ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY
CPA Review Batch 41  May 2021 CPA Licensure Examination
REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
Atty. J. Domingo  Atty. N. Soriano
1. ____________________are those who compose a corporation, whether as
stockholders or shareholders in a stock corporation or as members
in a nonstock corporation.
a. Corporators
b. Incorporators
c. Promoters
d. Underwriters
2. ____________________are those stockholders or members mentioned in
the articles of incorporation as originally forming and composing
the corporation and who are signatories thereof.
a. Corporators
b. Incorporators
c. Promoters
d. Underwriters
3. Holders of nonvoting shares shall nevertheless be entitled to vote
on the following matters
a. Amendment of the articles of incorporation
b. Adoption and amendment of bylaws;
c. Sale, lease, exchange, mortgage, pledge, or other disposition
of all or substantially all of the corporate property
d. All of the above
4. Holders of nonvoting shares shall nevertheless be entitled to vote
on the following matters
a. Incurring, creating, or increasing bonded indebtedness
b. Increase or decrease of authorized capital stock
c. Merger or consolidation of the corporation with another
corporation or other corporations
d. All of the above
5. No-par value shares must be issued for a consideration of at least
a. Five pesos per share
b. One peso per share
c. Ten pesos per share
d. One hundred pesos per share
6. For founders’ shares, where the exclusive right to vote and be
voted for in the election of directors is granted, it must be for a
limited period not to exceed ____ year/s from the date of
incorporation
a. One
b. Two
c. Five
d. Ten
7. These are shares of stock which have been issued and fully paid
for, but subsequently reacquired by the issuing corporation through
purchase, redemption, donation, or some other lawful means.
a. Redeemable shares
b. Treasury shares
c. Watered stocks
d. Nominal shares
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ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
8. Any person, partnership, association or corporation, singly or
jointly with others but not more than __________ in number, may
organize a corporation for any lawful purpose or purposes:
a. 5
b. 10
c. 15
d. None of the above
9. A corporate term for a specific period may be extended or shortened
by amending the articles of incorporation: Provided, That no
extension may be made earlier than ________ years prior to the
original or subsequent expiry date(s) unless there are justifiable
reasons for an earlier extension as may be determined by the
Commission:
a. Two
b. Three
c. Five
d. Ten
10.
Unless otherwise prescribed by this Code or by special law,
and for legitimate purposes, any provision or matter stated in the
articles of incorporation may be amended by a majority vote of the
board of directors or trustees and the vote or written assent of
the stockholders representing at least _______ of the outstanding
capital stock, without prejudice to the appraisal right of
dissenting stockholders in accordance with the provisions of this
Code.
a. 1/3
b. ½
c. 2/3
d. ¾
11.
The due incorporation of any corporation claiming in good
faith to be a corporation under this Code, and its right to
exercise corporate powers, shall not be inquired into collaterally
in any private suit to which such corporation may be a party. Such
inquiry may be made by the Solicitor General in a ____________
proceeding.
a. Impeachment
b. Quo warranto
c. Both A & B
d. None of the above
12.
If a corporation does not formally organize and commence its
business within _____ years from the date of its incorporation, its
certificate of incorporation shall be deemed revoked as of the day
following the end of such period
a. Two
b. Three
c. Five
d. Ten
13.
If a corporation has commenced its business but subsequently
becomes inoperative for a period of at least ________ consecutive
years, the Commission may, after due notice and hearing, place the
corporation under delinquent status.
a. Three
b. Five
c. Ten
d. Twenty
Page 2 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
14.
A delinquent corporation shall have a period of __________
year/s to resume operations and comply with all requirements that
the Commission shall prescribe.
a. One
b. Two
c. Three
d. Five
15.
Directors shall
among the holders of
while trustees shall
year/s from among the
a. One
b. Two
c. Three
d. Five
be elected for a term of one (1) year from
stocks registered in the corporation’s books,
be elected for a term not exceeding ______
members of the corporation.
16.
Any director or trustee of a corporation may be removed from
office by a vote of the stockholders holding or representing at
least ___________ of the outstanding capital stock.
a. ½
b. 2/3
c. ¾
d. All
17.
In the absence of any provision in the bylaws fixing their
compensation, the directors or trustees shall not receive any
compensation in their capacity as such, except for reasonable
________.
a. Honorariums
b. Talent fee
c. Per diems
d. None of the above
18.
Directors or trustees who willfully and knowingly vote for or
assent to patently unlawful acts of the corporation or who are
guilty of gross negligence or bad faith in directing the affairs of
the corporation or acquire any personal or pecuniary interest in
conflict with their duty as such directors or trustees shall be
liable ______________ for all damages resulting therefrom suffered
by the corporation, its stockholders or members and other persons.
a. Jointly
b. Jointly and severally
c. Solidarily
d. Both B & C
19.
No management contract shall be entered into for a period
longer than _______ years for any one (1) term.
a. Five
b. Ten
c. Twenty
d. Fifty
20.
The owners of _________ of the outstanding capital stock may
delegate to the board of directors the power to amend or repeal the
bylaws or adopt new bylaws.
a. ½
b. Majority
c. 2/3
d. ¾
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ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
21.
Regular meetings of stockholders or members shall be held
annually on a date fixed in the bylaws, or if not so fixed, on any
date after ______ of every year as determined by the board of
directors or trustees.
a. January 15
b. March 15
c. April 15
d. December 15
22.
Special meetings of stockholders or members shall be held at
any time deemed necessary or as provided in the bylaws: Provided,
however, That at least ______ week/s written notice shall be sent
to all stockholders or members, unless a different period is
provided in the bylaws, law or regulation.
a. One
b. Two
c. Three
d. Ten
23.
Each share shall be equal in all respects to every other
share,
except
as
otherwise
provided
in
the
articles
of
incorporation and in the certificate of stock.
No share may be deprived of voting rights except those classified
and issued as “preferred” or “redeemable” shares, unless otherwise
provided in this Code.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
24.
Holders of nonvoting shares shall not be entitled to vote on
any corporate matter.
Banks, trust, insurance, and preneed companies, public utilities,
building and loan associations, and other corporations authorized
to obtain or access funds from the public, whether publicly listed
or not, shall be permitted to issue no-par value shares of stock.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
25.
Preferred shares of stock may be issued only with a stated par
value.
A corporation shall have perpetual existence unless its articles of
incorporation provides otherwise.
a. Only
b. Only
c. Both
d. Both
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the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
26.
The board of the following corporations vested with public
interest shall have independent directors constituting at least
thirty percent (30%) of such board.
Immediately after their election, the directors of a corporation
must formally organize and elect: (a) a president, who must be a
director; (b) a treasurer, who must be a citizen; (c) a secretary,
who must be a citizen and resident of the Philippines; and (d) such
other officers as may be provided in the bylaws.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
27.
The same person may hold two (2) or more positions
concurrently, except that no one shall act as president and
secretary or as president and treasurer at the same time, unless
otherwise allowed in this Code.
A person shall be disqualified from being a director, trustee or
officer of any corporation if, within three (3) years prior to the
election or appointment as such, the person was convicted by final
judgment of an offense punishable by imprisonment for a period
exceeding six (6) years.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
28.
In no case shall the total yearly compensation of directors
exceed ten (10%) percent of the net income before income tax of the
corporation during the preceding year.
A contract of the corporation with (1) one or more of its
directors, trustees, officers or their spouses and relatives within
the fourth civil degree of consanguinity or affinity is void, at
the option of such corporation.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
29.
Stockholdings exceeding ten percent (10%) of the outstanding
capital stock shall be considered substantial for purposes of
interlocking directors.
If the bylaws so provide, the board may create
committee composed of at least five (5) directors.
a. Only
b. Only
c. Both
d. Both
Page 5 of 18
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
an
executive
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
30.
A private corporation may extend or shorten its term as stated
in the articles of incorporation when approved by a majority vote
of the board of directors or trustees, and ratified at a meeting by
the stockholders or members representing at least two-thirds (2/3)
of the outstanding capital stock or of its members.
