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TAXATION
iCARE Accountancy Review
1st Open Preboard Examination, Batch 3
INSTRUCTIONS: Choose the best answer among the given choices. Policies on academic
honesty are strictly enforced.
1. Our national internal revenue laws are
a. Political in nature
c. Criminal in nature
b. Penal and nature
d. Civil in nature
2. A law was passed by Congress which granted estate tax amnesty to those who have
not estate tax due on or before January 1, 2020. The same law does not provide for
refund of taxes to those who have properly paid estate tax covered by the amnesty.
Those who have paid their estate tax complained and asked that the law be declared
unconstitutional on the ground of being violative of the equal protection clause and
discriminatory. The law is:
a. Valid because there is a valid classification.
b. Not valid because those who did not pay their taxes are favored over those
who have paid their taxes.
c. Valid because it was Congress that passed the law and it did not improperly
delegate the power to tax.
d. Not valid because only the President with the approval of Congress may grant
amnesty.
3. The constitutional limitation declaring churches, parsonages, mosques are exempt
from taxation applies only to what kind of tax.
a. Real estate tax
b. Income tax
c. Value-added tax
d. Donor’s tax
4. Reese Poon, a student activist, wants to impugn the validity of a tax on text
messages. Aside from claiming that the law adversely affects her since she sends
messages by text, what may she allege that would strengthen her claim to the right
to file a taxpayer’s suit?
a. A. That she is entitled to the return of the taxes collected from her in case
the
court nullifies the tax measure.
b. That tax money is being extracted and spent in violation of the
constitutionally
guaranteed right to freedom of communication.
c. That she is filing the case in behalf of a substantial number of taxpayers.
d. That text messages are an important part of the lives of the people she
represents.
5. The payor of passive income subject to final tax is require to withhold the final
tax from the payment due to the recipient. The withholding of the tax, has the
effect of
a. A final settlement of the tax liability on the income
b. A credit from the recipient’s taxable income
c. Consummating the transaction resulting in an income
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d. A deduction in the recipient’s income tax return
6. The following are laws which should exclusively originate from the House of
Representatives, except
a. Tariff bills
b. Revenue bills
c. Appropriations bill
d. Laws amending the jurisdiction of the Supreme Court.
7. The following are elements of direct double taxation, except:
a. Both taxes are levied for the same purpose
b. Both taxes are imposed by the same taxing authority
c. Both taxes are imposed upon the same person
d. Both taxes are imposed on the same amount
8. Government agencies performing governmental functions are exempt from tax unless
expressly taxed while those performing proprietary functions are subject to tax unless
expressly exempted. What inherent limitation on the power of taxation is described.
a. The tax imposed should be for public purpose.
b. There should be no improper delegation of the taxing power.
c. The power to tax is limited to the territorial jurisdiction of the taxing
government.
d. Exemption of government entities from taxation.
9. The following are constitutional limitations, except:
a. Due process clause
b. Equal protection clause
c. Doctrine of international comity
d. Non-impairment clause
10. Which of the following statements regarding “Taxpayer’s Suit” is incorrect?
a. It is one brought or filed by a taxpayer arguing the validity of a tax statute
and its enactment or the constitutionality of its alleged public purpose.
b. It is a case where the act complained of directly involves the illegal
disbursement of public funds derived from taxation.
c. Taxpayers have “locus standi” to question the validity of tax measures or
illegal expenditures of public money.
d. A taxpayer is relieved from the obligation of paying a tax because of his
belief that it is being misappropriated by certain officials
11. In case of ambiguity, tax laws imposing a tax shall be interpreted
a. Strictly against the taxpayer
b. Liberally in favor of the taxpayer
c. Liberally in favor of the government
d. None of the choices
12. Receipt of the following by a minimum wage earner is subject to income tax, except
a. Fringe benefit
b. Allowance
c. Commission
d. Holiday Pay
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13. Aljur Padilla, worked in the United States as an actor. Has been residing in the States
for the past 15 years. He arrived in the Philippines on July 1, 2021 to reside here
permanently. Which of the following statements is correct with respect to Aljur’s
classification for income tax purposes?
a. He will be classified as nonresident citizen from January 1, 2021 until the date of
his arrival in the Philippines.
b. He will be classified as nonresident citizen for the whole year of 2021.
c. He will be classified as resident citizen for the whole year of 2021.
d. He will be classified as neither resident nor nonresident citizen for the year 2021.
