Beruflich Dokumente
Kultur Dokumente
b. True, false
c. False, true
d. False, false
3. If par value shares are now treasury shares, the following rules are applicable,
except one. The exception is
a. They shall have no voting rights as long as they remain in the treasury
b. They are not entitled to dividends
c. They may gain be disposed of for a reasonable price even below par
d. They are not part of subscribed stock and not considered as outstanding
shares
4. Which of the following statements is correct?
a. When a vacancy in the board arises, such vacancy maybe filled by the
remaining directors provided they still constitute a quorum.
b. The officers of a non-stock corporation maybe elected directly by the
members instead of by the board of trustees
c. The number of trustees in a non-stock corporation maybe five (5) but not
more than fifteen (15)
d. A director individually and acting as such can bind the corporation because
he is an agent of the corporation.
5. May not require stockholders approval
a. Declaration of stock dividend
b. Management contract
c. Amendment of By-laws
d. Removal of a director
6. Statement I- Unless the by-laws provides, the Chairman of the Board presides
the meetings of the Board
Statement II- Unless the by-laws provides, the President presides the meetings
of stockholders.
a. True, true
b. True, false
c. False, true
d. False, false
04/25/11
c. Resolution A needs stockholders approval. Resolution B is valid
d. Resolution A is not valid. Resolution B needs stockholders approval
8. Land Corporation is a non-stock, non-profit corporation whose articles of
incorporation provide for 9 trustees. The trustees elected and their respective
terms are: A, B, and C for 3 years; D, E, and F for 2 years; G, H, and I for 1 year.
After one year, J, K and L were elected to replace G, H and I whose term expired,
while M and N were elected to replace B and E, respectively who resigned after
one year in office. What is the term of office of:
L
a.
b.
c.
d.
3
3
1
2
years
years
year
years
3 years
2 years
2 years
2 years
3 years
1 year
1 year
2 years
9. A is the listed owner of 10,000 with par value of P100/share common shares in
ABC Corporation. ABC sued A for the payment of As indebtedness of P1M. A
contends that such debt must be compensated by his shares of stocks with the
plaintiff corporation. The contention of A is:
a. Valid due to legal compensation
b. Valid by virtue of judicial compensation
c. Untenable since he is not a creditor of the corporation
d. Automatically extinguished if the fair market value of the shares is P1M
10.In the partnership of A, B, C and D, D was designed as the managing partner. Ds
able management prevented the firm to suffer from the economic turbulence
caused by the instability of the Philippine peso. Partners A, B and C became
jealous of Ds good name. As a result, D was capriciously and whimsically
removed as manager without a valid cause without a valid cause. Is the removal
valid?
a. Yes, Ds removal is valid even without his consent
b. Yes, provided it is approved by all the other partners
c. No, Ds appointment is irrevocable without a just or lawful cause
d. No, D can only be removed for a valid cause with vote of the partners
owning the controlling interest
11.A and B entered into a universal partnership of all present property. No stipulation
was made regarding future property. After the perfection of the contract, A
inherited a parcel of land and B acquired a car as remuneration for services
rendered. The properties acquired after the perfection of the contract belong to
Land
Car
Land
Car
a.
b.
A
A
B
Partnership
c. Partnership
d. Partnership
B
Partnership
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13.In case the members of the board of directors of a corporation still constitute a
quorum, and there are vacancies who fill up such vacancies?
Removal
Resignation
Expiration of term
Increase in the number
of Directors
a. Stockholders
Board
Stockholders
Board
b. Board
Board
Stockholders
Stockholders
c. Stockholders
Board Stockholders
Stockholders
d. Stockholders
Stockholders
Board
Stockholders
14.Spouses H and W are under the regime of absolute community of property. H,
through violence and intimidation obtained the signature of W to a contract of
sale involving Ws exclusive property in favor of H. The fair market value of the
property is P1M but the selling price is only P700,000. The sale is
a. Rescissible
b. Voidable c. Unenforceable d. Void
15.A contract of loan is
a. A consensual contract
b. A real contract
c. A formal contract
d. A solemn contract
16.A, husband and B, wife are legally separated. By order of the court, which decreed
the legal separation. A is obliged to give a monthly support of P50,000 to B
payable in advance within the first five days of the month. B owes A P50,000 by
way of loan. On the other hand, A has not yet given B support of P50,000 for the
preceding month and another P50,000 of the present month. All the debts are
already due. Based on the foregoing, which of the following statements is
incorrect?
