1st Statement – The income from bank deposit of a Tax-exempt Catholic Church is taxable. 2nd statement – Donations for educational purposes are tax exempt under the NIRC. True; False False; True True; True False; False

1st Statement – The income from bank deposit of a Tax-exempt Catholic Church is taxable. 2nd statement – Donations for educational purposes are tax exempt under the NIRC. True; False False; True True; True 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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Question

1st Statement – The income from bank deposit of a Tax-exempt Catholic Church is taxable. 2nd statement – Donations for educational purposes are tax exempt under the NIRC.

True; False

False; True

True; True

False; False

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