ACCOUNTANCY DEPARTMENT

Name:___________________________ Score:___ _
AVOID CHEATING. It is better to fail than to fool yourself. Answer the best way you can. You will
reap the rewards for that.
BE STICK TO ONE. It would be better if you choose the answer by avoiding erasures.
LEARN TO LET GO. Do not dwell too much time in one item. Move to the next and go back for it
later.

1. Peter Piper is a resident citizen, won P2,000,000 from the lottery. The lottery winning is
a. Exempt from tax c. subject to 10% final tax
b. Subject to 20% final tax d. subject to regular tax

2. Fringe benefit tax is imposed on

a. Rank and file employees
b. De minimis benefits
c. Supervisory and managerial employees
d. Fringe benefits granted for the convenience of the employer

3. Which of the following is not subject to fringe benefit tax?

a. Salary of the rank-and-file employee.
b. Salary of the supervisory and managerial employee.
c. Fringe benefit of the rank-and-file employee.
d. All of the above

4. The following earnings are subject to fringe benefit tax, except:

a. Salary of rank-and-file employee
b. Housing necessary for the trade and for the convenience of the employee.
c. Food allowance for the convenience of the employer and necessary in the conduct of
business.
d. All of the above

5. A fringe benefit that is exempt from fringe benefit tax is likewise exempt from any other
form of income tax.
Any amount given by the employer as de minimis benefits to its employees, shall not
constitute as deduction upon such employer
a. Only statement 1 is correct c. both statements are correct
b. Only statement 2 is correct d. both statements are incorrect

6. The process by which the sovereign raises income to defray the expenses of the government
is called _______________.
a. Subsidy c. Tariff
b. Taxation d. Tribute

7. Which of the following has no power of taxation?

a. Provinces c. Cities
b. Barangays d. Barrios

8. The term “de minimis benefits” does not include

a. Christmas bonus c. Rice subsidy
b. Christmas gift d. Monetized unused vacation leave

9. If an individual performs services for a creditor who in consideration thereof cancels the
debt, the cancellation of indebtedness may amount:
a. To a gift c. To a capital contribution
b. To a donation inter-vivos d. To a payment of income

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

10. A lot located in Cagayan de Oro City was sold by its owner, a resident of Iligan City, to a
buyer from Malaybalay City. The capital gains tax on the sale should be paid in
a. Cagayan de Oro City, the location of the property
b. Iligan City, the place of residence of the seller
c. Davao City, the place of residence of the buyer
d. Anywhere in the three cities

11. Kristine Corporation realized an ordinary gain of P400,000. Its capital asset transactions
during the year are as follows:
Holding Period Amount
Capital Gain 6 months P50,000
Capital Gain 2 years 45,000
Capital Loss 12 months 23,000
Capital Loss 10 years 28,000
What is Kristine Corporation’s taxable income?
a. P484,000 c. P435,500
b. P444,000 d. P44,000

12. Col Uron sold a commercial land for P5,000,000. The zonal value of the property is P3 million
while the market value in the tax declaration is P2.8 million. The tax on the transaction if
the seller is not habitually engaged in real estate business is
a. P250,000 c. P180,000
b. P300,000 d. Exempt

13. Sagarino received a residential house valued at P2,500,000 from his parents as a gift. After
a month, he sold it to Rudy for P2,000,000 only. How much is the tax liability of Sagarino
on the sale?
a. P150,000 c. P100,000
b. P120,000 d. None

14. In May 2021, a non-stock, non-profit university provided a 3-day vacation trip to Panglao
Island to the university’s executive vice president and his family. The total expenses incurred
by the school was P100,000. The fringe benefit tax is
a. P53,846 c. P35,000
b. P20,000 d. P0

15. Ivy Corporation had the following data related to fringe benefits:
Fringe benefit expense P195,000
Fringe benefit tax P52,500
Based on the above data, how much is the amount of fringe benefit given to managerial and
supervisory employees?
a. P105,000 c. P150,000
b. P126,750 d. P0

16. In 2020, Ms. Fernandez earned P450,000 compensation income but incurred P120,000 net
loss in her business. What is her taxable income assuming she incurred personal expenses
of P100,000?
a. P450,000 c. P330,000
b. P550,000 d. P570,000

17. Mr. One surrendered his life insurance policy and received a cash surrender value of
P800,000 after contributing P700,000 in annual premiums. Determine respectively the
total exclusion in gross income and the inclusion in gross income.
a. P800,000; P0 c. P100,000; P700,000
b. P0; P800,000 d. P700,000; P100,000

