Homework Help is Here – Start Your Trial Now!
Business
Accounting
5. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the above

5. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%
Good day! Can anyone help me answer these 3 questions? This is multiple choice. Thank you!
5. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the above 6. In view of the powers vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIR accredited specific banks and authorized such as its agent in receiving payments of taxes. The act of the CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal Adequacy c. Situs of Taxation d. Theoretical Justice 7. Jessie is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, be intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: a. Capitalization b. Shifting c. Evasion d. Avoidance
Transcribed Image Text:5. In determining whether the taxability of the income is derived from within or without: a. The source of the income is taken into consideration b. The income itself and not the source c. The location of the property d. All of the above 6. In view of the powers vested by the Tax Code to the Commissioner of Internal Revenue (CIR), the CIR accredited specific banks and authorized such as its agent in receiving payments of taxes. The act of the CIR is in keeping with the principle of: a. Administrative Feasibility b. Fiscal Adequacy c. Situs of Taxation d. Theoretical Justice 7. Jessie is a non-VAT seller of goods. Since he has no official receipts or invoices to support his expenses, he opted for the Optional Standard Deduction (OSD). When he filed his income tax return, be intentionally applied the rate of 20% on his gross sales. In this case, Jaime applied this type of scheme: a. Capitalization b. Shifting c. Evasion d. Avoidance
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS