1. Which is a deductible business expense?

a. Salary of kasambahays b. Interest on personal borrowings c. Selling commission to agents d.Rental of taxpayer's domicile

2. Repairs that increase the useful life of an asset is expensed.

True

False

3. Which of the following cannot claim deductions from gross income despite actual engagement in business?

a. Non-resident alien

b. Resident citizen

c. Resident alien

d. Non-resident citizen

4. Only cash basis of accounting is allowed for tax purposes.

True

False

5. As long as the expense is related to the generation of income, for whatever tax scheme, it is deductible against gross income subject to regular income tax.

True

False

6. Which of the following can be deducted by VAT taxpayer from his gross income for the computation of regular income tax?

a. Donor's Tax b. Philippine Income Tax c. Interest on TAx Deliquency

7.Foreign Taxes paid may be claimed as item of deductions subject to limitations.

True or False

8. For the pension contributions, excess funding attributed to past service cost are amortized over 10 years.

True or False

9. Bad debt from personal receivables of a self employed individuals are

a. Non-deductible business expense

b. Deductible business expense

c. Deductible bad debt expense only if actually written off

10. Donations to all accredited non-government organizations are fully deductible

True or False