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

18. Ms. Llena, a resident citizen, reported the following income in 2020:
Philippines Abroad
Service fees P400,000 P300,000
Interest –bank 40,000 70,000
Compute the total gross income subject to RIT.
a. P810,000 c. P770,000
b. P700,000 d. P740,000

19. Mr. Anakin, an employee of Fuerte Corporation is receiving a monthly salary (net of P233.40
monthly withholding tax) of P21,766.60. Due to an outstanding accomplishment in July,
2019, the corporation gave him 200 shares of stock of the corporation with a par value of
P100 per share and a fair market value of P150. The fair value on the date of receipt is P152
per share.
How much is the income of Mr. Anakin in 2019?
a. P50,000 c. P294,000
b. P270,000 d. P264,000

20. Mr. Arnado had the following benefits for the year 2021:
13th month pay P45,000
Monetized unused vacation leave P20,000
Christmas bonus P10,000
Rice subsidy P30,000
Laundry Allowance P3,000
Uniform and Clothing Allowance P10,000
How much is the exempt benefit of Mr. Arnado?
a. P118,000 c. P108,000
b. P98,000 d. P153,000

21. Olan was injured in a vehicular accident in 2019. She incurred and paid hospital expenses
of P30,000 and legal fees of P15,000 during that year. In 2020, she recovered P40,000 as
settlement from the insurance company which insured the car owned by Zach, the other
party involved in the accident. From the above payments and transactions, the amount of
income taxable to Olan is:
a. P40,000 in 2020 c. P5,000 in 2019
b. P5,000 in 2020 d. None

22. Which of the following is a taxable income?

a. Income from qualified pension plan
b. Compensation for personal injuries
c. Moral damages
d. Interest on moral damages

23. On October 1, 2019, Ruiz inherited properties worth P3,000,000 from her mother. The
properties are earning income of P90,000 a month. How much is to be declared by Ruiz in
2019?
a. P3,090,000 c. P3,270,000
b. P3,000,000 d. P270,000

24. Mr. Santiago purchased a life annuity of P100,000 which will pay him P10,000 a year. The
life expectancy of Mr. Santiago is 12years. Which of the following will Mr. Santiago be able
to exclude from his gross income?
a. P100,000 c. P10,000

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

b. P20,000 d. P120,000

25. Christ is employed by Gullas Medical Hospital as an ambulance driver with a salary of
P20,000 a month. In addition, he is given free meals with a monthly value of P4,500 and
living quarters within the hospital compound with an equivalent value of P2,000 a month.
The monthly taxable compensation income of Christ is
a. P20,000 c. P26,500
b. P24,500 d. P22,500

Niejean had the following data from his employment in 2019

Monthly salary, at gross P24,000
Taxes withheld 8,000
Pag-ibig fund contributions 1,500
Union dues 2,400
Philhealth contributions 720
SSS Premiums 4,480
13th month pay 24,000
Mid-year bonus 12,000
Loyalty award 5,000
26. The non-taxable compensation income if Niejean is a rank-and-file employee is
a. P5,100 c. P29,000
b. P50,100 d. None

27. The gross compensation income of Niejean in 2019 is

a. P144,000 c. P329,000
b. P150,000 d. P138,900

28. The taxable compensation income is

a. P252,000 c. P329,000
b. P278,000 d. P138,000

29. The tax payable and due is

a. P400 c. P15,800
b. P5,600 d. P0

30. Which of the following compensation payments to a minimum wage earner is subject to
income tax?
a. Holiday pay c. Nigh shift differential
b. Overtime pays d. None of the above

Honeyrose received the following income in 2021:

Business income, Philippines P300,000

Business income, United States 250,000
Expenses, Philippines 200,000
Expenses, United States 125,000
Interest on deposit with Metrobank 3,000
Interest on deposit in U.S. ($1 = P50) $500
Cash prize won in a local contest P6,000
Cash prize won in a contest in U.S. 10,000
Winnings in lotto 20,000
Winnings in lotto in U.S. 50,000
Dividends from SMC, a domestic company 25,000

31. The taxable income if Honeyrose is a resident citizen, single is

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;
IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

a. P316,000
b. P331,000
c. P66,000
d. P61,000

32. The gross income if Honeyrose is a non-resident alien ETB, married with five (5) dependent
children
a. P106,000
b. P56,000
c. P74,000
d. None

Records revealed the following earnings of Ms. Abadilla, a resident Filipino citizen, during the taxable
year:

