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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

Please answer within 30 minutes. Please answer all three parts in details also why other options are wrong. 1. Cloud, the trustee or grantor, created a revocable trust over a certain parcel land, designating Noctis and Vaan as trustee and beneficiary, respectively. In this case, the income of the trust property is taxable to: a. Noctis. b. Vaan. c. Cloud. d. the trust 2. Which among the following is a non-resident alien? a. An alien who comes to the Philippines for a definite purpose which in its nature would require an extended stay. b. An alien who lives in the Philippines with no definite intention as to his/her stay. c. An alien who has acquired residence in the Philippines. d. An alien who comes to the Philippines for a definite purpose which in its nature may be promptly accomplished. 3. Which statement is correct regarding final income tax? a. Final tax applies only on certain passive income earned within the Philippines. b. Items of income exempt from final tax are subject to regular tax. c. Final income tax applies to all passive income from Philippines sources. d. Items of income subjected to final tax can still be subjected to regular tax.

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