Machineries - Study guides, Class notes & Summaries

Economic resources - ANS>also known as production, are the resources used to produce goods and services. Land, Labor, Capital are the income of resource owner Land - ANS>soil and natural resources that are found in nature and not man made. Owners of land receive a payment known as rent. Labor - ANS>physical and human effort exerted in production. Capital - ANS>man made resources used in the production of goods and services, which include machineries and equipment. Interest - ...

CHAPTER 2 1. The Vat on importation is a business tax. 2. The final withholding VAT is a business tax. 3. The VAT on importation is 12% of the value added on importation. 4. The VAT on importation is 12% of the receipts from the sale of services abroad. 5. Importation is subject to either VAT or percentage tax. 6. The final withholding VAT is 12% of the contract price of purchased services from within the Philippines. 7. The sale of services abroad is subject to 12% final withhol...

CHAPTER 2 1. Resident foreigners are not subject to the VAT on importation. 2. All agricultural or aquaculture inputs are VAT exempt. 3. The sale of processed agricultural products is vatable. 4. The importation of books and newspapers is VAT-exempt. 5. The importation of life-saving equipment is VAT-exempt. 6. The lease of aircrafts or vessels from non-residents is exempt from final withholding VAT. 7. The purchase of services from foreign consultants is exempt from f...

PAPER – 8 : INDIRECT TAX LAWS PART – III : QUESTIONS AND ANSWERS QUESTIONS Basic concepts of central excise 1. With reference to the provisions of Central Excise Act, 1944, explain whether the following items can be considered as excisable goods: (i) Huge metal tanks erected at site for storing petroleum products in oil refineries. Such tanks are not embedded in earth, but once erected they cannot be physically moved and will have to be necessarily dismantled in case of sale/...

CHAPTER 2 t. 1. Resident foreigners are not subject to the VAT on importation. 2. All agricultural or aquaculture inputs are VAT exempt. 3. The sale of processed agricultural products is vatable. 4. The importation of books and newspapers is VAT-exempt. 5. The importation of life-saving equipment is VAT-exempt. 6. The lease of aircrafts or vessels from non-residents is exempt from final withholding VAT. 7. The purchase of services from foreign consultants is exempt fr...

National building code of the philippines PD 1096 February 19, 1977 PD 1096 was issued on [,blank,] National building code development office NBCDO Addition [,Section 106. Definitions,] Any new construction which increases the height and/or floor area of existing buildings/structures. Alteration [,Section 106. Definitions,] Works in buildings/structures involving changes in the materials used, partitioning, location/size of openings, structural parts, existing utilitie...

Presidential Decree 1096, popularly known as the at National Building Code of the Philippines, which was issued on February 19, 1977 RULE 1. GENERAL PROVISIONS SECTION 101. Title These Rules shall be known and cited as the "Revised Implementing Rules and Regulations of the National Building Code of the Philippines (P.D. 1096)"and shall be referred to as the "IRR" SECTION 102. Declaration of Policy A framework of minimum standards and requirements to regula...

PD 1096 National Building Code of the Philippines It is the policy of the State declared to safeguard life, health, property and public welfare, consistent with the principles of sound environment management and control. Provides for all buildings and structures, a framework of minimum standards and requirements to regulate and control their location, site, design, quality of materials, construction, use, occupancy and maintenance. Declaration of Policy of PD 1096 It is the excep...

1) Which one of the following sentences does NOT explain the distinction between financial accounting and management accounting? A. Financial accounting is primarily for external users and management accounting is primarily for internal users. B. Financial accounting is normally produced annually and management accounting is normally produced monthly. C. Financial accounting is more accurate than management accounting. D. Financial accounting is audited by management whereas management ac...