Salary as a university professor, net of P70,000 withheld tax P840,000

Income derived from accounting services, net of 10% creditable tax 472,500
Rent Income, net of 5% CWT 399,000
Interest income, net of 20% final tax (Metrobank) 28,000
Dividend income, net of 10% final tax (Jollibee) 15,750
Gain from sale of personal car 10,500
Gain from sale of shares of stocks- outside stock exchange, net of 5% final tax 9,975

33. How much income is classified as compensation income?

a. P1,435,000
b. P1,312,500
c. P840,000
d. P910,000

34. How much is the total amount of income classified as income from profession and business?
a. P945,000
b. P955,500
c. P910,000
d. P420,000

35. How much gross income is classified as passive income?

a. P73,500
b. P52,500
c. P53,725
d. P43,750

36. How much income classified as capital gains?

a. P21,000
b. P52,500
c. P43,750
d. P36,750

The real property classified as capital asset with cost of P400,000 was sold by installments in 4 years
including the year of sale with the following terms:

Down payments:
Cash P50,000
Fair market value of property received as part of non-cash 100,000
Mortgage assumed by the buyer 450,000
Installment Payments:
“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;
IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

First year (end of the year of sale) 100,000

Second year 200,000
Third year 300,000
Fourth year 400,000
37. How much is the selling price of the installment sales?
a. P2,000,000
b. P1,600,000
c. P1,800,000
d. P1,300,000

38. How much is the contract price?

a. P2,000,000
b. P1,800,000
c. P1,200,000
d. P1,600,000

39. A citrus farm reported the following:

Year Cost Harvest at Selling Price
1 P100,000 -0-
2 P200,000 P350,000
3 P50,000 P150,000
4 P50,000 P400,000
How much should be the amount of reportable income in year 3?
a. P50,000
b. P100,000
c. P150,000
d. P500,000

40. A farmer started planting pulp trees in year 1 and harvested the three in year 3 and year 5
with an amount of P1,100,000 and P900,000 respectively. The total direct costs related to
the harvested are as follows:
Year 1: P300,000 Year 2: P100,000 Year 3:
P100,000
Year 4: P100,000 Year 5: P400,000
His income under crop basis of reporting is
a. Year 1: -0-; Year 2: -0-; Year 3: P600,000; Year 4: -0-; Year 5: P400,000
b. Year 1: -0-; Year 2: -0-; Year 3: P1,000,000; Year 4: -0-; Year 5: P600,000
c. Year 1: -0-; Year 2: -0-; Year 3: -0-; Year 4: -0-; Year 5: P1,000,000
d. Year 1: P1,000,000; Year 2: -0- ; Year 3: -0-; Year 4: -0-; Year 5: -0-

41. Who among the following is a non-resident alien?

a. An alien who comes to the Philippines for a definite purpose which in its nature
may be promptly accomplished.
b. An alien who comes to the Philippines for a definite purpose which in its nature
would require an extended stay.
c. An alien who has acquired residence in the Philippines.
d. An alien who lives in the Philippines with no definite intention as to his stay.

42. All of the following, except one, are taxable on income within only:
a. Resident alien
b. Nonresident citizen
c. Resident citizen
d. Nonresident alien

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

43. Who among the following individual taxpayers is taxable on income within and
without?
a. Alcazar, a native of General Santos City, working as overseas contract worker in
Iraq.
b. Philander Rudyman, naturalized Filipino citizen and married to a Filipina. He had
been living in Olangapo City since 1970.
c. Rodrigo de la Hoya, Spanish citizen, a resident of Madrid, Spain, spent a one (1)
week vacation trip in Boracay.
d. Dao Ming So, Taiwanese singer, held a 3-day concert in Manila.

44. Which of the following statements is correct about a non-resident alien?

a. Taxable on income within and without
b. May be entitled to claim personal exemption
c. Subject to tax based on taxable income
d. Shall be taxable on income derived from sources within Philippines.

45. Which of the following income derived from within the Philippines by a resident
individual is not subject to the rates in Section 24(A) of the NIRC?
a. Salary received by a managing partner of a general professional’s partnership.
b. A passive income in the form of a prize won in a raffle amounting to P4,000.
c. A gain from sale of a motor vehicle as another income of a taxpayer who is a
compensation income earner.
d. A gain on sale of a real property for private use of the family of the taxpayer.