14. 1st Statement: Resident individual taxpayer are subject to 15% final tax on their
interest income from expanded foreign currency deposit.
2nd Statement: There shall be a 6% capital gains tax on all sale by an individual of
shares of stocks of a domestic corporation.
a. true, true;
b. true, false;
c. false, false;
d. false, true
15. 1st Statement: Gain on sale of all kinds of capital assets are subject to the final tax
on capital gains.
2ndstatement: Gain from sale of real property classified as capital asset and located in
Miami, Florida is subject to the final tax on capital gains.
a. true, true;
b. true, false;
c. false, false;
d. false, true;
16. The Secretary of Finance, upon recommendation of the Commissioner of Internal
Revenue, issued a Revenue Regulation using gross income as the tax base for
corporations doing business in the Philippines. Is the Revenue Regulation valid?
a. Yes, the Secretary of Finance has the power to issue rules and regulations.
b. Yes, gross income taxation over corporations is valid.
c. No, Secretary of Finance has virtually amended the NIRC, which is beyond the
power of the executive to do.
d. No, only the Commissioner of the BIR has the authority to make revenue rules
and regulations.
17. Who among the following is taxed on his worldwide income?
a. Resident citizen.
b. Resident alien.
c. Nonresident citizen.
d. Nonresident alien.
18. Angus corporation declared and distributed to its stockholders shares of Mcgyver
Corporation. One of its stockholders, Menemis, who is a Filipino, received 100 shares
of Mcgyver Corporation shares as dividends. At the date of dividend declaration, the
fair market value of Mcgyver Corporation shares was P120 per share and by the
time Menemis received the dividend, the fair market value per share was P180.
Which of the following is correct? The dividend is….
a. A stock dividend, hence, exempt from income taxation.
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b. A property dividend, hence, taxable subject to the graduated tax rate that ranges
from 5% to 35%.
c. A property dividend, hence, taxable and subject to the final tax rate of 10%.
d. A property dividend, hence, taxable and subject to the final tax rate of 20%.
19. The following income are subject to final tax, except:
a. Royalty income received by a domestic corporation from another domestic
corporation.
b. Cash dividend received by a domestic corporation from a resident foreign
corporation.
c. Stock dividends received by a domestic corporation from another domestic
corporation.
d. Interest income received by a resident foreign corporation from a Philippine
bank.
20. A corporation may employ as a basis for filing its annual corporate income tax
return:
a. Calendar year only which begins January 1 and ends December 31.
b. Fiscal year only which could be any day within the calendar year at the
discretion of the corporation.
c. Either fiscal year or calendar year at the discretion of the corporation.
d. Fiscal year only which coincides on the day of registration with the BIR.
21. A corporation should file its quarterly return within.
a. 30 days following the end of each of the first three quarters of the taxable
year.
b. 60 days following the end of each of the first three quarters of the taxable
year.
c. 60 days following the end of each of the 4 quarters of the taxable year.
d. 30 days following the end of each of the 4 quarters of the taxable year.
22. A corporation on a fiscal year ending June 30, should file its annual income tax
return:
a. On or before April 15 of the same year.
b. On or before April 15 of the following year.
c. On or before October 15 of the same year.
d. On or before July 15 of the following year.
23. Which of the following may be subject to corporate income tax:
a. Non-stock and non-profit educational institution.
b. A public educational institution.
c. A private educational institution.
d. Local water district
24. The MCIT shall not apply to the following Foreign Corporations, except:
a. RFC engaged in business as international air carrier subject to 21/2% of its
gross Philippine billings.
b. Non-resident Foreign Corporation (NRFC) on gross income derived from lease
of vessel
c. RFC engaged in business as a Regional Operating Headquarters (ROHQ) for
the year ending December 31, 2021.
d. RFC engaged in importing Cranes and Heavy equipment into the Philippines.
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25. The following present the rules of income taxation of an estate, except:
a. A taxable estate is taxable like an individual
b. An estate may claim as deduction from gross income distribution of income to
the heirs
c. An executor or administrator handling separate estate for and on behalf of the
same heirs is required to submit a consolidated income tax return for the
multiple estate
d. A taxable estate may claim as deduction casualty loss as long as not claimed as
a deduction from the gross estate in the course of determining estate tax.