Stock corporations are prohibited from retaining surplus profits in
excess of ten percent (10%) of their paid-in capital stock.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
31.
For the adoption of bylaws by the corporation, the affirmative
vote of the stockholders representing at least a majority of the
outstanding capital stock, or of at least a majority of the members
in case of nonstock corporations, shall be necessary.
Stockholders’ or members’ meetings, whether regular or special,
shall be held in the principal office of the corporation as set
forth in the articles of incorporation, or, if not practicable, in
the city or municipality where the principal office of the
corporation is located.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
32.
One or more stockholders of a stock corporation may create a
voting trust for the purpose of conferring upon a trustee or
trustees the right to vote and other rights pertaining to the
shares for a period not exceeding three (3) years at any time.
A subscription of shares in a corporation still to be formed shall
be irrevocable for a period of at least seven (7) months from the
date of subscription, unless all of the other subscribers consent
to the revocation, or the corporation fails to incorporate within
the same period or within a longer period stipulated in the
contract of subscription.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
33.
In a contract of sale, the thing must be licit and the vendor
must have a right to transfer the ownership thereof at the time of
the perfection of the contract.
The sale of a mere hope or expectancy is void.
a. Only
b. Only
c. Both
d. Both
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the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
34.
Profits generated by such “right of resale” should be remitted
by the seller to the original buyer.
When the sale is made through a public instrument, the execution
thereof shall be equivalent to the delivery of the thing sold.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
35.
The following persons cannot acquire by purchase, even at a
public or judicial auction sales or in legal redemption,
compromises and renunciations, either in person or through
mediation of another:
a. The guardian, the property of the person or person who may be
under his guardianship
b. Executors and administrators, the property of the estate under
their administration
c. Public officers and employees the property of the State or any
subdivision thereof or of any GOCC or institution, the
administration of which has been entrusted to them.
d. All of the above
36.
A sale with a right to repurchase or even a deed of absolute
sale shall be presumed to be an equitable mortgage in any of the
following cases:
a. When the price of a sale with right to repurchase is unusually
inadequate
b. When the seller remains in possession as lessee or otherwise
c. When upon or after the expiration of the right to repurchase
another instrument extending the period of redemption or
granting a new period is executed
d. All of the above
37.
On March 1, Katie sold his land to Larry for P800,000. It was
evidenced by a contract of sale in a public instrument. On the next
day, he again sold it to Manny for P1,300,000. Manny immediately
occupied the land. On March 5, it was sold for a third time to
Nerissa for P900,000, who registered it but with knowledge of both
prior sale to Larry and Manny. Who is the rightful owner of the
subject matter?
a. Larry, because he has the oldest title.
b. Larry, because the sale is in a public instrument.
c. Manny, because he was the first possessor in good faith.
d. Nerissa, because she was the first registrant in good faith
38.
The right of redemption should be exercised within the period
agreed upon which should not exceed ________ years from the date of
the contract.
a. Five
b. Ten
c. Twenty
d. Fifty
39.
In the absence of an express agreement in a conventional
redemption, the seller should redeem within ________ years from the
date of the contract
a. Two
b. Three
c. Four
d. Ten
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ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
40.
On March 1, Katie sold his land to Larry for P800,000. It was
evidenced by a contract of sale in a private instrument. On the
next day, he again sold it to Manny for P1,300,000. Manny
immediately occupied the land. On March 5, it was sold for a third
time to Nerissa for P900,000, who registered it but with no
knowledge of both prior sale to Larry and Manny. Who is the
rightful owner of the subject matter?
a. Larry, because he has the oldest title.
b. Larry, because the sale is in a private instrument.
c. Manny, because he was the first possessor in good faith.
d. Nerissa, because she was the first registrant in good faith
41.
Benny sold his car, having a fair market value of P800,000 to
Carrie for P20,000 only. This is a
a. Void contract
b. Valid contract
c. Voidable contract
d. Unenforceable contract
42.
