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BLT Final Pre-Boards NCPAR
BLT Final Pre-Boards NCPAR
BLT Final Pre-Boards NCPAR
4. Rex, a bright young star with a golden touch and Darryl, a pastor
who lectures with a melodious voice entered into a universal partnership
of all present property. The common property of the partnership shall be:
a. All the properties which belonged to each of the partners at
the time of the constitution of the partnership
b. All the properties which shall belong to each of the partners
after the constitution of the partnership.
c. All the properties which belonged to each of the partners at
the time of the constitution of the partnership as well as properties
which each may acquire thereafter.
d. All the properties which belonged to each of the partners at
the time of the constitution of the partnership as well as the profits
which they may acquire therewith.
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
10. Which of the following instruments is not negotiable for the reason
that the instrument is not payable at a determinable future time?
a. “On the death of X, I promise to pay to the order of B P1,000.
(Sgd.) A”
b. “ On or before October 30, 2010, I promise to pay B or his
order P 1,000.
(Sgd.) A”
c. “Sixty days after sight, I promise to pay to the order of B P
1,000.
(Sgd.) A”
d. “Ten days before the death of X, I promise to pay B or his
order.
(Sgd.) A”
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
12. The following except one are the rights of a holder in due course. Which
is the exception?
a. He may enforce payment of the instrument for the full amount
thereof against all parties liable thereon.
b. He may receive payment and if payment is in due course, the
instrument is discharged.
c. He holds the instrument subject to the same defense as if it
were non-negotiable.
d. He may sue on the instrument on his own name.
13. A limited partnership named YESTOWKEE Co. Ltd. was formed on October 25,
2010 by YES as general partner and TOW and KEE as limited partners. In
2011, YES and TOW got married, did the marriage dissolve or put an end to
the partnership?
a. Yes, the partnership is dissolved by marriage because there is
a change in equity among the partners.
b. No, because spouses can enter into a universal partnership.
c. Yes, because spouses can enter into a particular partnership
on be thereof.
d. No, the marriage did not dissolve the partnership.
15. A, B, and C, capitalist partners each contributed P 30, 000, P 20, 000
and P 10, 000, respectively and D, the industrialist partner, contributed
his services. Suppose X, a customer, is the creditor of the firm to the
amount of P 180, 000. Can he recover the P180,000?
a. X must sue the firm and get P 60, 000 from all the partners
including D, the industrial partner. X. can still recover the balance
of P120, 000 from the four partners jointly.
b. X can recover from the firm P 60, 000. X can still recover the
balance of P 120, 000 from the capitalist partners only.
c. X can recover from the firm P 60, 000. X can recover the
balance of P 120, 000 from any of their partners solidarily.
d. X can recover from the firm P 60, 000 and consider the balance
of P 120, 000 as loss.
16. The authorized capital stock of a corporation is P 500, 000 divided into
1, 000 shares with a par value of P 100 each. At least P 25, 000 or 250
shares of the authorized capital stock must be subscribed. The 250 shares
were subscribed by 25 subscribers. To meet the minimum amount of
subscription that must be paid:
a. It is enough that 25% of the total subscription is paid,
regardless of the amount paid by each individual.
b. Each and every subscriber must always pay P250 which is 25% of
their individual subscription.
c. Seven of the subscribers paid P 6, 250 and the rest of the
subscribers did not make any payment.
d. None of these.
17. Which of the following is not a requisite for the existence of a de facto
corporation?
a. The existence of a valid statute under which a corporation
with some of the purposes in question can be formed.
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
b. An attempt in good faith to form a corporation according to
the requirements of law.
c. The organization is not registered with Securities and
Exchange Commission.
d. As user of corporate powers, there must be a transaction of
business in some ways as if it were a corporation.
21. Mr. Bang-ga owes Mr. Eskal P150, 000 due on August 31, 2011. Mr. Bang-ga
executed a mortgage in favor of Mr. Eskal on Mr. Bang-ga’s old yellow
building which is tilting on a ravine of no return to guaranty the
obligation. On August 10, 2011, the mortgaged building was totally lost
due to a strong typhoon name “bagyong SuuS”. On August 12, 2011, Mr.
Eskal demanded payment from Mr. Bang-ga. Is Mr. Eskal’s demand valid?
a. No, the obligation is with a definite period, thus the
creditor cannot demand fulfillment of the obligation as such would be
prejudicial to the rights of the debtor.
b. No, the obligation is extinguished because the obligation is
lost due to a fortuitous event.
c. Yes, the debt becomes due at once because the guaranty was
lost even though a fortuitous event unless the debtor can mortgage
another property that is equally satisfactory.
d. Yes, the debt becomes due at once because the tenor benefit is
given solely to the creditor thereby giving the creditor the right to
demand performance even before the due date.
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
22. If a partner in a partnership is insolvent, the first order of preference
in the distribution of his assets are:
a. Partnership creditors
b. Partners contribution to the partnership
c. Separate creditors or the debtors
d. Pro rate between the separate creditors of the debtor and the
partnership creditors.
23. X. Y and Z are equal partner to ZXY Partnership. A owes the XYZ
Partnership for P 9, 000. Z, a partner collected from A P 3, 000 before X
and Y received anything. Z issued a receipt on the P 3, 000, as his share
of what A owes. When X and Y collected from A, A was insolvent.
a. Partner Z shall share partners X and Y with the P 3, 000.
b. Z cannot be required to share X and Y with the P 3, 000.
c. X and Y should first exhaust all remedies to collect from A.
d. X and Y can automatically deduct from the capital contribution
of Z in the partnership their respective share in the P 3, 000.
