QUIZ 1 - AT

1. Which of the following refers to “evidence” element of assurance engagement? -

Information obtained by the practitioner in arriving at the conclusion on which the
opinion is based
2. Which of the following criteria is unique to the independent auditor’s attest function? -
Independence
3. Results of compliance audits are typically reported to someone within the organizational
unit being audited rather than to be a broad spectrum of outside users. Which of the
following audits can be regarded as generally being a compliance audit? - BIR agents’
examinations of taxpayer returns
4. Concerning retention of working papers, the PSQC - Requires retention for at least 7
years
5. Which of the following is incorrect regarding the “three-party relationship” element of
assurance engagement? - Professional accountants are those persons who are
member of the PICPA, who should be in public practice
6. Which one of the following is not a key attribute needed to perform assurance? -
Accounting Skills
7. A service that always requires that a report is provided to a third party is - Attention
and Audit
8. The following are assurance engagements, except - Tax Services
9. The following statements relate to external auditing. Which of the following statements is
incorrect? - To be effective, internal auditors should submit their reports to the
senior management.
10. The criteria against which the auditor measures the fairness of financial statement
presentation are known as - GAAP

QUIZ 1 - AFAR
1. On August 1, X and Y pooled their assets to form a partnership, with the firm to take
over their business assets and assume the liabilities. Partners capitals are to be based
on net assets transferred after the following adjustments. (Profit and loss are allocated
equally.) Y’s inventory is to be increased by P4,000; an allowance for doubtful of P1,000
and P1,500 are to be Set up in the books of X and Y, respectively; and accounts payable
of P4,000 is to be recognized in X’s books. The individual trial balances on August,
before adjustments, follow: What is the capital of X and Y after the above adjustments? -
P65,000; P81,000 respectively
2. Presented below is the condensed balance sheet of the partnership of R, D, and G who
share profits and losses in the ratio of 6:3:1, respectively: The partner agree to sell L
20% of their respective capital and profit and loss interest for a total payment of
P90,000. The payment by L is to be made directly to the individual partners. The capital
balance of R, D and G respectively after admission of L are: - P201,600; P100,800:
P33,600
3. A, B and C are partners with average capital balances during 20x4 of P472,500,
P238,650, and P162,350, respectively. The partners receive 10% interest on their
average capital balances; after deducting salaries of P122,325 to A and P82,625 to C,
 the residual profits or loss is divided equally. In 2018, the partnership had a net loss of
P125,624 before interest and salaries to partners. A’s capital account change – increase
(decrease) would amount to? - P30,267
4. Gale and Dale formed a partnership on July 1, 2018 to operate two stores to be
managed by each of them. They invested P30,000 and P20,000 and agreed to share
earnings 60% and 40%, respectively. All their transactions were for cash, and all their
subsequent transactions were handled through their respective bank accounts as
summarized below: On October 31, 2018, all remaining noncash assets in the two stores
were sold for cash of P60,000. The partnership was dissolved, and cash settlement was
effected. In the distribution of the P60,000 cash, Gale received: - P26,000
5. Parties that have joint control of a joint arrangement are referred to under PFRS 11 –
Joint Arrangements as - A or B (Joint Operators and Joint Venturers)
6. On January 2, 2018, Zen and Zed formed a partnership. Zen contributed capital of
P175,000 and Zed, P25,000. They agreed to share profits and losses 80% and 20%,
respectively. Zed is the general manager and works in the partnership full time and is
given a salary of P5,000 a month; interest of 5% of the beginning capital (of both
partner) and a bonus of 15% of net income before salary, interest and bonus. The profits
and loss statement of the partnership for the year ended December 31, 2018 is as
follows: The amount of bonus to Zed in 2018 amounted to: - P18,000
7. In the preparation of a cash distribution program for the liquidating Partnership ABC, the
balance of A, Loan among the assets in the accounting records of the partnership is -
Deducted from A, Capital , account balance
8. In the AB partnership, A and B had a capital ratio of 3:1 and a profit and loss ratio of 2:1,
respectively. The bonus method was used to record C’s admittance as a new partner.
What ratio would be used to allocate, to A and B, the excess of C’s contribution over the
amount credited to C’s capital account? - A and B’s old profit and loss ratio
9. BALIWAG CORPORATION is a venturer with a 60% interest, with another venturer,
PULILAN COMPANY, in BULACAN LOGISTICS, INC. , which was established on
January 2, 2016. Both venturers are non-SMES. BALIWAG prepared the following draft
of its combined financial statements at December 31, 2016 before the year-end
adjustments The joint arrangement declared and paid cash dividends of P150,000 on
August 1, 2016 and reported a net profit of P400,000 for 2016. Determine the total
assets that will be shown in the balance sheet of BALIWAG at December 31, 2016 -
P6,520,000
10. Debra, Elvie, and Fritzi, partners of DEF Partnership shared net income and losses on a
5:3:2 ratio, respectively. On December 31, 2016, at the end of an unprofitable year, they
decided to liquidate the partnership. The partners’ capital account balances on that date
were as follows: Debra, P22,000, Elvie, P24,900, and Fritzi, P15,000. The third-party
liabilities in the partnership balance sheet amounted to P30,000. A loan of P10,000 is
payable to Fritzi. The cash balance was P38,500. The partners planned to realize the
noncash assets over a long period and to distribute cash when it became available. All
three partners are solvent. The partners decide to distribute available cash, net of
P1,500 for future liquidation expenses, on December 31, 2016. Payments to Debra,
Elvie, and Fritzi, respectively will be. - Debra, P0, Elvie, P0; and Fritzi, P7,000
QUIZ 1 - FAR
1. Which of the following is (are) true about biological assets? - Biological assets
are living animals or plants and must be disclosed as a separate item on
the balance sheet
2. Jade Company acquired a new milling machine on April 1, 2012. The machine
has a special component that required replacement before the end of the useful
life. The asset was originally recorded in two accounts, one representing the
main unit and the other for the special component. Depreciation is recorded by
the straight line method and residual value is disregarded. On April 1, 2018, the
special component is scrapped and is replaced with a similar component. This
new component is expected to have a residual value of approximately 20% of
cost at the end of the useful life of the main unit, and because of materiality, the
residual value will be considered in calculating depreciation. What is the total
depreciation for 2018? - 1,100,000
3. January 1, 2018, Uptown Company disclosed the following balances During the
current year, the following transactions occurred: · Land was acquired for
₱2,000,000 cash as a building site. · A plant facility consisting of land and
building was acquired In exchange for 200,000 shares of the entity. On the
acquisition date, each share had a quoted price of ₱45 on a stock exchange.
Current appraised values for the land and the building, respectively, are
₱2,000,000 and ₱8,000,000. The building has an expected life of 40 years with a
₱200,000 residual value. · Items of machinery and equipment were
purchased at a total cost of ₱4,000,000. Additional costs incurred were freight
and unloading of ₱100,000 and installation ₱300,000. The equipment has a
useful life of ten years with no residual value. · Expenditures totaling
₱1,200,000 were made for new parking lot, street and sidewalk at the entity’s
various plant locations. These expenditures had an estimated useful life of fifteen
years. · Research and development costs amounted to ₱1,100,000. · A
machine costing ₱200,000 on January 1, 2011 was scrapped on June 30, 2018.
Straight line depreciation had been recorded on the basis of a 10-year life with no
residual value. · A machine was sold for ₱500,000 on July 1, 2018. Original
cost of the machine sold was ₱700,000 on January 1, 2015, and it was
depreciated on the straight line basis over an estimated useful life of eight years
and residual value of ₱50,000. What is the total cost of land on December 31,
2018? - P7,800,000
4. Bizarre Company had always inventoried finished goodsat selling price and
prepared the following statement on this basis. What is the cost of goods sold? -
840,000
5. Which of the following should be classified as inventory? I. An entity trades in
commercial property (ie it buys commercial property with a view to selling it at a
profit in the near term). II. An entity acquired a tract of land to divide it into
smaller plots to be sold in the ordinary course of business at an expected forty
per cent profit margin. No rentals are expected to be generated from the land. III.
An entity trades in transferable taxi licenses. IV. A vintner processes grapes
 harvested from its vineyards into wine in a three-year production cycle. V. An
entity holds lubricants that are consumed by the entity’s machinery in producing
goods. - I, II, III, IV and V
6. An entity imported machinery to install in its new factory before year-end.
However, due to circumstances beyond its control, the machinery was delayed
by a few months but reached the factory premises before year-end. While this
was happening, the entity learned from the bank that it was being charged
interest on the loan it had taken to fund the cost of the plant. What is the proper
treatment of freight and interest expense under PAS 16? - Freight charges
should be capitalized but interest cannot be capitalized under these
circumstances
7. Which statement is incorrect regarding the International Accounting Standards
Board (IASB) structure? - The IFRS Interpretations Committee members are
appointed by the IASB
8. The Financial Reporting and Standards Council (FRSC) - Establishes
generally accepted accounting principles in the Philippines
9. Which statement is correct? - The Insurance Commission is not represented
in the FRSC
10. Contract prices are not necessarily relevant in determining fair value, and the fair
value of a biological asset or agricultural produce is not adjusted because of the
existence of a contract External independent valuation is an acceptable fair value
measurement for biological assets and agricultural produce - True, False