Bobby is contemplating whether to buy Susan’s car for
P400,000. To give him more time, he gave a P20,000 option money to
Susan. He finally decided to buy the subject matter after 2 days.
How much should Bobby give to Susan at the date of payment?
a. P400,000
b. P380,000
c. P420,000
d. Cannot be computed
43.
Every contract of partnership having a capital of two thousand
pesos or more, in money or property, shall appear in a public
instrument, which must be recorded in the Office of the Securities
and Exchange Commission.
A contract of partnership is voidable, whenever immovable property
is contributed thereto, if an inventory of said property is not
made, signed by the parties, and attached to the public instrument.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
44.
In all cases, a partnership begins from the moment of the
execution of the contract.
Every partner is a creditor of the partnership for whatever he may
have promised to contribute thereto.
a. Only
b. Only
c. Both
d. Both
Page 8 of 18
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
45.
In all cases, an industrial partner cannot engage in business
for himself.
A capitalist partner may prohibit an industrial partner
engaging in the same kind of business as the partnership.
a. Only
b. Only
c. Both
d. Both
from
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
46.
A capitalist partner may prohibit an industrial partner from
engaging in a different kind of business as the partnership.
If there is no agreement to the contrary, in case of an imminent
loss of the business of the partnership, any kind of partner who
refuses to contribute an additional share to the capital to save
the venture, shall he obliged to sell his interest to the other
partners.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
47.
The courts may equitably lessen the responsibility of a
partner if through that partner's ordinary efforts in other
activities of the partnership, unusual profits have been realized.
In the absence of stipulation, the share of each partner in the
profits and losses shall be in proportion to what he may have
contributed at the start of the partnership.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
48.
Every partner must account to the partnership for any benefit,
and hold as trustee for it any profits derived by him without the
consent of the other partners from any transaction connected with
the formation, conduct, or liquidation of the partnership or from
any use by him of its property.
The capitalist partners cannot engage for their own account in any
operation which is of the kind of business in which the partnership
is engaged, unless there is a stipulation to the contrary.
a. Only
b. Only
c. Both
d. Both
the first statement is correct.
the second statement is correct.
statements are correct.
statements are incorrect.
49.
Articles of universal partnership, entered into without
specification of its nature, only constitute a_______________.
a. Universal partnership of all present property
b. Universal partnership of profits
c. Limited partnership
d. General partnership
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ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
50.
Mr. X personally owe P10,000 to Mr. A, the managing partner in
charge for collection of ABC Partnership. On the other hand, Mr. X
owe P30,000 to the partnership. When both debts are due, Mr. X paid
P8,000 to Mr. A, with the latter issuing a receipt under his name.
How much of the P8,000 should go to Mr. A, if any?
a. P8,000
b. P6,000
c. P2,000
d. 0
51.
Mr. X personally owe P10,000 to Mr. A, the managing partner in
charge for collection of ABC Partnership. On the other hand, Mr. X
owe P30,000 to the partnership. When both debts are due, Mr. X paid
P8,000 to Mr. A, with the latter issuing a receipt under the name
of the partnership. How much of the P8,000 should go to Mr. A, if
any?
a. P8,000
b. P6,000
c. P2,000
d. 0
52.
A (60% ownership interest), B (15%), C (15%), and D (10%) are
partners in ABCD. All of them were designated as managing partners
in the firm. During a meeting of the partnership, they were
discussing a possible expansion of the business. A chose Cebu as
the next expansion area of the business, while B, C and D chose
Davao. Applying the rules of Article 1801, which would prevail as
the next expansion site of the business?
a. Cebu
b. Davao
c. Manila
d. None of the above
53.
James borrowed P10,000 from Cristopher as evidenced by a
promissory note. The note complied with all the requisites of
negotiability, except that James did not affix his usual signature
thereon as he was very ill at the time he prepared the instrument.
James wrote “X” on the space intended for the signature of the
maker. In the instrument negotiable?
a. No, the law requires the full signature of the maker before the
instrument will be considered negotiable
b. No, the law requires that at least the surname of the maker be
placed in the instrument
c. Both A and B
d. Yes, the “X” mark is sufficient to make the instrument
negotiable.
