,000
VAT paid in April and May 6,000
Compute the VAT payable
a. 12,000 b. 14,640 c. 20,640 d. 6,000

28. AstroBoy a seller of goods has the following information during the 1st quarter
January February March
Sales 400,000 650,000 800,000
Purchases 300,000 350,000 500,000
How much is the VAT payable on January VAT return?
a. 15,000 b. 10,714.29 c. 12,000 d. 0
29. How much is the VAT payable on February VAT return?
a. 24,000 b. 30,000 c. 21,429.57 d. 0

30. How much is the VAT payable on March VAT return?

a. 48,000 b. 42,856.14 c. 52,000 d. 0