a. If B demands her support for the preceding month, A may set up
compensation as regards the loan that B owes him
b. If B demands her support for the current month, A may claim compensation
as regards the loan that B owes him
c. If A demands payment of the loan, B may set up compensation as regards
her support the preceding month that A owes her
d. If A demands payment of the loan, B may set up compensation as regards
her support the current month that A owes her
17.On January 1, 2010, A bought a parcel of land from B who was insane. The deed
of sale was duly acknowledged before a notary public. Six months after the sale,
A realized that he needed a larger area on which to construct a commercial
building. At about the same time, B who had been undergoing psychiatric
treatment was declared of sound mind by his neurologist. Should a court action
be filed today, which is correct?
a. A may successfully prosecute a court action to annul the contract on the
ground of Bs insanity
b. B may successfully prosecute a court action to annul the contract on the
ground of his insanity
c. Neither A nor B may successfully prosecute a court action to annul the
contract
d. A may successfully prosecute a court action to annul the contract on the
ground of mistake as to the area of the parcel of land
18.A delivered to B the following instrument:
In payment of gambling debt, A made a promissory notes which reads: I promise
to pay to B P10,000 Sgd. A. B indorsed the note in blank before maturity and
delivered it to C for value. When due, A refused to pay and C sued B. Could C
recover from B?
a. No, C could not sue B because B did not write the name of C as indorsee
b. No, the instrument is not negotiable and B is a mere assignor of credit
3
04/25/11
c. Yes, provided C gives notice of dishonor to B otherwise B is discharged from
liability
d. Yes, the endorsement will be considered as an assignment, hence B will be
liable as an assignor of the instrument
19.Using the preceding number, but the note is in payment of merchandise
purchased by A from B and A failed to pay due to insolvency. Could C collect from
B?
a. No, C could not sue B because B did not write the name of C as indorsee
b. No, the instrument is not negotiable and B is a mere assignor of credit
c. Yes, provided C gives notice of dishonor to B otherwise B is discharged from
liability
d. Yes, the endorsement will be considered as an assignment, hence B will be
liable as an assignor of credit
20.What is the effect of the loss of the prestations in an alternative obligation where
the right of choice belongs to the debtor and the loss is due to his fault?
A. If only one remains, the obligation still subsists, but it ceases to be
alternative as it becomes a simple obligation
B. If two or more objects remain, the obligation still subsists retaining its
alternative character
C. If none remains, the obligation is extinguished because he chose not to
give anything
a. A and B
b. A and C
c. B and C
d. A, B and C
21.In payment of 10 grams of shabu, A made a promissory note which reads I
promise to pay B P10,000 Sgd. A. B transferred the note to C, who acted in good
faith. Which is correct?
a. C can collect from A
c. C can collect from either A
or B
b. B can collect from A
d. C can collect from B
22.A and B are solidary debtors of C for P100,000 which is due on August 1, 2010.
Thinking that the obligation is already due, A paid C P100,000 on August 1, 2009.
What rights will A have on February 1, 2010?
a. A can recover P50,000 reimbursement from B without interest
b. A can recover P100,000 from C plus interest from August 1, 2009 to
February 1, 2010
c. A can recover P50,000 reimbursement from B with interest from August 1,
2009 to February 1, 2010
d. A cannot recover yet from either B because the obligation is not yet due or
C because the payment was voluntary
23.Using the preceding number, but it is already September 1, 2010, which of the
following is correct?
a. A can recover from C only the interest from August 1, 2009 to July 31, 2010
b. A can recover P50,000 from B plus interest from August 1, 2009 to August
1, 2010
c. A can recover P50,000 from B plus interest from August 1, 2009 to
September 1, 2010
d. A can recover from C only the interest from August 1, 2009 to September 1,
2010
24.M delivers a negotiable promissory note payable to P or order. Later, P makes a
special indorsement to A and A delivers the note to B. who is the holder?