54.
“I promise to pay X or order the P1,000 out of the proceeds of
the sale of my house. (Signed) Y”
“I promise to pay Y or order the sum of P10,000 as soon as my means
permit me to do so. (Signed) X”
a.
b.
c.
d.
Both
Both
Only
Only
Page 10 of 18
instruments are negotiable
instruments are not negotiable
the first instrument is negotiable
the second instrument is negotiable
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
55.
How do you treat a negotiable instrument that is so ambiguous
that there is doubt whether it is a bill or a note?
a. The holder should treat it as a bill of exchange
b. The holder should treat it as a promissory note
c. The holder may treat it either as a bill of exchange or a
promissory note, at his election
d. None of the above
56.
Under Batas Pambansa Blg. 22, the making, drawing and issuance
of a check payment of which is refused by the drawee because of
insufficient funds in or credit with such bank, when presented
within _____ days form the date of the check, shall be prima facie
evidence of knowledge of such insufficieny of funds or credit.
a. 30 days
b. 60 days
c. 90 days
d. 120 days
57.
This test mandates that the entirety of the marks in question
must be considered in determining confusing similarity.
a. Dominancy Test
b. Holistic Test
c. Idem Sonans Test
d. None of the above
58.
Within what term or period may intellectual right involving
patents exist?
a. 10 years subject to indefinite renewal for periods of 10 years
each
b. 20 years from the filing date of application
c. During author’s lifetime and for 50 years after his death
d. None of the above
59.
Which of the following is not a qualification for organizers
of a primary cooperative?
a. Must be 15 or more natural persons
b. Must be residents of the Philippines
c. Must be of legal age
d. None of the above
60.
A cooperative for fishermen has an authorized share capital
amounting to P100, 000. How much is the minimum paid up share
capital for this cooperative?
a. P100,000
b. P25,000
c. P6,250
d. None of the above
61.
The failure of the Office of the President to act on the
appeal of a cooperative within ______ from the filing thereof shall
mean an approval of the said application.
a. 30 days
b. 60 days
c. 90 days
d. 120 days
Page 11 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
62.
Which of the following is an invalid cooperative name?
a. Bulacan Farmers Development Cooperative
b. CAVITE ELECTRIC COOPERATIVE (Cavelco)
c. Both A & B
d. None of the above
63.
Its primary purpose is to procure and distribute commodities
to members and non-members.
a. Cooperative bank
b. Consumers cooperative
c. Agrarian reform cooperative
d. Dairy cooperative
64.
He is one who has no right to vote nor be voted upon and shall
be entitled only to such rights and privileges as the by-laws of
the cooperative may provide
a. Regular member
b. Associate member
c. Affiliate member
d. None of the above
65.
It is a cooperative organized by minors
a. Nursery cooperative
b. Junior cooperative
c. Laboratory cooperative
d. Kiddie cooperative
66.
For cooperative banks, what is the quorum needed for meetings
of the General Assembly?
a. At least 25% of the members entitled to vote
b. At least 50% plus one of the members entitled to vote
c. At least 5% of all members entitled to vote, unless the by
laws provide otherwise
d. None of the above
67.
No member of a primary cooperative other than the cooperative
itself shall own or hold more than ______ of the share capital of
the cooperative
a. 5%
b. 10%
c. 25%
d. 50%
68.
A cooperative will be dissolved if it has not commenced
business and its operation within two years after the issuance of
its certificate of registration or has not carried on its business
for _____ consecutive years.
a. Five
b. Three
c. Two
d. Ten
69.
Which among the following transactions is not covered by the
protection of the Bank Secrecy Law?
a. Impeachment cases
b. Cases covered by the Unclaimed Balances Act
c. Cases involving dereliction of duty of public officials
d. All of the above
Page 12 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
70.
It is obligatory of every bank to report, in sworn statement,
to the Treasurer of the Philippines of deposits that have not been
touched for a period of _____ years or held in favor of persons
known to be dead.
a. 2 years
b. 5 years
c. 10 years
d. 50 years
71.
