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In: Accounting

– IDENTIFICATION Determine the word or phrase defined, described or needed in each statement. Marcelito, a...

– IDENTIFICATION

Determine the word or phrase defined, described or needed in each statement.

  1. Marcelito, a Filipino professional singer, was engaged to guest in different television shows in various countries around the world during the current taxable year. He stayed abroad most of the time during the year. Classify Marcelito as a taxpayer.
  2. An alternative form of obtaining funds from the public, other than deposit, through the issuance, endorsement, or acceptances of debt instruments for the purpose of relending or purchasing or receivables and other obligations.
  3. A person formally certified by a professional body belonging to a specific profession by virtue of having completed a required course of study or practice, whose competence can usually be measured against an established set of standards.
  4. It is a right on property, real or personal, held by one party for the benefit of another. It may be created by will under which title to a property is passed to another for conservation or investment, with the income therefrom and ultimately the principal (object) to be distributed in accordance with the directions of the creator as expressed in the governing instrument.

Solutions

Expert Solution

Q. Marcelito, a Filipino professional singer, was engaged to guest in different television shows in various countries around the world during the current taxable year. He stayed abroad most of the time during the year. Classify Marcelito as a taxpayer.

A. Non-Resident Citizen

Q. An alternative form of obtaining funds from the public, other than deposit, through the issuance, endorsement, or acceptances of debt instruments for the purpose of relending or purchasing or receivables and other obligations.

A.Deposit Substitutes

Q. A person formally certified by a professional body belonging to a specific profession by virtue of having completed a required course of study or practice, whose competence can usually be measured against an established set of standards.

A.Professional

Q. It is a right on property, real or personal, held by one party for the benefit of another. It may be created by will under which title to a property is passed to another for conservation or investment, with the income therefrom and ultimately the principal (object) to be distributed in accordance with the directions of the creator as expressed in the governing instrument.

A.Trust

ekkarill92 answered 2 years ago
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