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This document contains an answer key for an ACCO 30193 Quiz with 28 multiple choice questions. It provides the answers to the quiz questions, which cover topics like research and development costs, expenses deductible for income tax purposes, expanded withholding tax rates and amounts due, computation of an individual's taxable income, and true/false questions on accounting concepts. The total amount of research and development costs is P290,000. The total expanded withholding tax due is P50,000. The individual's taxable income is P61,500 with a total tax due of P120,600.

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63 views2 pages

Tabbel

This document contains an answer key for an ACCO 30193 Quiz with 28 multiple choice questions. It provides the answers to the quiz questions, which cover topics like research and development costs, expenses deductible for income tax purposes, expanded withholding tax rates and amounts due, computation of an individual's taxable income, and true/false questions on accounting concepts. The total amount of research and development costs is P290,000. The total expanded withholding tax due is P50,000. The individual's taxable income is P61,500 with a total tax due of P120,600.

Uploaded by

Lyra Escosio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ACCO 30193 Quiz 5 Answer Key

1. C. P160,000
2. A. P80,000

Research Development Outside R and D


Testing in search of new product 20,000
Testing of preproduction prototye 30,000
Design of tools 50,000
Trouble shooting cost 10,000
Design changes on existing products cost 80,000
Conceptual formulation cost 90,000
Searching of application of research finding 50,000
Routine design of tools 35,000
Total 160,000 80,000 125,000

3. C. P290,000
4. A. P110,000 – since development expense
5. D. P565,000

R and D Not R and D Deductible


Routine on-going effort to refine, enrich, or
otherwise improve an existing product 125,000
Design construction and testing preproduction
model 110,000
Quality control during commercial production 150,000
Laboratory research for discovery of new
knowledge 180,000
Total 290,000 275,000 565,000

6. B. P50,000
7. D. P0 – EWT is not deductible for income tax purposes
8. A. P1,650,000

EWT -2% EWT - 10%


Security agency fees 400,000
Management fees 750,000
Legal fees 200,000
Bookkeeping fees 300,000
Total 1,150,000 500,000
EWT rate 2% 10%
EWT due 23,000 50,000
9. C. P61,500
10. A. P53,000
11. B. P0 – Withholding tax on wages since employee of the company
12. B. P120,600

Expense Deductible
Basic salary 40,000 40,000
Telecom allowance 3,000 3,000
OT pay 15,000 15,000
Night differential 5,000 5,000
Hazard pay 4,000 4,000
13th month pay 40,000 40,000
Monetized unused leave 10,000 10,000
Gross income 117,000
Less: Non taxable
13th month pay - 40,000
Telecom allowance - 3,000
Monetized unused leave - 10,000
Less: Deductions
SSS EE - 2,000
Philhealth - 400
Pag-ibig - 100
Net taxable income 61,500
SSS ER 3600
Total 120,600

13. True
14. True
15. False. Both excluded
16. False. Deductible in vesting date
17. True.
18. False.
19. False. Can be withholding tax on wages if not managerial and supervisory
20. True.
21. False. After vesting period, share options expense is deductible
22. A. Equity settled share-based payment transactions
23. A. Grant date
24. B. Measurement date
25. D. Initial operating losses
26. D. Change in accounting estimate
27. D. All of the above
28. A. Rezon Olalia Ribaya

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