Who is liable for the payment of the insurance premium for
deposits covered by the PDIC?
a. The depositor
b. The bank
c. The President of the Philippines
d. Both A & B, equally
72.
Nicole has an individual savings account with BDO-Manila
amounting to P1,000,000. She also has a P9,000,000 checking account
with BDO-Bulacan. Due to a failing economy, BDO was ordered to
close down by the BSP. How much can Nicole recover from the PDIC,
if any?
a. P500,000
b. P1,000,000
c. P6,000,000
d. Zero
73.
Deposits of a closed insured bank has _______ from the date of
bank turnover to his deposit insurance claim. Otherwise, he should
file his claim directly against the assets of the bank.
a. 12 months
b. 24 months
c. 36 months
d. 60 months
74.
Under the provisions of the Anti-Money Laundering Act, a
single casino cash transaction involving an amount in excess of
_____________will be considered a “covered transaction”.
a. P500,000
b. P1,000,000
c. P2,000,000
d. None of the above
75.
Under the provisions of the Anti-Money Laundering Act, which
among the following is not a covered person?
a. Lawyers
b. Accountants
c. Both A & B
d. None of the above
76.
What court would have jurisdiction
violations of the Anti-Money Laundering Act?
a. Municipal Trial Court
b. Regional Trial Court
c. Sandiganbayan
d. Both B & C
Page 13 of 18
for
cases
involving
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
77.
The AMLC may inquire into deposits upon order of the court
when there is a probable cause that the deposits are related to the
crime or unlawful activity. However, a court order is not even
necessary when the offense or unlawful activity involved is any of
the following:
a. Hijacking
b. Murder
c. Both A & B
d. None of the above
78.
All government agencies, national or local, government owned
and controlled corporations, government instrumentalities located
in the Philippines or abroad shall comply with prescribed
processing time. Complex transactions should be processed within
______________.
a. 3 working days
b. 7 working days
c. 20 working days
d. None of the above
79.
Restitution for any aggrieved party under DPA shall be
governed by the provisions of the _____________.
a. Code of Commerce
b. Data Privacy Act
c. 1987 Philippine Constitution
d. New Civil Code
80.
The act of processing sensitive personal information for
unauthorized purposes is punishable by:
a. 1.5 to 5 years of imprisonment and fine of
P500,000 to P1,000,000
b. 2 to 7 years of imprisonment and fine of P500,000
to P1,000,000
c. 1.5 to 5 years of imprisonment and fine of
P500,000 to P2,000,000
d. 2 to 7 years of imprisonment and fine of P500,000
to P2,000,000
81.
Interest income from bank deposits are considered as
a. Natural fruits
b. Industrial fruits
c. Civil fruits
d. Juicy fruits
82.
Howard, Ivan and Jacob are joint debtors. They obliged
themselves to deliver a specific dog (worth P9,000) to Peter and
Quiroz, joint creditors. Assuming Howard is the only one who does
not want to comply with the obligation, how much is the total
amount that can be collected from him by the creditors?
a. P9,000
b. P9,000 plus damages
c. P3,000 plus damages
d. None. He is not forced to comply.
Page 14 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
83.
Alex, Bryan and Cesar are solidary debtors for the amount of
P45,000 from Felix. Bryan has already paid P20,000 to Felix. How
much can Felix further collect from Bryan?
a. P25,000
b. None. It has already exceeded the share of B.
c. Another P20,000
d. P5,000
84.
One peso coins are considered to be legal tender up to
a. One thousand pesos
b. One hundred pesos
c. One million pesos
d. Up to any amount
85.
On January 1, Dominic borrowed P20,000 from Carmina. On
February 1, the former borrowed another P10,000 from the latter,
evidenced by an interest bearing promissory note. Both debts are
now due. Upon demand by Carmina, Dominic paid P6,000 without
designating the liability on which it would be applied. How will
the P6,000 be applied?
a. It will be considered as payment for the January 1 debt only
b. It will be considered as payment for the February 1 debt only
c. It will be considered as payment for both debts, in the ratio
of 1:1
d. It will be considered as payment for both debts, in the ratio
of 2:1 respectively
86.