QUIZ 1 - MAS
1. Ocampo Company is a manufacturer of its only one product line. It had sales of
P500,000 for 2013 with a contribution margin ratio of 20 percent. Its margin of safety
ratio was 25 percent. What are the company’s fixed costs? - P75,000
2. The indifference point is the level of volume at which a company - earns the same
profit under different operating scheme
3. When the number of units manufactured increases, the most significant change in unit
cost will be reflected as a(n) - decrease in the fixed element
4. Total costs may be computed as - fixed costs + (variable costs per unit x unit
volume)
5. Which of the following statements is false? - At zero production level, fixed costs is
also zero
6. Salmon, Inc. sells Slim Sardines for P5 per unit. The fixed costs are P210,000 and the
variable costs are 45% of the selling price. What would be the amount of sales if
Salmon were to realize a profit of 15% of sales? - P525,000
7. Which of the following statements is true? - The higher the firm's leverage, the higher
the degree of sensitivity of profits to volume changes
8. Last year, Brown Manufacturing had a contribution margin ratio of 40%. This year, fixed
expenses are expected to remain at P50,000 and sales are expected to increase by
P90,000. What should the contribution margin ratio be this year if the company wishes to
increase net income by P31,500? - 35%
 9. As part of a cost study, the cost accountant of Rod Laman Inc. has recorded the cost of
operations at seven different levels of material usage. This information is shown as
follows: Using the least squares method, the fixed portion of the cost is - P129
10. In regression analysis, which of the following correlation coefficients represents the
strongest direct relationships between the independent and dependent variables? - 0.75