a. B, because he is in possession of the note
b. A, because he is the indorsee
c. P, because he is the payee
d. No one can be considered as holder
4
04/25/11
25.A issued a negotiable promissory note to the order of B for P10,000 payable in 30
days after date. Later, B endorsed the note to C. then X stole the note from C,
forged the signature of C and negotiated it to D, and D to E, E to F, the holder. On
maturity of the note, which of the following statements is not correct?
a. F can collect from either D or E because their signature are genuine and
the note is operative against them
b. F can collect from A because A cannot put up forgery as his defense as his
signature is genuine
c. F cannot collect from C because it was Cs signature which was forged
d. F cannot collect from B because B is a party prior to the forgery
26.A owes B P10,000 as gambling debt and A issued a promissory note to B to cover
the debt, as follows:
I promise to pay B or order P10,000. Sgd. A
Which of the following statements is correct?
a. B can collect from A because the note is negotiable
b. B cannot negotiate the note because the consideration between A and B is
illegal
c. If B negotiates to C, a holder in due course, C can collect from A
d. A is not liable because of illegal consideration
27.A, minor issued a promissory note to B as follows:
I promise to pay B or order P10,000. Sgd. A
Which of the following statements is not correct?
a.
b.
c.
d.
28.G was appointed as guardian of M, the latter being 17 years old. Later, without
authority from G, M sold Gs watch in writing to B valued at P100,000 for P70,000,
suffering lesion by more than of the value, the contract is
a. Rescissible
b. Voidable c. Unenforceable d. Void
29.A, sells to B a Sony Colored TV for P12,000 payable in twelve equal monthly
installments beginning May 5, 2010 and every 5 th day of each month thereafter.
The contract provides that upon failure to pay any installment due, the whole
balance become due and demandable. To secure the obligation, a chattel
mortgage over the TV set was executed. When B defaulted in the 7 th and 8th
installments A sued B for the payment of the whole balance of P6,000. The TV set
was levied and subsequently sold at a public sale for P5,000. Can A still recover
the deficiency of P1,000 from B?
a. Yes, if there was stipulation to that effect
b. Yes, even though there was no stipulation
c. No, any stipulation allowing recovery is void
d. No, if there was no stipulation to that effect
30.X, Y and Z are joint creditors of A, B,
P60,000. How much can X and Y collect
a. X and Y can collect P30,000 from
b. X and Y can collect P40,000 from
c. X and Y can collect P45,000 from
d. X and Y can collect P30,000 from
5
04/25/11
31.A promissory note reads I promise to pay to the order of B, P1,000. Sgd. A. Then
B made a qualified indorsement to C. on maturity, A dishonors the instrument on
the ground of total absence of consideration between him and B. After giving
notice of dishonor, which of the following is not correct?
a. C can collect from B, only if he is a holder in due course
b. C can collect from B, even if he is not a holder in due course
c. C can collect from B, regardless of whether or not he is a holder in due
course
d. C can enforce the instrument against A, if he is a holder in due course
04/25/11
36.A made a negotiable promissory note payable to the order of B. Later, B made a
blank indorsement to C and C delivered the note to D, who likewise delivered the
note to E. E made a special indorsement to F and F made a qualified indorsement
to G. Which of the following is correct?
a. The indorsement made by E is not necessary because the instrument was
converted to bearer, hence the indorsement made F can be stricken out
b. C and D are not liable because they negotiated the instrument by delivery
c. If the instrument is dishonored by A, the present holder G cannot go after C
and D
d. Bs indorsement can be stricken out because Ds blank indorsement
converted the instrument to bearer
If
If
If
If
A
A
A
A
39.S sold his car to B on instalments and a chattel mortgage was constituted on the
car. B defaulted in two instalment payments. S foreclosed the chattel mortgage
and sold the car at a public auction. If there is deficiency, can S recover the
deficiency?
