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O a. Only S1 is true O b. Only S2 is true O c. Both are true O d. Both are false

O a. Only S1 is true O b. Only S2 is true O c. Both are true O d. Both are false

FINANCIAL ACCOUNTING
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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S1: Nicanor, a senior manager of ABC Corp., received P 30,000 fringe benefits from the company. Nicanor has the obligation to report in his annual income tax return the fringe benefit he received. S2: Inday, an accounting clerk of ABC Corp., received P 5,000 fringe benefits from the company. The fringe benefits received by Inday is subject to fringe benefits tax a. Only S1 is true b. Only S2 is true C. Both are true d. Both are false Next »
Transcribed Image Text:S1: Nicanor, a senior manager of ABC Corp., received P 30,000 fringe benefits from the company. Nicanor has the obligation to report in his annual income tax return the fringe benefit he received. S2: Inday, an accounting clerk of ABC Corp., received P 5,000 fringe benefits from the company. The fringe benefits received by Inday is subject to fringe benefits tax a. Only S1 is true b. Only S2 is true C. Both are true d. Both are false Next »
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