Quiz 1 - TAX
1. The following information were from the estate of a married citizen decedent who died
on June 2018. Under conjugal partnership of gains, gross conjugal property is -
1,300,000
2. Which of the following statements regarding donation of an immovable property is
correct? - All of the choices
3. Deductible claims against the estate or indebtedness in respect of property may
arise out of, except - none of these
4. Which of the following properties of the spouses will be part of common
properties under a regime of Absolute Community of Property? - Jewelry
inherited during the marriage
5. Mr. and Mrs. Valentino are happily married and the fruit of their love is a daughter
born 2 years after their hands were tied in marriage. They are residing in Quezon
City. However, like in a song which says “nothing seems so good that lasts
eternally”, Mr. Valentino died in October 2017 which is exactly 1 month after
celebrating their golden anniversary. The zonal value of the family home at the
time is P10,000,000. He has no other properties. The following expenses were
incurred for the burial: Assuming Mr. Valentino died in 2018 (assume the medical
expenses were incurred in 2017 How much is the allowable ELITe? - P1,000,000
6. Mr. and Mrs. Valentino are happily married and the fruit of their love is a daughter
born 2 years after their hands were tied in marriage. They are residing in Quezon
City. However, like in a song which says “nothing seems so good that lasts
eternally”, Mr. Valentino died in October 2017 which is exactly 1 month after
celebrating their golden anniversary. The zonal value of the family home at the
time is P10,000,000. He has no other properties. The following expenses were
incurred for the burial: Assuming Mr. Valentino died in 2018 (assume the medical
expenses were incurred in 2017 How much is the allowable deduction for family
home? - P5,000,000
7. Which of the following is not a secondary purpose of taxation? - To raise
revenue to defray the necessary expenses of the government
8. The following data were taken from the estate of Pedro: - Claims against Juan
(insolvent), P100,000, fully uncollectible. - Claims against Manuel (insolvent),
P200,000, 50% collectible. - Claims against a person who absconded, P300,000.
Based on the data provided, how much should be deducted from Pedro’s gross
estate? - P200,000
 9. If the decedent is married under the conjugal partnership of gains vanishing
deduction shall be chargeable against? - Exclusive properties
10. Which of the following constitute tax avoidance? - Maybe contrary to the intent
of the legislature but nevertheless do not violate the law

QUIZ 1 - RFBT
1. When the debtor abandons or transfers all his properties to the creditors so that
the creditors may sell the properties and out of the net proceeds the creditors
recover their claims this is called - Payment of cession
2. A to sell B his lot and house in the city if A decides to transfer and live, in the
countryside” is an example of - Potestative Condition
3. Statement 1: Obligation for whose fulfillment a day certain has been fixed, shall
be demandable only when that day comes. Obligation with a resolutory period
takes effect at once, but terminates upon arrival of the day certain. Statement 2:
The creditor acquires real rights over the thing from the moment the thing is
delivered and not from the time the obligation to deliver it arises - BOTH
STATEMENTS ARE TRUE
4. Teachers or heads of establishments of arts and trades shall be liable for
damages caused by their pupils and students or apprentices, so long as they
remain in their custody. The liability arises from: - Quasi-delict
5. The following are the requisites of mora solvendi, except - Obligation was
performed on its maturity date
6. Which of the following is not is not a mode of extinguishing an obligation? -
Quasi-delict
7. The following are all sources of contractual liability, except: - mistake
8. Statement 1: Payment shall be made to the person in whose favor the obligation
has been constituted, or his successor in interest, or any person authorized to
receive it. Statement 2: Payment made to the creditor by the debtor after the
latter has been judicially ordered to retain the debt shall not be valid - both are
true
9. Which of the following is void - Obligation with suspensive condition wherein
the fulfillment of the condition depend upon the will of the creditor.
10. S offered to sell his house and lot to B for P5,000,000 giving to him an option of
60 days within which to decide whether or not to buy. After only 15 days, S met T
who offered to buy the same house and lot for P8,000,000. S then notified B of
the withdrawal of the option and proceeded to sell to T. B files an action for
damages against S - B cannot recover damages from C because his option
is without consideration as something paid or promised
11. Statement I. The law does not allow waiver of an action for future fraud.
Statement II. Damages arising from fraud cannot be mitigated or reduced by the
 courts unlike damages arising from negligence especially if there is contributory
negligence. - both statements are true
12. Which is not considered as quasi contract? - When the third person with the
knowledge of the debtor, pays the debt
13. Delay or default on the part of the obligor to give is known as - mora solvendi
ex re
14. It is that which binds or connects the parties to the obligation: - VINCULUM
15. A, B, C and D are partners where A, B and C contributed P1,000,000 each and D
his services. The partnership is engaged in the manufacture and export of
garments. Due to a very strong typhoon, the entire roofing of the factory was
blown by the strong winds and if not repaired immediately would aggravate the
damage. A, B, C and D agreed on an additional contribution of P200,000 each in
order to save the business from imminent loss. Which of these is the correct
statement? - If C still has money, but refuses to make the contribution, he
can be compelled to sells his interest in the partnership to the other
partners
16. This are adjudicated in order that a right of the plaintiff, which has been violated
or invaded by the defendant, may be vindicated or recognized - nominal
damages
17. S offered to sell to B his house and lot for P10,000,000. In order to pressure B
into buying said house and lot, T, a very good friend of S, threatened B with
death as a result of which B accepted the offer of S. It turns out now that the
market value of the house and lot is P15,000,000. Is the contract of S and B
valid? - The contract is voidable because the consent given by B is anyway
vitiated even if the intimidation was employed by a third person
18. Every obligation whose performance does not depend upon a future or uncertain
event, or upon a past event unknown to the parties, is demandable at once. This
refers to - pure obligation
19. The remedy of specific performance is available to the following: I. Obligation
to give a determinate thing II. Obligation to give an indeterminate thing III.
Obligation to do - I and II
20. A judicial relation known as Negotiorum Gestio takes place - When a person
voluntarily takes charge of another’s abandoned business or property
without the owner’s consent

