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Homework answers / question archive / Humber College - BMGT ACCT 203 MCQ- CHAP1 Question1)An individual is liable for income tax in Canada if he:                           Question 2         Which of the following amounts is  NOT deducted in converting Net Income for Tax Purposes to Taxable Income?               Question 3         Which of the following statements with respect to the relationship between accounting Net Income and Net Income For Tax Purposes is  NOT correct?               Question 4         Fadel Ghanem has the following sources of income and deductions: Net employment income 34,000 Property income 6,000 Business loss 54,000 Taxable capital gain 4,000 Allowable capital loss 7,000 What is Fadel's Net Income or Loss for Tax Purposes?               Question 5         Ms

Humber College - BMGT ACCT 203 MCQ- CHAP1 Question1)An individual is liable for income tax in Canada if he:                           Question 2         Which of the following amounts is  NOT deducted in converting Net Income for Tax Purposes to Taxable Income?               Question 3         Which of the following statements with respect to the relationship between accounting Net Income and Net Income For Tax Purposes is  NOT correct?               Question 4         Fadel Ghanem has the following sources of income and deductions: Net employment income 34,000 Property income 6,000 Business loss 54,000 Taxable capital gain 4,000 Allowable capital loss 7,000 What is Fadel's Net Income or Loss for Tax Purposes?               Question 5         Ms

Accounting

Humber College - BMGT ACCT 203

MCQ- CHAP1

Question1)An individual is liable for income tax in Canada if he:

 

 

   
 

 

     

 

     

Question 2

 

   
 

Which of the following amounts is  NOT deducted in converting Net Income for Tax Purposes to Taxable Income?

     
       

Question 3

 

   
 

Which of the following statements with respect to the relationship between accounting Net Income and Net Income For Tax Purposes is  NOT correct?

     
       

Question 4

 

   
 

Fadel Ghanem has the following sources of income and deductions:

Net employment income

34,000

Property income

6,000

Business loss

54,000

Taxable capital gain

4,000

Allowable capital loss

7,000

What is Fadel's Net Income or Loss for Tax Purposes?

     

 

     

Question 5

 

   
 

Ms. Floot has been out of Canada for several years. She is presumed to be a non-resident as long as certain tests are met. Indicate the condition that does  NOT have to be met.

     

 

 

 

 

 

 

 

 

 

 Question 1                                                                                   CHAP-2

 

   
 

Dora Burch files her 2020 income tax return on March 2, 2021. She receives a nil assessment on June 3, 2021. However, on December 28, 2021, she receives a reassessment indicating that she owes a substantial amount of additional tax. She would like to object to this reassessment. What is the latest date for her to file a notice of objection? (Ignore the effect of leap year if applicable.)

     

 

     

Question 2

 

   
 

Tom Arnold filed his 2020 tax return on March 1, 2021. The CRA mailed a notice of assessment to Tom dated May 15, 2021, and Tom received it on May 30, 2021. If Tom disagrees with the notice of assessment, what is the latest date he has to file a notice of objection?

     

 

     

Question 3

 

   
 

Which of the following scenarios will result in a penalty being charged by the CRA?

     

 

     

Question 4

 

   
 

John Barron is self-employed and plans to file his 2020 tax return on June 15, 2021. His balance-due day is:

     

 

     

Question 5

 

   
 

Individuals are required to pay instalments:

     

 

 

 

 

 

 

 

 

 

Question 1                                       CHAP-3

 

   
 

With respect to employment related automobile costs and benefits, which of the following statements is correct?

     

 

     

Question 2

 

   
 

Which of the following is  NOT a tax-free benefit for the employee when it is provided by an employer?

     

 

     

Question 3

 

   
 

With respect to the determination of net employment income, which of the following statements is correct?

     

 

     

Question 4

 

   
 

Which of the following statements with respect to stock options is correct?

     

 

     

Question 5

 

   
 

John secured employment as a commissioned salesman in July, 2020. In 2020, he received a base salary of $60,000, and $5,000 of commissions. A further $6,000 of commissions earned in December was paid to him in January, 2021. John worked away from the office negotiating sales contracts, and he is required to pay his own vehicle and promotional expenses. His employer has signed a Form T2200 certifying that require- ment, and certifying that no reimbursements are paid for any expenses John incurs to earn commissions. John incurred the following costs from July through December 2020:

Meals and entertainment for potential customers

$14,000

 Driving costs (90% of driving was for employment purposes):

?

Fuel

4,000

 

?

Insurance

750

 

?

Repairs

2,250

 

?

Leasing costs ($500 per month)

3,000


What is the maximum deduction John may claim for employment expenses in 2020?

     

Question 1                                         CHAP-4

 

   
 

Of the following statements about tax credits, which one is correct?

     
       

Question 2

 

   
 

Which of the following statements with respect to an individual's Tax Payable is  NOT correct?

     
       

Question 3

 

   
 

With respect to claiming tax credits related to an individual's child, which of the following statements is  NOT correct?

     
       

Question 4

 

   
 

Which of the following tax credits  CANNOT be transferred to a spouse?

     
       

Question 5

 

   
 

Which of the following statements is correct?

     
       
     

 

 

 

 

     
     

 

 

 

 

Question 1                                                                      CHAP-5

 

   
 

The capital cost of an asset includes a number of costs. Indicate which cost would  NOT be considered part of the capital cost.

     
       

Question 2

 

   
 

On December 1 of the current year, Plen Limited purchased a franchise for $70,000. The franchise has a limited life of 15 years. Which one of the following amounts represents the  maximum amount of capital cost allowance Plen Limited can deduct for its current year ending on December 31?

     
       

Question 3

 

   
 

ABC Enterprises began operations on September 1 of the current year. It has chosen December 31 as its year end. On October 1 of the current year, the proprietorship purchased furniture and fixtures for $40,000. The maximum capital cost allowance on the furniture and fixtures for the current year ending December 31 will be:

     
       

Question 4

 

   
 

A business acquires a rental property several years ago for $562,000, with $112,000 of this amount being the estimated value of the land. At the beginning of the current year the UCC for the property is $374,561. During the current year, the property is sold for $843,000, with $262,000 of this amount being allocated to the land. Which of the following statements is correct?

     
       

Question 5

 

   
 

Of the following pairs of terms, which pair represents terms that are analogous for accounting work and for tax work?

     
       

 

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