26. Which of the following statements is not correct?
a. When the co-owners invest the income of the property co-owned in a business or
in any income producing properties or activities constituting themselves into a
business partnership, such partnership is consequently subject to income tax as a
corporation.
b. As a rule, co-ownership is not subject to income tax because the co-owners are
limited to the preservation and enjoyment of the property and the collection of the
income there from.
c. A co-owner is subject to income tax on his share in the net income of the coownership actually or constructively received.
d. Partnerships, no matter how created or organized are considered corporation
subject to corporate income tax.
27. Beginning April 11, 2021, which of the following statements is correct?
a. Partners of a taxable partnership are considered as stockholders and profits
distributed to them by the partnership are considered as dividends.
b. A taxable partnership shall be subjected to the improperly accumulated earnings
tax.
c. Partners share in the distributable income after tax of a business partnership shall
be subjected to the 10% creditable withholding tax.
d. Partner’s share in the distributable income after tax of a business partnership shall
be added to the partner’s gross income for purposes of the latter’s personal income
tax.
28. One of the following is not an accepted basis of relief from the MCIT.
a. Prolonged labor dispute
b. Force majeure problems
c. Legitimate business reverses
d. Intercorporate dispute
29. The following are taxable with income derived from sources within the Philippines
only, except:
a. Micro Corporation USA, a corporation created under the laws of the United States
of America.
b. Philippine Bearing Inc, a corporation created under the laws of the Philippines.
99% owned by Bearing USA, Inc, a corporation created under the laws of the USA.
c. Micro Corporation Philippine Branch. Registered branch of Micro Corporation USA.
d. Continental Air MicroAsia, a corporation created under the laws of Malaysia who
has landing rights in the Philippines.
30. The following are subject to Net Income Taxation, except:
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a. Resident citizen
b. Domestic Corporation
c. Non-Resident Citizen engaged in Business
d. Non-Resident Alien not engaged in trade or business
31. Mr. Wonka is 67 years old, married and retired. During 2021 he received a retirement
pension from his former employer of 8 years in the amount of P400,000. His net
income from business is P105,000 and received P5,000 social security benefits. What
is Mr. Wonka’s taxable income?
a. P 95,000
b. P105,000
c. P510,000
d. P505,000
32. Mr. Lewis, a cemetery lot dealer sold real properties to different buyers as follows:
House & Lot
Farm Lot
Cemetery Lot
Selling Price
P 2,000,000
P 800,000
P
45,000
Cost
P1,250,000
P 300,000
P
20,000
The house and lot was Mr. Lewis’ principal residence that was sold to reacquire a
new principal residence noting that the entire proceeds thereof was utilized.
What is Mr. Lewis’ capital gains tax, assuming that all the selling price are at fair
market value?
a. P170,700
b. P168,000
c. P 48,000
d. P 50,700
33. In 2020, Totoy, Inc. had the following items of income and expenses:
Sales
P500,000
Cost of services, salary of personnel directly engaged in
250,000
business
Dividends received
25,000
The dividends were received from a domestic corporation. The general and
administrative expenses include factory facilities expense and cost of manufacturing
supplies of P25,000 and P15,000, respectively. What amount should be reported as
gross income for minimum corporate income tax?
a. P210,000
b. P235,000
c. P250,000
d. P275,000
34. Phoenix Corp., a calendar-year corporation realized taxable income of P36,000 from
its regular business operations for calendar-year 2020. In addition, Phoenix had the
following capital gains and losses during 2020.
Short-term capital gain
P8,500
Short-term capital loss
(4,000)
Long-term capital gain
1,500
Long-term capital loss
(3,500)
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Phoenix did not realize any other capital gains or losses since it began operations.
What is Phoenix’ total taxable income for 2020.
a. P36,250
b. P38,500
c.
P39,500
d. P40,500
35. Jose and Berto, both unmarried, formed a general professional partnership. The
partners agreed to share profits equally. During the year 2020, the partnership
earned a net income of Php500,000. Berto, also engaged in the business of buying
and selling cars, reports net income from his business amounting to Php750,000.
The income tax due of the partnership is:
a. Php150,000
b. Php160,000
c. Php0
d. Php125,000
36. Based on number 35, Berto’s taxable income shall be:
a. Php750,000
b. Php1,000,000
c. Php875,000
d. Php500,000
37. Pedro received annual clothing allowance amounting to P10,000. His 13th month
pay amounted to P80,000. No other benefits were received during the year. Which
of the following statements is correct?
Statement 1: The 4,000 excess of the annual clothing allowance received over the
prescribed minimum amount shall be added to the 13th month pay and other benefits.
