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ReSA

The Review School of Accountancy


8T'el. Nrr. ;;15-<78o7 & 7J,4 :\g8g
BUSINESS LAW
{ L. Statement 1: The as$ets of tlie insolvent debtor shall be divided among the creditors in
acr:ordance with the liquidation plarr submitted by the licluidator and approved by the court.

Stalernent 2: The rules on concurrence and preferenqe,qf erq4its under the New Civil Code
and other relevant laws shall be observecl rn the liquidation plan.
i?. Both statements are true
b. Both statements are false
. c. Only statement 1 is true
d. Only statement 2 is true
'). Consider the following statementsr
I. Within five (5) banking days, the maker or issuer must make arrangements to make
good the clreck to escape criminal liability for issuing a bouncing check;
iI. Within 90 days, the maker or issuer must maintain sufficient funds to destroy the
prima facie presumption of knorvledge of rnsufficiency of funds for the check;
III.Within 180 days, failure cf the payee to deposit or encash the check will make the
check stale or valueless

a, I and II are correct


Ll. i and IiI are correc:
r--. iI and III are coi-rec:
rl l. II, and III are cc,--i.,-
S:a:er.,ent 1: Unlrke rn Esta' ..,;iderB.P 22, cne need i'lot prove that the check was issued
- :.:, -€-: Cf ar. C[,llE.ri':. that i'-r.'€ !\'as,:arr,ace; tne Jamaqe done is to the Bankinq
'--< l ,
- '_-1 -1 "._.'.
S:a:e:nei-t 2. ir', tre J. re cr Estafa, the ma<e-,:r- c'-awer ,s c ven onlv ihree t3) calendar
Cays arter notrce of drshoror to mak-e good the :ash vaiue to avc:o lrabrlity.
t- ,r. Both statemer.lts are true
: Bci'' siaie-.e^:s l.:'i sa
, C:-,',' si3:emen: i ,s irie
: O::. ;::::^:er'.2 s irue
\vn3t ,s the PRIMARY and general o5;ective of a Cooperative as provided in R.A. No. 9520,
a. To generate income for allocation and distribution to its members
b. To provrde services of various scope to the benefit of its members
,. Propagate cooperative practices and new ideas in business and management
d To help improve the quatity of life of rts nrembers

5. Statement 1: PDIC covers deposits or funds deposited in a bank giving rise to a creditor-
debtor relationship with the depositor.
Statement 2: Trust funds and money market placements are investments and are thus, not
covered by the PDIC.
a. Both statements are true
b. Both statements are false
c. Only statement 1 is true
d. Only statement 2 is true
A has an individual savings account with Bangko Matataq with a balance of P1,200,000. Hr:
also has a P1,500,000 joint account witlr his mother in the same bank. Bangko Matatag
declared bankruptcy and was subsequently closed. How much can A recover from PDIC for
deposlt insurance?
a, P2,000,000 from both individual and joint accounts
b. Only P500,000 frorn both individual and joint accounts
c, P500,000 from his individual account arrd another P500,000 frnm his,joint accr:unt
d. Only P500,000 from his individual account
Statement 1: In case of joirrt accounts, [he maxinium coverage shall be divided betweer:
depositors"
Statement 2: Individual accoLlnts are insured separately from joinl accounts.
a. Both statements are lrue
b. Both statements are false

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