QUIZ 2 - AT
1. Assertions are representations by management, explicit or otherwise, that are
embodied in the financial statements. Management's assertions in the financial
statements are of relevance to the audit process because: - they are utilized by
auditors in developing proper tests and procedures
 2. Which of the following professionals has primary responsibility for the
performance of an audit? - The partner in charge of the engagement
3. Control activity component of internal control - Consists of the policies and
procedures that help ensure that management directives are carried out
4. In planning an audit engagement, the auditor is required to develop and
document a(an) I. Audit Plan II. Flowchart III. Overall Audit Strategy - both 1
and III
5. In planning an audit engagement, the auditor is required to develop and
document a(an) I. Audit Plan II. Flowchart III. Overall Audit Strategy -
Concluding that the entity’s management probably lacks integrity
6. In designing audit programs, an auditor establishes specific audit objectives that
relate primarily to the: - financial statements assertion
7. During the consideration of internal control in a financial statement audit, an
auditor is not obligated to - Search for significant deficiencies in the
operation of the internal control.
8. Which of the following is most likely documented in an audit program? - Planned
substantive procedures on accounts receivable
9. The basic concept of internal control which recognizes that the cost of internal
control should not exceed the benefits expected to be derived is known as -
reasonable assurance
10. Which of the following procedures would an auditor least likely perform while
obtaining an understanding of a client in a financial statement audit? -Selecting
a sample of vendors' invoices for comparison to receiving reports.

QUIZ 2 - AFAR

1. Canyon Enterprises filed a voluntary bankruptcy petition on July 31, 2019 and its
Statement of Affairs reflects the following amounts: The estimated recovery rate
for unsecured amounts is - 50.40%
2. On January 1, 2019, Automated Corporation assigned a joint venture agreement
with another venturer, Lucky, Inc. Each venturer contributed P1,250,000 for
equal share in equity and profits. For 2019, the joint venture arrangement
reported a net profit of P115,000 and declared and paid dividends of P38,400.
For 2019, Automated Corporation reported a net profit of P1,520,000 and
declared and paid dividends of P40,000. It’s retained earnings at January 1, 2019
was P920,000. If the joint arrangement is a joint operation, rather than a joint
venture, how much will the Investment in Joint Venture account be shown in
Lucky’s own balance sheet at December 31, 2019? - P0
3. Canyon Enterprises filed a voluntary bankruptcy petition on July 31, 2019 and its
Statement of Affairs reflects the following amounts: The estimated deficiency to
unsecured creditors is - P187,250
4. Presented below are items taken from the unadjusted trial balances of NCR
Company and its Manila Branch on December 31, 2016: Assuming that the
 branch ending inventory acquired from other vendors (OV) is P73,125 What is
the net income (loss) of the branch insofar as the home office is concerned? -
P534,000
5. GHI Company bills its Bulacan Branch for merchandise shipments at 125% of
cost. As of cut-off date, December 31, 2016, the following data were available:
The branch returned P15,000 worth of merchandise to the Home Office acquired
at billed price. The amount of the allowance for overvaluation account that was
realized as income in view of branch sales for the month of December was: -
63,000
6. On January 1, 2019 Artic Company, an SME, acquired a 25% equity of
Temperate Corporation for P102,400. Transaction costs of 2% of the purchase
price of the shares were incurred. On December 31, 2019, Temperate
Corporation declared dividends of P14,400 and reported a net profit of P48,000.
By appropriate valuation techniques, Artic Company determined the fair value of
its investment in Temperate at December 31, 2019 is P112,000. Costs to sell are
estimated at 5% of the fair value of the investment. At what amount would Artic
show its Investment in Joint Venture account in its balance sheet at December
31, 2019 under the fair value method? - 112,000

