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2.
3.
4.
5.
6.
8.
9.
A and B
are partners in
buying
and
selling automobiles.
A,
by
the partners
agreement, was authorized to buy automobiles
on a cash basis, never on the installment plan.
One day A bought on credit or on installment
plan a car from X, a client. X did not know of
As lack of authority. As purchase was made on
behalf and in the name of the partnership. Is the
partnership bound?
a. No because A was not really authorized to
bought on installment plan.
b. No because acquisition of automobiles requires
the consent of all partners.
c. Yes because although A was not really
authorized, still for apparently carrying on
in the
usual way the business of
the
partnership A is implicitly authorized and X
did not know of As lack of authority.
d. Yes
because all transaction
made by
any partners with third person is valid
provided the latter acted in good faith.
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a.
The partner
binds the partnership by
acquiescence
for
obligations
he
may
have contracted in good faith.
b. The partner must have the authority to bind
the partnership.
c. The contract must be in the partnership name
or for its account.
d. The partner must act on behalf of the
partnership.
12. Three of the following enumerations are rights of a
general .partner in a limited partnership that are
also enjoyed by a limited partner. Which among
them does a limited partner not enjoy?
a. To have the books of the partnership kept at
the principal place of business of the
partnership, and at a reasonable hour
to inspect and copy any of them;
b. To have on demand true and full information of
all things affecting the partnership and
a
formal
account of
partnership
affairs
whenever circumstances
render it
just
and reasonable;
c. To have dissolution and winding up by decree
of court;
d. To have all the rights and be subject to all
the
restrictions and liabilities of a partner in a
partnership without limited partners.
13. A partner whose liability for partnership debts is
limited to his capital contribution is called:
a. General partner
b. Limited partner
c. General-limited partner
d. Secret partner
14. Which of the following issuance of stocks is
not allowed
under
the
Corporation Code
of
the
Philippines (BP 68):
a. X Corp. issued preferred stock for P1 par
value.
b. Y Corp. issued a no par value share for P10 per
share.
c. Metro Bank Corp. issued a no par value
common shares for P5 per share.
d. Malayan Insurance Corp. issued a preferred
stock for P4 per share.
15. Which of the following cannot be included as a
valid provision under the By laws:
a.
The time, place and manner of calling
and conducting regular or special meetings of
the directors or trustees;
b. The time, place and manner of calling and
conducting regular or special meetings of
the stockholders or members;
c. The penalties for violation of the By laws
d. The time for holding the annual election of the
directors or trustees and the mode or manner
of giving notice thereof.
16. What is the voting proportion required for
the voluntary dissolution of the corporation?
a. Majority votes of the board of directors and 2/3
votes of the outstanding capital stock.
b. Majority votes of the board of directors
and
majority vote of the outstanding capital stock
c. Majority vote of the board of directors and 2/3
vote of the stockholders
d. Majority vote of the board of directors and
majority vote of the stockholders
17. A corporation commences its existence from the
issuance of the certificate of incorporation, which
one is the exception?
a. Close corporation
b. Widely-held corporation
c. Religious corporation
d. Non-stock corporation
e. Educational corporation
18. The right given to the stockholders to dissent and
demand payment of the fair value of their shares is
called:
a. Right of proxy
c. Pre-emptive right"
b. Appraisal right
d. Stock right
19. The promise or order is conditional, hence
non- negotiable?
a. "I promise to pay B or order P40.000". (Signed
Y)
b. "Pay B or order P40.000". (Addressed to Z
signed by Y)
c. "Pay B or order P40.000 and reimburse
yourself
out of
my
money in
your
possession". (Addressed to Z signed by Y)
d. "Pay B or order P40.000 out of my money in
your possession". (Addressed to Z signed by
Y)
20. A promissory note as distinguished from a bill of
exchange.
a. It contains an unconditional order
b. The one who issues it is primarily liable
c. The one who issues it is secondarily liable
d. There are three (3) parties, the drawer,
the payee and the drawee
21. Which of the following instrument is negotiable?
a. "Good to Jose Paz or order, P50,000" (signed
Pedro Cruz)
b. "I hereby authorize you to pay Jose Paz
or order P50.000" (signed Pedro Cruz)
c. "I promise to pay Jose Paz or order P50.000
worth in sugar" (signed Pedro Cruz)
d. "I promise to pay Jose Paz or order P50.000 on
October 25 (signed Pedro Cruz)
22. Marie makes a promissory note payable to bearer
and delivers the same to Polido, who negotiates
it to Arman by indorsing it without recourse. If
the note is dishonored in the hands of Arman
due to insolvency of Marie.
a.
Arman cannot recover from Polido because
the latter does not warrant Maries solvency.
b. Arman can recover from Polido because
the latter
is
secondary liable
on
the
instrument as indorser.
c. Arman can recover from Polido because of
breach of warranty.
d.
Arman cannot recover from Polido because
his indorsement is conditional.
23. Which is not correct? The acceptor by accepting a
negotiable instrument:
a. Admits the existence of the payee and
his capacity to endorse
b. Admits
the existence
of
the drawer,
the genuiness of his signature and his
authority to draw the instrument.
c. Admits the existence of the endorser, the
genuineness of his signature and his
authority to draw the instrument.
d. Admits that he will pay it according to the
tenor of his acceptance.
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P840,000
300,000
90,000
90,000
600,000
c. P240,000
d. P144,000
P224,000
20,000
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60,000
6,000
340,000
20,000
c. P6,600
d. P9,400
P800,000
1,000,000
1,600,000
600,000
400,000
100,000
P500,000
Deductions claimed
Funeral expenses
Family home deduction
Loss (Decedent has a receivable
from Mr. MAX, a solvent
debtor
who absconded)
Liability (This represents unpaid
subscription to 200B shares of
Tililing Co. acquired on
February 10,200A)
Standard deduction (Unitemized &
undocumented)
Death benefits under RA 4917
P300,000
1,300,000
40,000
deductions
1,000,000
300,000
c. P2,100,000
d. P2,600,000
12,000
42,000
Other income:
Rent
36,000
96,000
its
200,000
Contributions:
To a government priority project
in education
To Quiapo church
440,000
60,000
50,000
580,000
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c. P10,500
d. P12,000
c. P1,900,000
d. P2,100,000
Compensation income
(net of P25,000 w/tax,
but gross of P10,000
SSS, Pag-IBIG and Union dues)
13th Month pay
Gross Business Income
Interest Income,BPI
Royalty Income
Bad debt expense
(10% written off)
Interest Expense
Transportation expense
(50% business trips)
Health Insurance
Premiums for Family
Her taxable income is:
a. P654,500
c.
b. P589,500
d.
P250,000
80,000
500,000
50,000
25,000
20,000
100,000
50,000
3,000
P587,100
P469,500
End of Examination
Thank you for participating in the 2011 National Mock CPA Board Examinations!
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