24. Estong who has long half-gray hair falls in shaggy layers to his
shoulders and Que who has a thing and long goatee which is completely
gray, are partners in a real estate (ESTONGQUE) partnership. The
partnership owns a piece of land which Bal desired to buy. Bal contacted
Estong and informed him of his desire to buy the land and Estong did not
inform Que about it. Estong bought Que out of the partnership and
afterwards sold the land to Bal with a big profit.
a. The partnership is dissolved when Estong became the sole
owner.
b. The sale of the land to Bal is void because it was without the
knowledge of Que
c. Estong is not liable to Que for the latter’s share in the
profits.
d. Estong is liable to Que for the latter’s share in the profits.
26. In payment for honor, the holder can refuse the payment.
II. In acceptance for honor, the holder’s consent is necessary.
a. Only the 1st Statement is True
b. Only the 2nd Statement is True
c. Both Statements are True
d. Both Statements are False
PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
bill in parts is to obtain greater assurance that at least one part will
reach the payee or its destination safely. However, should the payee
negotiate the different parts to different persons, then he is liable on
each part.
a. Only the 1st Statement is True
b. Only the 2nd Statement is True
c. Both Statements are True
d. Both Statements are False
32. A person primarily liable even though he adds the word “surety” to
his signature or the fact that he signed for accommodation is known to
the holder.
a. Accomodation guarantor
b. Accomodation drawer
c. Accomodation drawee
d. Accomodation maker
34. A presented a bill to B, the drawee. B destroyed the bill. What can A do?
a. A may sue B for the destruction of his property.
b. A may go after the drawee for the bill
c. A may no longer collect since the bill was destroyed
d. A may consider the bill as impliedly accepted by B.
PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
c. Both Statements are True
d. Both Statements are False
40. Jane sold his shares in BB Company, a closely held corporation, directly
to a buyer. The shares have book value of P300,000 but were sold for
P250,000. Jane cost these shares P100,000. The capital gains tax on the
sale is
a. P 0 c. P10,000
b. P 5,000 d. P15,000
41. Raymond sold his old residence on fear of a ghost that looks like him.
The selling price was P2,000,000. He immediately acquired a new residence
utilizing the whole proceeds of his old residence which were exempt from
capital gains tax. While dressing for a date one day, he saw the same
ghost on the mirror. This prompt him to sell his new residence at a
P600,000 discount from its P2,400,000 fair value. Raymond immediately
reacquired another residence for P2,000,000 beside the residence of his
boy friend at Tomay, La Trinidad Benguet.
Compute the capital gains tax on the sale of the second residence.
a. P 0 c. P120,000
b. P108,000 d. P144,000
42. Kelly, realty dealer, sold the following properties during 2010:
43. Ron, who died during the year, has the following income in 2010:
PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
Separation benefit from employer 800,000
Salary accruing before death 50,000
44. The books of the taxpayer shows the following for 2011:
45. Horacio, Inc. provided the following benefits to its employees for the
calendar quarter ending March 31, 2011:
Granted the use of a residential unit with fair market value of
P10,000,000 Horacio for the use of its president. The unit has rental
value of P34,000 per month.
Purchased a P680,000 car and transferred title to its VP for finance.
De minimis benefits granted to all employees, P400,000.
Benefits given to rank and file employees, P800,000.
46. Anjo,a sole proprietor, made the following contributions during 2010:
Anjo reported P500,000 net income after the above contributions. Compute
the deductible contribution expense.
a. P320,000 c. P261,000
b. P302,000 d. P220,000
Mr. and Mrs. Cuaresma has salaries from employment of P150,000 and
P100,000, respectively. Mrs. Cuaresma paid P3,000 health insurance for
the family.
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
48. Intrepid, Inc. showed the following computation of its taxable income in
2010.
This was the first time Intrepid, Inc. reports taxable income since its
inception in 2004. Intrepid, Inc. paid P200,000 MCIT in prior years.
During the current year, P25,000 was withheld by clients from Intrepid’s
gross income.
Gwen paid P300,000 in mortgage before his death. The prior estate paid
the estate tax on the agricultural which was then valued at P1,000,000.
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PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
53. Mr. and Mrs. Boromeo got married on February 14, 2001. The spouses
stipulated the conjugal partnership of gains for their property relation.
PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
65. Rural Bank of Gumaca, Inc. (RBG) shows the following receipts during a
quarter:
Assuming RBG is not a cooperative bank, compute the gross receipt tax.
a. P415,000 c. P385,000
b. P408,000 d. P208,000
66. Phil Co. raised its total outstanding shares by 40% to 70,000,000. This
was made by conducting an initial public offering through the Philippine
Stock Exchange. The IPO shares were offered and sold for P20 per share.
The stock transaction tax is
a. P16,000,000 c. P7,000,000
b. P8,000,000 d. P4,000,000
PB03
Northern CPAR: Business Law and Taxation – FINAL PRE-BOARD EXAMINATION
d. Distrait and levy can be effected even in the absence of a prior
assessment.
68. Remy was unjustly assessed by the BIR. The following relates to Remy’s
protest:
How much shall Mr. Marcos pay in community tax for 2011?
a. P5,005 c. P1,685
b. P4,205 d. P 0
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PB03