Statement 2. The Php84,000 13th month pay and other benefits shall be exempt from
income tax
a. Statement 1 only
b. Statement 2 only
c. Both statements 1 and 2
d. Neitther statements 1 and 2
38. Gena is a compensation income earner from Ghana Inc. She did not have another
employer and her income tax is correctly withheld by her employer
Pedro – Deriving purely compensation income from Frodo Inc, had only one employer
during the year and employer properly withheld from him the correct amount of tax.
Pedro is married to Berta. Berta owns and operates a nail salon and foot spa.
a. Gena and Berto are both allowed to avail of the substituted filing
b. Neither Gena nor Berto are allowed to avail of the substituted filing
c. Only Gena can avail the substituted filing
d. Only Berto can avail of the substituted filing.
39. Which of the following transactions is subject to 6% capital gains tax:
a. Sale of condominium units by a real estate dealer
b. Sale of real property utilized for office use
c. Sale of apartment houses
d. Sale of vacant lot by an employee
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40. Share in the net distributable income of a general professional partnership by a
resident citizen is subject to:
a. 10% final withholding tax
b. 20% final withholding tax
c. 6% capital gains tax
d. Regular income tax at 0% to 35%
41. The following taxpayers who received a dividend income from a domestic
corporation will receive net of 10% final withholding tax, except
a. Resident citizen
b. Non-resident citizen
c. Resident alien
d. Non-resident alien engaged in trade or business
42. Which of the following is subject to fringe benefit tax?
a. Basic salary of the rank and file employees
b. Basic salary of the supervisory or managerial employees
c. Fringe benefit of the supervisory or managerial employee
d. Fringe benefit of the rank and file employee
43. The principal purpose of taxation is:
a. To encourage the growth of home industries through the proper use of tax
incentives
b. To implement the police power of the state
c. To reduce excessive inequalities of wealth
d. To raise revenue for governmental needs
44. MJ’s income from leasing his property reaches the maximum rate of tax under the
law. He donated one-half of his said property to a non-stock, non-profit educational
institution whose income and assets are actually, directly and exclusively used for
educational purposes, and therefore qualified for tax exemption under Article XIV,
Section 4 (3) of the Constitution and Section 30 (h) of the Tax Code. Having thus
transferred a portion of his said asset, MJ succeeded in paying a lesser tax on the
rental income derived from his property. Is there tax avoidance or tax evasion?
a. There is tax avoidance. LJ has exploited a fully permissible alternative method to
reduce his income tax by transferring part of his rental income to a tax exempt
entity through a donation of one-half of the income producing property.
b. There is tax evasion. LJ has exploited a non-permissible alternative method to
reduce his income tax by transferring part of his rental income to a tax exempt
entity through a donation of one-half of the income producing property.
c. There is tax dodging
d, None of the choices
45. A fundamental rule in taxation is that “the property of one country may not be taxed
by another country”:
a. International law
b. Reciprocity
c. International comity
d. International inhibition
46. No law granting any tax exemption shall be passed without the concurrence of:
a. Majority of all members of Congress
b. 2/3 vote of all members of Congress
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c. 3/4 vote of all members of Congress
d. Unanimous vote of all members of Congress
47. This requires that all subjects or objects of taxation, similarly situated are to be
treated alike or put on equal footing both in privileges and liabilities:
a. Due process
b. Progressive taxation
c. Uniformity
d. Non-impairment of the obligations of contract
48. In case of ambiguity, tax laws imposing a tax shall be interpreted
a. Strictly against the taxpayer
b. Liberally in favor of the taxpayer
c. Liberally in favor of the government
d. harmonized between the rights of the government and the taxpayer
49. In cases of deductions and exemptions, doubts shall be resolved:
a. Strictly against the government
b. Liberally in favor of the taxpayer
c. Strictly against the taxpayer
d. harmonized between the rights of the government and the taxpayer
50. Wencel sold his residential house to Mr. Rebosa for P5M. Its FMV when he inherited
it was P6 M although its present FMV is P8M. The tax on the above transaction is:
a. Php360,000 CGT
b. Php480,000 CGT
c. 6% donors tax
d. VAT
51. Which of the following is taxable to a non-resident alien engaged in trade or business
in the Philippines:
a. Payments earned from services rendered in Australia;
b. Interest on loan whereby the debtor is domiciled in Japan.
c. Rent income on condominium unit at Serendra at the Fort, Taguig City.
d. Gain on sale of his car located in Modena, Italy
52.