46. Which of the following income is subject to final tax if received by an individual
taxpayer?
I. Share of a partner in the net income of a business partnership.
II. Cash dividend received by a stockholder from a domestic corporation
III. Winnings in lotto.
IV. Raffle prizes amounting to P6,000.
a. I, II and III
b. III and IV
c. I, II and IV
d. I, II, III, and IV

47. Which of the following statements is incorrect on winnings of a resident citizen?

a. Lotto winnings in the United States of a Filipino residing in the Philippines is
taxable in the Philippines.
b. Lotto winnings of P100,000,000 sponsored by the Philippine Charity Sweepstakes
Office is not taxable to a resident citizen.
c. Winnings of a brand-new car in a raffle draw sponsored by a shopping mall is
taxable.
d. Winnings in a raffle draw sponsored by a cigarette company is subject to final
withholding tax.

48. Passive income includes income derived from an activity in which the earner does not
have any substantial participation. This type of income is
a. usually subject to final tax
b. exempt from income taxation
c. taxable only if earned by a citizen
d. included in the income tax return.

49. In 2018, ABC Corp. hired Ms. R. Escala as sales manager for cosmetics. In accordance
with her conditions for employment, she was given the following compensation and
fringe benefit:
Salary P200,000/month
Three handsome houseboys as maids P8,000 per maid/ month

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

A macho personal driver P10,000/month

Home owner’s association dues P1,200/year
The fringe benefit tax due is
a. P108,424
b. P192,565
c. P201,452
d. P220,338

50. As a means of promoting the health, goodwill and efficiency of his employees,
employer A gave rank and file employee B the following fringe benefits in 2020:
Monetized unused vacation leave of 15 days P9,000
Rice subsidy 24,000
Uniform and clothing allowance 8,000
Achievement award for length of service in the form of tangible personal property 75,000
Gifts given during Christmas and major anniversary celebrations 10,000
13 month pay
th
38,000
The amount of taxable fringe benefit is
a. P25,000
b. P23,000
c. P18,000
d. P10,000

51. Which capital asset is not subject to regular tax?

a. real property held for sale by a dealer
b. real property held as investment by a non-realty dealer
c. domestics stock held by a security dealer
d. foreign stocks

52. Which of the following constitutes a long-term holding period/

a. An asset acquired on November 30,2019 and was disposed of on
November 28, 2020.
b. An asset acquired on March 13, 2019 and was disposed of on January31,
2020.
c. An asset acquired on November 28, 2018 was and disposed of on
November 29, 2018.
d. An asset acquired on March 28, 2019 and was disposed of on April 30,
2020.

53. Holding period is the duration for which the taxpayer held the capital asset.
A capital asset held by the taxpayer for not more than 12 months is said to be.
a. short-term
b. medium-term
c. long-term
d. co-terminus

54. The following rules as to recognition of capital gains or losses from the disposition of
personal property classified as capital asset apply where the taxpayer is an individual.
Which is the exception?
a. Depending on the holding period, the percentages of gain or loss is 100%
if the capital asset has been held for 12 months or less; and 50% if the capital
asset has been held for more than 12 months.
b. Capital losses are deductible only to the extend of the capital gains; hence,
the net capital loss is not deductible.
c. Ordinary losses are deductible from capital gains but net capital loss
cannot be deducted from ordinary gain.

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

d. Net capital loss carry over in a taxable year should not exceed the capital
gain in the year the loss was incurred.

55. A taxpayer had the following dealings in properties:

Short-term capital gain P200,000
Long-term capital gain 100,000
Short-term ordinary gain 50,000
Long-term ordinary gain 150,000
Short-term capital loss 100,000
Long-term capital loss 150,000
Short-term ordinary loss 200,000
Long-term ordinary loss 120,000
Assuming that the taxpayer is an individual, compute respectively the total items of gross
income and the total items of deductions from gross income.
a. P200,000; P260,000
b. P210,000; P240,000
c. P275,000; P320,000
d. P175,000; P320,000

56. Based on the preceding number, compute respectively the total items of gross income
and the total items of deductions from gross income in regular income tax assuming
that the taxpayer is a corporation.
a. P500,000; P570,000
b. P500,000; P320,000
c. P250,000; P570,000
d. P250,000; P320,000

57. Henedina, a non-security dealer, presented the following information for the year
2018:
Short Term Long Term
Capital Gains
Sale of domestic stocks directly to buyer P40,000 P50,000
Sales of domestic bonds directly to buyer 40,000 20,000
Ordinary gains:
Sale of equipments 20,000 10,000
Capital loss:
Sale of foreign stocks 10,000 10,000
Sale of domestic stocks directly to buyer 10,000 -
Ordinary loss:
Sale of old machine - 40,000
Henedina has business income totaling P500,000 including P18,000 dividend income from
a domestic corporation.
Compute the total income of Henedina subject to progressive (regular) taxation.
a. P497,000
b. P507,000
c. P517,000
d. P522,000

58. Based on the preceding problem, compute Henedina’s net capital gains tax due on the
sale of domestic stock directly to buyer.