a. Yes, even without stipulation
c. No, even if there is
stipulation
b. Yes, if there is stipulation
d. No, unless there is stipulation
40.B borrowed P100,000 from S secured by a pledge on Bs diamond ring. The debt
is payable in instalment. When B defaulted in 2 installment payments, S
foreclosed the pledge and sold the diamond ring at a public auction. If there is
excess, who is entitled to the excess?
a. B, even without stipulation
c. B unless there is stipulation
b. S, only if there is stipulation
d. S, even without stipulation
41.Which of the following is taxable on income from within and without the
Philippines?
a. Justin Bigger, a Canadian citizen who stayed in the Philippines for 181 days
b. Taylor Sweep, an American citizen, married to Dan Lloyd Cruz. She had
been living in manila since 1999
c. Dan Delacruz, a native of Milan, Italy, now a naturalized Filipino citizen and
living in Quezon City since 2000
7
04/25/11
d. Dingdan Dantes, a Filipino citizen born in Sampaloc Manila but working as
overseas contract worker in Malaga, Spain
42.Which of the following is taxable only on estate from within the Philippines?
a. Manny Pasyal, a Filipino overseas contract worker residing in Saudi Arabia
b. Antonio Barreta, a Mexican, married to a Filipina and living in Manila since
2005
c. Yao Ming Soo, a Taiwanese, now a naturalized Filipino citizen and living in
Makati since 2002
d. Oscar dela Hoy, an American professional boxer residing in USA
43.The gross receipts of A, a lessor from his residential units for the year, show:
Monthly Rent/Unit
No. of Units
Total
Php 10,000
20
Php 2,400,000
Php 12,000
10
1,440,000
Php 14,000
6
840,000
Php 16,000
10
1,920,000
The output VAT is
a. Php 792,000
b. Php 504,000
c. Php 230,400
d. Php 318,400
44.ABC the corporation a vat-registered enterprise has the following sales for the
month:
Sale to private entities
Php 2,000,000
1,000,000
1,000,000
Php 4,000,000
Php 80,000
20,000
40,000
b. Php 160,000
c. Php 40,000
d. Php 0
45.Using the preceding number, the amount not available for input tax credit but
may be recognized as cost or expense is
a. Php 140,000
b. Php 70,000
c. Php 60,000
d. Php 80, 000
46.The export sales amounting to Php 2,000,000 of a non-vat enterprise is
a. Exempt form vat
c. Subject to 12% vat
b. Subject to 0% vat
d. Subject to percentage tax
04/25/11
47.Proceeds of life insurance where a third person other than the executor, or
administrator or the decedent is the beneficiary is
a. Part of gross income whether revocable or irrevocable
b. Not part of gross income whether revocable or irrevocable
c. Part of gross estate whether revocable or irrevocable
d. Not part of gross estate whether revocable or irrevocable
48.Date assessment was received
March 8, 2011
April 8, 2011
c. March 8, 2012
7,
b. June 2, 2011
7,
b. June 7, 2011
the above data, which of the following is correct? The cash dividend is
Exempt from income tax if he is a resident citizen
Partly taxable if he is a resident alien
Taxable in full if he is a non-resident alien
Exempt form income tax if he is a non-resident citizen
04/25/11
d. If living quarters or meal are furnished to an employee for the convenience
of the employer, the value thereof should be included as part of
compensation income
54.The following are the requirements to exempt retirement pay due to old age from
income tax, except:
a. The retiree must be a senior citizen
b. The retirement program is approved by the BIR
c. The retirement pay should have been availed of for the first time
d. The retiree should have been employed for at least 10 years
55.Mr. A files his ITR for 2007 on April 1, 2008 and paid the tax due thereon of
P100,000. The BIR made an assessment on April 15, 2011 which shows that the
correct income tax due should have been P150,000 requiring payment on or
before July 15, 32011. The assessment was received by Mr. A on June 1, 2011. Mr.
