Which is TRUE in Barangay Micro Business Enterprise (BMBE)? S1: Corporations cannot register as BMBE. S2: Cooperatives can register as BMBE. S3: In order to be qualified as BMBE, total asset of the business, real or personal, inclusive of those arising from loans but including the land on which the particular business entity's office, plant and equipment are situated, shall not be more than Three Million Pesos (P3,000,000.00). S4: The DTI may cancel the registration of an entity who is registered as BMBE if it transfers its business from one place to another of the same locality. Ob. Only S2 is true Od. Only S4 is true O e All is false Oa Only S1 is true Oc Only S3 is true

Which is TRUE in Barangay Micro Business Enterprise (BMBE)? S1: Corporations cannot register as BMBE. S2: Cooperatives can register as BMBE. S3: In order to be qualified as BMBE, total asset of the business, real or personal, inclusive of those arising from loans but including the land on which the particular business entity's office, plant and equipment are situated, shall not be more than Three Million Pesos (P3,000,000.00). S4: The DTI may cancel the registration of an entity who is registered as BMBE if it transfers its business from one place to another of the same locality. Ob. Only S2 is true Od. Only S4 is true O e All is false Oa Only S1 is true Oc Only S3 is true

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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9 You are trying to decide if an entity you are reviewing is a government or a not-for-profit. Which of the following would indicate it is a government rather than a not-for-profit entity? Multiple Choice Absence of profit motive. A primary source of revenues is taxes. Resource providers do not expect benefits proportional to the resources provided. Absence of a defined ownership interest that can be sold, transferred, or redeemed.
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Mr. Maginoo owns a commercial building located in a city with a fair market value of ₱10 million. The Sangguniang Panlungsod fixed the assessment levels based on the maximum allowable rates provided in RA 7160. The assessment level of his building would be? a. ₱6,000,000.00 b. ₱5,000,000.00 c. ₱7,500,000.00 d. ₱4,000,000.00 e. ₱3,500,000.00 Using the information above, assume that the Sangguniang Panlungsod levy the maximum rate based on RA 7160, the real property tax would be? a. ₱80,000.00 b. ₱70,000.00 c. ₱120,000.00 d. ₱100,000.00 e. ₱150,000.00 Using the information above, the disposition of proceeds from the real property tax paid by Mr. Maginoo would be: a. City-₱70,000.00; Barangay where the property is located-₱15,000.00; and To be equally distributed to all component Barangays-₱15,000.00 b. City-₱105,000.00; Barangay where the property is located-₱22,500.00; and To be equally distributed to all component Barangays-₱22,500.00 c. City-₱49,000.00; Barangay where the property…
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am. 117.
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