One of the following is required to file an income tax return:
a. A non-resident alien who stayed in the Philippines, during the calendar year,
for 45 days.
b. An overseas contract worker, on his salaries earned while working abroad.
c. An individual whose income during the year, purely compensation income,
was derived from two employers.
d. A minimum wage earner.
53. Refund of the following taxes are not included in the gross income, except:
a. 6% capital gains tax on sale of real property.
b. Tax erroneously paid on inter vivos donations to the Government.
c. Special assessment on property specially benefitted by infrastructure project
of the Government.
d. Fringe benefits tax paid by the employer.
54. Which of the following are items included in the gross compensation income of the
employee:
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a. Php9,000 representing nine days of monetized unused vacation leave.
b. Representation expenses of Php5,000 a month and not subject to liquidation.
c. Rice allowance of Php2,000 a month given to managerial and supervisory
employee.
d. Uniform allowance of Php6,000 per year
55.
There is an effect of a payment of dividend when:
a. Fringe benefits are received by an employee from the Company.
b. Promissory notes are paid to the employees for the services he had rendered
to the Corporation.
c. A creditor condones the debt of a corporation.
d. A corporation condones the debt of its stockholder.
56. The following are the usual method of avoiding or at least minimizing the effect
of double taxation, except.Allowing reciprocal exemption either by law or by
treaty;
a. Allowance of tax credit for foreign taxes paid;
b. Allowance of deduction for foreign taxes paid; and
c. Reduction of the Philippine tax rate by applying double tax treaty rates
d. petitioning the foreign government for a reduction of the tax rate
57. In case of a resident international sea carrier, the following are subject to regular
corporate income tax rate of 25%, except
a. Demurrage fees
b. Detention fees
c. Other charges relating to outbound and inbound cargoes
d. gross Philippine billings
58.
Which statement below expresses the lifeblood theory?
a. The assessed taxes must be enforced by the government.
b. The underlying basis of taxation is government necessity, for without taxation, a
government can neither exist nor endure;
c. Taxation is an arbitrary method of exaction by those who are in the seat of power;
d. The power of taxation is an inherent power of the sovereign to impose burdens
upon subjects and objects within its jurisdiction for the purpose of raising revenues.
59. Bank A deposited money with Bank B which earns interest that is subjected to the
20% final withholding tax. At the same time, Bank A is subjected to the 5% gross
receipts tax on its interest income on loan transactions to customers. Which statement
below INCORRECTLY describes the transaction?
A. There is obnoxious double taxation because two taxes - income tax and gross
receipts tax are imposed on the interest incomes described above, and double
taxation is prohibited under the 1987 Constitution;
B. There is no double taxation because the first tax is income tax, while the second
tax is business tax;
C. There is no double taxation because the income tax is on the interest income of
Bank A on its deposits with Bank B (passive income), while the gross receipts tax
is on the interest income received by Bank A from loans to its debtor-customers
(active income);
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D. Income tax on interest income of deposits of Bank A is a direct tax, while GRT on
interest income on loan transaction is an indirect tax.
60. Income from the performance of service is treated as income from within the
Philippines, if:
a. The payment of compensation for the service is made in the Philippines;
b. The contract calling for the performance of service is signed in the Philippines;
c. The service is actually performed in the Philippine
d. The recipient of service income is a resident of the Philippines.
61. For income tax purposes, the source of the service income is relevant for the taxpayer,
who is a:
a. Filipino citizen residing in Makati City
b. Non-resident Filipino citizen working and residing in London, United Kingdom
c. Japanese citizen who is married to a Filipina citizen and residing in their family home
located in Fort Bonifacio, Taguig City;
d. Domestic corporation
62. Harry Potter owned shares of stocks of San Miguel Corporation. He purchased the
shares for Php700,000. He sold the shares, directly to his brother Celso, for
Php900,000 at a time when the fair market value of the shares was Php1,000,000.
The capital gains tax on the sale is:
a. Php12,000
b. Php30,000
c. Php6,000
d. Php45,000
63 Harry owned shares of stocks of San Miguel Corporation. He purchased the shares for
Php700,000. He sold the shares, directly to his brother Celso, for Php900,000 at a
time when the fair market value of the shares was Php1,000,000.
The donor’s tax due is
a. Php12,000
b. Php30,000
c. Php6,000
d. Php45,000
64. In 2021, Jane Coleman earned P500,000.00 as income from her Skin Clinic and
received P250,000.00 as gift from her boyfriend. She had no other receipts for the
year. She spent as itemized deduction P150,000.00 for the operation of her Skin Clinic.
