1. Which is subject to value added tax? c. Cut sheep meat d. All of these a. Sheep b. Sheep wool 2. Which agricultural a. Charcoal b. Wood product is VAT-exempt on importation c. Lumber d. Corn 3. Which importation is subject to VAT? a. Importation from abroad b. Purchase of goods from economic zones in the Philippines c. Both A and B d. Neither A nor B 4. Which is not subject to VAT on importation? a. Importation of goods for personal use b. Importation of goods for business use c. Purchase of goods from Ecozone entities d. Purchase of goods from other domestic sellers. 5. Which of the following is subject to the VAT on importation when import c. Mushroom a. Books b. Table sugar d. ordinary salt 6. Which non-food agricultural products is exempt from VAT on importation a. Chicken manure c. Live hogs b. Eggs. d. Cattle 7. Which of the following is not exempt from VAT? a. Grapes c. Orchids b. Oranges d. Kiwi fruits

1. Which is subject to value added tax? c. Cut sheep meat d. All of these a. Sheep b. Sheep wool 2. Which agricultural a. Charcoal b. Wood product is VAT-exempt on importation c. Lumber d. Corn 3. Which importation is subject to VAT? a. Importation from abroad b. Purchase of goods from economic zones in the Philippines c. Both A and B d. Neither A nor B 4. Which is not subject to VAT on importation? a. Importation of goods for personal use b. Importation of goods for business use c. Purchase of goods from Ecozone entities d. Purchase of goods from other domestic sellers. 5. Which of the following is subject to the VAT on importation when import c. Mushroom a. Books b. Table sugar d. ordinary salt 6. Which non-food agricultural products is exempt from VAT on importation a. Chicken manure c. Live hogs b. Eggs. d. Cattle 7. Which of the following is not exempt from VAT? a. Grapes c. Orchids b. Oranges d. Kiwi fruits

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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