(1. Under Section 32 of the NIRC, the enumeration of gross income
is the exclusive definition of gross income insofar as taxation is
concerned.
Group of answer choices
No, it is not exclusive
No, income is a flow of wealth other than by a mere cost of
capital
Yes, items not within Section 32 is not taxable
Yes, it is exclusive
2.
Gifts, bequests and devices are exempt from income taxes.
Group of answer choices
No, it is income on the part of the taxpayer
Yes, it is an exclusion from the gross income
Yes, it is not income
No, it is a flow of wealth other than by a mere cost of capital
on the part of the taxpayer
3.
Gifts, bequests and devises are exempt from any national
internal revenue taxes.
Group of answer choices
True
False
4.
Gifts, bequests and devises are exempt from any national
internal revenue taxes.
Group of answer choices
True
False
5.
Which is NOT a requisite of an expense as allowable
deduction?
Group of answer choices
It must be properly withheld if need be
It must be within the taxable period
It must be an ordinary and necessary expense of the trade or
business
It must be properly substantiated
It must be actually paid or incurred
6.
What is the best evidence or substantiation for sales of
goods?
Group of answer choices
Official receipt issued by the taxpayer
Official receipt issued by the client
Sales invoice issued by the vendor
Sales invoice issued by the taxpayer
7.
What is the best evidence or substantiation for sales of
services?
Group of answer choices
Sales invoice issued by the taxpayer
Official receipt issued by the taxpayer
Sales invoice issued by the vendor
Official receipt issued by the client
8.
What is the best evidence or substantiation for purchases of
goods?
Group of answer choices
Sales invoice issued by the taxpayer
Official receipt issued by the client
Official receipt issued by the taxpayer
Sales invoice issued by the vendor
9.
What is the best evidence or substantiation for purchases of
services?
Group of answer choices
Sales invoice issued by the vendor
Official receipt issued by the client
Sales invoice issued by the taxpayer
Official receipt issued by the taxpayer
10.
Bribes, kickbacks and other similar payments are an allowable
deduction from gross income.
Group of answer choices
True
False