For tax purposes, her gross income for 2021 is
A. P750,000.00
B. P500,000.00
C. P350,000.00
D. P600,000.00
65. Income from dealings in property (real, personal, or mixed) is the gain or loss derived
A. only from the cash sales of property.
B. from cash and gratuitous receipts of property.
C. from sale and lease of property
D. from the sale, barter or exchange of property.
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66. In 2020, Steven sent his sister Barbara $1,000 via telegraphic transfer thru CIMB,
digital bank. The bank’s remittance clerk made a mistake and credited Barbara’s
account with $1,000,000 in which she promptly withdrew. The bank demanded the
return of the mistakenly credited excess, but Barbara refused. The BIR entered the
picture and investigated Barbara. Would the BIR be correct if it determines that
Barbara earned taxable income under these facts?
A. No, she had no income because she had no right to the mistakenly credited funds.
B. Yes, income is income regardless of the source.
C. No, it was not her fault that the funds in excess of $1,000 were credited to her.
D. No, the funds in excess of $1,000 were in effect donated to her.
67. The proceeds received under a life insurance endowment contract is NOT considered
part of gross income
A. if it is so stated in the life insurance endowment policy.
B. if the price for the endowment policy was not fully paid.
C. where payment is made as a result of the death of the insured.
D.
where the beneficiary was not the one who took out the endowment
contract.
68. ABC, Inc. purchased a residential house and lot with a swimming pool in an upscale
subdivision and required the company president to stay there without paying rent; it
reasoned out that the company president must maintain a certain image and be able
to entertain guests at the house to promote the company’s business. The company
president declared that because they are childless, he and his wife could very well live
in a smaller house.
Was there a taxable fringe benefits?
A. There was no taxable fringe benefit since it was for the convenience of the
employer and was necessary for its business.
B. There was a taxable fringe benefit since the stay in the house was for free.
C. There was a taxable fringe benefit because the house was very luxurious.
D. There was no taxable fringe benefit because the company president was only
required to stay there and did not demand free housing. Thus, given for the
advantage of the employer
69. A corporation may change its taxable year to calendar or fiscal year in filing its annual
income tax return, provided
A.
it seeks prior BIR approval of its proposed change in accounting period.
B.
it simultaneously seeks BIR approval of its new accounting period.
C.
it should change its accounting period two years prior to changing its
taxable year.
D.
its constitution and by-laws authorizes the change.
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AESCARTIN/TLOPEZ/JPAP A
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile
: 0927 283 8234
Telephone
: (043) 723 8412
Gmail
: icarecpareview@gmail.com
70. ABC Corp. secured an income tax holiday for five (5) years as a pioneer industry. On
the 4th year of the tax holiday, ABC Corp. declared and paid cash dividends to its
stockholders, all of whom are individuals. Are the dividends taxable?
A. The dividends are taxable; the tax exemption of ABC Corp. does not extend to its
stockholders.
B. The dividends are tax exempt because of ABC’s income tax holiday.
C. The dividends are taxable if they exceed 50% of ABC’s retained earnings.
The dividends are exempt if paid before the end of ABC’s fiscal year.
13 | P a g e
AESCARTIN/TLOPEZ/JPAP A
No. 125 Brgy. San Sebastian
Lipa City, Batangas, Philippines
Mobile
: 0927 283 8234
Telephone
: (043) 723 8412
Gmail
: icarecpareview@gmail.com
TAXATION – ANSWER KEY
iCARE Accountancy Review
1st Open Preboard Examination, Batch 3
1. D
2. A
3. A
4. B
5. A
6. D
7. D
8. D
9. C
10. D
11. B
12. D
13. A
14. B
15. C
16. C
17. A
18. C
19. C
20. C
21. B
22. C
23. C
24. D
25. C
26. D
27. A
28. D
29. B
30. D
31. B
32. C
33. A
34. B
35. C
36. B
37. C
38. C
39. D
40. D
41. D
42. C
43. D
44. A
45. C
46. A
47. C
48. B
49. C
50. B
51. C
52. C
53. D
54. B
55. D
56. D
57. D
58. B
59. A
60. C
61. B
62. B
63. C
64. B
65. D
66. B
67. C
68. D
69. A
70. A
14 | P a g e
AESCARTIN/TLOPEZ/JPAP A