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

a. P3,000
b. P5,000
c. P8,000
d. P12,000

59. Globex Corporation reports the following dealings in capital assets:

2018 2019
Net Income P10,000 P80,000
Capital gains 30,000 50,000
Capital loss 45,000 20,000
Compute the net capital gains in 2019.
a. P30,000
b. P20,000
c. P15,000
d. P0

60. Two years after acquisition, DEF Corporation disposed a real property capital asset for
P3,000,000 at a P300,000 discount from its fair value. The property was acquired for
P2,000,000 when its fair value was P2,100,000.
Compute the capital gains subject to regular tax.
a. P3,000,000
b. P1,300,000
c. P1,000,000
d. P0

61. All of the following cannot claim deductions, except

a. Non-resident corporation
b. NRA-NETB
c. Resident citizen who is a pure compensation earner
d. Non-resident citizen engaged in trade or business

62. Which statement is incorrect regarding deductions?

a. The claim of deduction, similar to exemption, is construed against the
taxpayer
b. Deductions must be duly supported with receipts, invoices and evidence of
withholding
c. The unreasonableness of deduction is up to the BIR to prove.
d. The incurrence of an operating loss is an indication of an unreasonable
expense.

63. A taxpayer paid the following salaries during the year:

Salaries of administrative employees P80,000
Salaries of sales and marketing employees 70,000
Salaries of factory production workers 120,000
Compute the deductible salaries expense.
a. P270,000
b. P200,000
c. P150,000
d. P120,000

64. On September 30, 2018, a taxpayer borrowed P1,000,000 at 10% annual interest to
finance his acquisition of a luxury car.
Compute the deductible interest expense in 2018.
a. P0
b. P25,000
c. P50,000
“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;
IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

d. P75,000

65. Mr. Jun, a professional practitioner, incurred the following expenses during the period:
Salaries of household maid P50,000
Salaries of office staff 30,000
Office utilities 12,000
Office supplies 8,000
Depreciation of personal car 15,000
Depreciation of office equipment 20,000
Compute the total deductible expenses.
a. P50,000
b. P70,000
c. P100,000
d. P135,000

66. Balanga, Inc. contributed P500,000 for its pension fund inclusive of P200,000 funding
of current service cost. How much is the deductible pension expense?
a. P200,000
b. P230,000
c. P300,000
d. P500,000

67. Entertain Corporation set up a plan in 2019. The following relate to the fund:
2019 2020
Funding of current service cost P400,000 P400,000
Funding of past service cost 300,000 200,000
Compute the deductible pension expense in 2019.
a. P340,000
b. P400,000
c. P430,000
d. P700,000

68. Based on the preceding problem, compute the pension expense in 2020.
a. P420,000
b. P430,000
c. P450,000
d. P600,000

69. Mr. Pedro reported the following income and expenses in 2020:
Gross compensation income P455,000
Gross income from business 500,000
Fully deductible contributions 50,000
Deductible contributions with limit 75,000
Other allowable deductions 200,000
Mandatory payroll deductions 25,000
Exempt benefits 30,000
Compute the deductible contribution expense.
a. P125,000
b. P80,000
c. P70,000
d. P65,000

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT
 ACCOUNTANCY DEPARTMENT

70. Affluent, Inc., a resident corporation, is engaged in both sales of service and sales of
goods. A summary of its operation is provided as follows:
Sales of Service Sales of Goods
Gross Receipts P4,500,000 Net Sales P7,500,000
Direct costs of services 2,500,000 Cost of goods sold 4,500,000
Other deductible expenses 1,000,000 Other deductible expenses 3,000,000

Entertainment expenses incurred Entertainment expenses:

for:
For client visitors P42,000 P48,000
GROs and call boy entertainers 20,000 10,000
Government officials 30,000 18,000
How much is the deductible entertainment, amusement and recreation expenses?
a. P97,000
b. P79,500
c. P71,250
d. P70,000

“SUCCESS US NOT FINAL; FAILURE IS NOT FATAL;

IT IS THE COURAGE TO CONTINUE THAT COUNTS.”
- WINSTON S. CHURCHILL
TAXATION – 1ST MONTHLY ASSESSMENT