What is the translation of the innominate contract “Facio ut
des”?
a. I give that you may give
b. I give that you may do
c. I do that you may give
d. I do that you may do
87.
Which among the
defective?
a. Voidable
b. Void
c. Rescissible
d. Unenforceable
following
is
considered
to
be
the
most
88.
Gardo is the guardian of Mary, a minor. He sold Mary’s car
with a fair value of P200,000 for just P18,000. The contract
entered into by Gary is
a. Voidable
b. Void
c. Valid
d. Rescissible
89.
Under a contract, Robert obligated himself to build a house
for Rina. In this example, the object or the prestation is
a. Mr. Robert
b. The house itself
c. Ms. Rina
d. The construction of the house
Page 15 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
90.
During a strong thyphoon, Prudence saved the horses of
Monalisa, who is currently out of town. Prudence incurred expenses
amounting to P50,000. This can be reimbursed because of
a. Solutio indebiti
b. Negotiorum gestio
c. Fortuitous event
d. Natural obligation
91.
Juan received P800,000 from Tristan because the latter thought
that Juan is his creditor Juancho. Juan should return the money
because of
a. Contract
b. Solutio indebiti
c. Negotiorum gestio
d. Public policy
92.
After the strong storm, Yukii did not remove the broken
branches of her mango tree. A few days after, a passerby was hit by
a branch that fell. Is Yukii liable?
a. No, it is a fortuitous event.
b. Yes, he is liable for a crime.
c. No, it s a mere accident.
d. Yes, he is liable for a quasi-delict.
93.
Susan sold a pig named Peachy to Betty for P15,000. No
condition or period was contemplated. After the perfection of the
contract but before the delivery of the pig, Peachy the pig gave
birth to 3 piglets. Who is entitled to the 3 piglets?
a. Susan
b. Betty
c. Peachy, because she is the mother of the piglets
d. None of the above
94.
On December 1, 2021, Solomon agreed to sell a car worth
P2,000,000 to Bartolome. The car will be delivered to Bartolome on
December 31, 2021. Prior to December 31, 2021, what kind of right
does Bartolome possess?
a. Personal right
b. Real right
c. Both a and b
d. None of the above
95.
Ownership over a property is transferred during the
a. Perfection of the contract
b. Delivery of the subject matter
c. Payment of the price
d. All of the above
96.
What principle is the basis of the rule that an indeterminate
thing cannot be the object of destruction?
a. Force majeure
b. Negotiorum gestio
c. Genus nunquam perit
d. Compensatio morae
Page 16 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
97.
Sofia agreed to deliver a specific horse on August 30, 2021 to
Berta. Today is September 2, 2021 and Sofia has not yet delivered
the specific horse. Sofia is now said to be in
a. Legal delay
b. Ordinary delay
c. Both a & b
d. None of the above
98.
Sevie promised to deliver a wedding dress to Beth for her
upcoming wedding on September 30, 2021. Sevie was not able to
comply with his obligation on time. There was no demand on the part
of Beth. In this scenario,
a. Sevie is not in legal delay because there is no demand.
b. Sevie is in legal delay because time is of the essence.
c. Sevie is in legal delay because the law so provides.
d. Sevie is in legal delay because it is stipulated by the
parties.
99.
A fire destroyed the house of Christian. He is now asking
reimbursement from his insurance company. Is the insurance company
liable?
a. No, because fire is a fortuitous event.
b. No, because fire is an act of man and not an act of God.
c. Yes, because the nature of the obligation requires the
assumption of risk.
d. Yes, because they are negligent.
100.
It is the money given as part of the purchase price and as
proof of the perfection of the contract
a. Option money
b. Earnest money
c. Play money
d. Kuts money
Page 17 of 18
ReSA – THE REVIEW SCHOOL OF ACCOUNTANCY
FINAL PRE – BOARD EXAMINATION (BATCH 41)
ANSWER KEYS
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B