QUIZ 2 - FAR

1. Which of the following are bearer plants? - None of the choices

2. Income earned through using a building site as a car park until construction starts
is - recognized in PL
3. Bensol Co. and Sable Co. exchanged similar trucks with fair values in excess of
carrying amounts. In addition, Bensol paid Sable to compensate for the
difference in truck values. As a consequence of the exchange, Sable recognizes
- A gain equal to the difference between the fair value and carrying amount
of the truck given up
4. In the 30 June 2017 annual report of Johnston Ltd, the equipment was reported
as follows: The equipment consisted of two machines, machine A and machine
B. Machine A had cost P3,000,000 and had a carrying amount of P1,800,000 at
30 June 2017, while machine B had cost P2,000,000 and was carried at
P1,700,000. Both machines are measured using the cost model, and
depreciated on a straight-line basis over a ten-year period. On 31 December
2017, the directors of Johnston Ltd decided to change the basis of measuring the
equipment from the cost model to the revaluation model. Machine A was
revalued to P1,800,000 with an expected useful life of six years, and machine B
was revalued to P1,550,000 with an expected useful life of five years. The
amount to be recognized in profit or loss as a result of the revaluation of assets
on December 31, 2017 is - P(50,000)
5. Which one of the following is a criticism of PAS 40 Investment Property? - Since
entities can choose between fair value or cost, the comparability between
entities is reduced
 6. An entity provided the following information related to the development of a
particular software package in the first year of product life: What is the total
expense related to this software package to be recognized in its first-year? -
P11,500

QUIZ 2 - MAS

1. The Fire Company has a standard absorption and flexible budgeting system and
uses a two-way analysis of overhead variances. Selected data for the June
production activity are: The budget (controllable) variance for June is - P6,000
unfavorable
2. Holiday Chemical Company uses a standard cost system to collect costs related
to the production of its “bowling ball” fruitcakes. The direct labor standard for
each fruitcake is 1.25 hours at a standard cost of P11.00 per hour. During the
month of November, Holiday's fruitcake production used 9,820 direct labor hours
at a total direct labor cost of P106,547. This resulted in production of 8,500
fruitcakes for November. What is Holiday's labor rate variance for November? -
P1,473 favorable
3. The following information pertains to Roe Co.'s 2013 manufacturing operations:
Standard direct manufacturing labor hours per unit, 2 Actual direct manufacturing
labor hours, 10,500 Number of units produced, 5,000 Standard variable
overhead per standard direct manufacturing labor hour, P3 Actual variable
overhead, P28,000 Roe's 2013 unfavorable variable overhead efficiency variance
was - P1500
4. The Alto Company had the following budget in 2006: During the year the
amounts of fixed overhead volume variance and fixed overhead budget variance
were P12,000 favorable and P16,000 unfavorable, respectively. There were no
variable overhead variances. The amount of fixed manufacturing overhead
applied was: - 512,000
5. Ferro Enterprises, Inc., uses a standard cost system in which it applies
manufacturing overhead to units of product on the basis of standard direct labor-
hours. During the month of September, the company applied P52,000 in fixed
manufacturing overhead cost to units of product. At the end of the month,
manufacturing overhead was overapplied by P3,000. If there was no volume
variance in September, then the budgeted fixed manufacturing overhead cost for
the month was: - 52,000
6. Everest Company uses a standard cost system. The following budget, at normal
capacity, and the actual results are summarized for the month of December:
Using the two-way analysis of overhead variance, what is the controllable
variance for December? - 3,000 favorable