A can
a. Ignore the assessment because June 1, 2011 is beyond 3 years form April
1, 2008
b. Ignore the assessment because June 1, 2011 is beyond 3 years form April
15. 2011
c. Appeal to the CTA within 30 days from June 1, 2011
d. Dispute the assessment with the CIR within 30 days from June 1, 2011
56.A filed his income tax return for calendar year 2010 on March 20, 2011. When is
the last day for the BIR to collect, assuming A did not pay the tax due upon filing?
a. March 20, 2014
b. April 15, 2014
c. April 15, 2016
d. March 20,
2015
57.Using the above data, assuming A files his income tax return on April 20, 2011
and the return is not fraudulent , when is the last day for the BIR to make an
assessment?
a. April 20, 2014
b. April 15, 2016
c. March 10, 2018
d. April 15,
2016
58.Using the data above, if the BIR issued a deficiency income tax on March 10,
2013, when is the last day for the BIR to collect?
a. March 10, 2016
b. April 15, 2016
c. March 10, 2018
d. April 15,
2016
59.Which of the following statement is not true?
a. Only compulsory heirs will inherit in case of intestate succession
b. The sharing of heirs in testamentary succession must satisfy the rules of
legitime
c. A compulsory heir can demand more than his legitime in case of
testamentary succession
d. There can be disinheritance of a compulsory heir
60.A vat-registered taxpayer acquired the following depreciable assets during the
month:
Equipment
included
Acquisition
Cost,
8 years
P800,000
5 years
P400,000
3 years
P300,000
b. P3,400
c.P2,800
10
d. P3,000
vat
not
04/25/11
61.The gross estate of A includes P80,000 receivable which is duly notarized from
debtor B whose records shows:
a. Assets
P100,000
b. Indebtedness to:
i.
Government by way of taxes
40,000
ii.
A
80,000
iii.
Other creditors
20,000
The deductible claims against insolvent person is
a. P80,000
b. P29,285
c. P48,000
d. P32,000
04/25/11
a. The assessment and collection of all national internal revenue taxes, fees
and charges
b. The enforcement of all forfeitures, penalties and fines
c. The granting of tax exemption and other tax incentives to taxpayer
d. The execution of judgement in all cases decided in its favor by the Court of
Tax Appeal and the ordinary courts
69.Statement 1 Born of a poor family in 1963, A worked his way through college.
After working for 20 years, A decided to retire in 2011 and avail of the benefits
under a very reasonable retirement plan maintained by his employers for those
who have rendered continuous service for at least 20 years. A received P1M as
retirement benefits.
Statement 2 Mrs. B, wife of a deceased employee received financial benefits
voluntarily
voted upon by the Board of Directors of the employer company in
recognition of her husbands
long,loyal and dedicated service and primarily to
help her meet financial needs.
a.
b.
c.
d.
12
04/25/11
74.In 2010 ABC Corporation paid for the annual rental of a residential house used by
its general manager amounting to P544,000. The entry to record the benefit is
a. Fringe Benefits Expense
Fringe Benefits Tax Expense
Cash
b. Fringe Benefits Expense
Fringe Benefits Tax Expense
Cash
c. Fringe Benefits Expense
Fringe Benefits Tax Expense
Cash
d. Fringe Benefits Expense
Fringe Benefits Tax Expense
Cash
P544,000
256,000
P800,000
P544,000
128,000
P672,000
P272,000
128,000
P400,000
P272,000
256,000
P528,000
04/25/11
a. Subject to scheduler tax
b. Not subject to income tax
partly
14
04/25/11
ANSWERS: (April 25, 2011)
1. D
21.D
2. C
22.B
3. D
23.A
4. B
24.D
5. C
25.B
6. C
26.C
7. C
27.A
8. B
28.C
9. C
29.B
10.A
30.A
11.B
31.A
12.A
32.D
13.C
33.C
14.D
34.C
15.B
35.B
16.B
36.C
17.B
37.A
18.D
38.B
19.B
39.C
20.A
40.D
81.
82.
83.
84.
85.
86.
87.
88.
41.C
42.D
43.C
44.A
45.B
46.A
47.B
48.D
49.C
50.A
51.B
52.D
53.B
54.A
55.D
56.B
57.A
58.C
59.C
60.B
89.
90.
91.
92.
93.
94.
95.
96.
97.
15
61.D
62.D
63.D
64.C
65.B
66.D
67.A
68.C
69.C
70.B
71.A
72.A
73.B
74.B
75.D
76.C
77.C
78.D
79.D
80.B
98.