QUIZ 2 - TAX
 1. What is the correct treatment of overtime pay, holiday pay, night shift differential,
and hazard pay received by those whose basic pay is more than the SMW? -
Subject to income tax, and consequently, to the withholding tax on
compensation income
2. Statement 1: An employee who is earning purely compensation income not
exceeding P250,000 from a lone employer is still required to file an income tax
return. Statement 2: Self-employed and/or professionals who opted and are
qualified to be taxed at 8% income tax rate are required to attach the Financial
Statements when filing the annual income tax return - Both statements are
incorrect
3. The following individual taxpayers are not allowed to avail the 8% income tax
rate, except: - none of the above
4. Royalty income received by a corporation prior to 2018 shall be subject to: DC
/ RFC / NRFC - 20% 20% 30%
5. Who among the following individual taxpayers is taxable on income from within
and without the Philippines: - Juan Cruz, a Filipino, who was sent by his
employer to the United States for 5 months
6. In 2018, Alpha Corporation provided a fringe benefit to one of its executives,
Chris, amounting to P78,000 How much is the correct amount of fringe benefit
tax? - 42,000

QUIZ 2 - RFBT

1. Statement 1. If the partner is the sole manager of the partnership and he

associate another person with him in his share in the partnership, the person
associated automatically becomes a partner in the partnership. Statement 2. All
capacitated persons can enter into a contract of universal parnership. - Both are
false
2. S offered to B the sale of his house and lot for 10,000,000 by means of a letter.
At the same time, B offered to buy from S the same house and lot by way of
telegram for P10,000,000 also. B has received the offer of S and S has also
received the telegram of B. Is there a perfected contract of sale between S and
B? - No, because what occurred was not a concurrence of offer and
acceptance but a crisscrossing of offers
3. Boy Tigas entered into a contract of sale wherein Boy Tigas will bought a knife
with Jun for P3,000. However Boy Tigas bought the knife to kill Karding his
mortal enemy. The contract between Boy Tigas and Jun is - valid
4. Orencia is the owner of a car which was sold by Say without authorization in
favor of Billy. The contract between Say and Billy in so far as Orencia is
concerned is: - unenforceable
5. Statement 1: Payment made in good faith to any person in possession of the
credit shall release the debtor. Statement 2: Dation in payment, whereby property
is alienated to the creditor in satisfaction of a debt in money, shall be governed
by the law of sales - both statements are true
6. Allan, Borneo, Carlito and Dadu are partners where Allan, Borneo, and Carlito
contributed P1,000,000 each and Dadu his services. The partnership is engaged
in the manufacture and export of garments. Due to a very strong typhoon, the
entire roofing of the factory was blown by the strong winds and if not repaired
immediately would aggravate the damage. Allan, Borneo, Carlito and Dadu
agreed on an additional contribution of P200,000 each in order to save the
business from imminent loss. Which of these is the correct statement? - If Carlito
still has money, but refuses to make the contribution, he can be compelled
to sell his interest in the partnership to the other partners
7. Which of the following is not a characteristic of partnership contract? -
innominate
8. In a written contract of sale between S and B the true intention of the parties was
not incorporated due to the mistake of S but where B is innocent. Assume that
there was a meeting of the minds between S and B. Who can bring the action for
reformation? - both b and s
9. 1 st Statement: In a universal partnership where its nature is not specified, the
presumption is that a universal partnership of all profits only is formed. 2nd
statement: When the contribution to the partnership consists of personal property
amounting to P1,000,000 and real property amounting to P20,000 and the
contract is entered verbally, the partnership contract is void- both statements
are true
10. The certificate of limited partnership shall be cancelled when: - When the
partnership is dissolved