Business Law

Business Law
1. Literally, “his pleading being abandoned”, it refers to a confession of judgment

accompanied by withdrawal of defense.
Answer: Relictaverificatione
Source: PUP – JPIA, Reviewer for final dept examination for Law on Nego
2. Can future inheritance be the subject of a contract of sale?

a. No, since it will put the predecessor at the risk of harm from a tempted buyer, contrary to
public policy.
b. Yes, since the death of the decedent is certain to occur.
c. No, since the seller owns no inheritance while his predecessor lives.
d. Yes, but on the condition that the amount of the inheritance can only be ascertained after
the obligations of the estate have been paid.
Answer: C
Source: National Mock board Exam 2013
3. The Articles of Incorporation must be accompanied by a Treasurer's Affidavit

certifying under oath, among others, that the total subscription paid is:
a. not less than P25,000.00.
b. not more than P5,000.00.
c. not less than P5,000.00.
d. not more than P25,000.00.
Answer: C
4. 1st Statement – Bitoycan compel his creditor to accept a manager’s check as

payment
2nd Statement – Sale of property between husband and wife is unenforceable if orally
constituted unless there is a judicial separation of property.
a. 1st statement is wrong, 2nd statement is correct
b. 1st statement is correct, 2nd statement is wrong.
c. Both statements are correct
d. Both statements are wrong.
Answer: D
5. As security for a loan, Sonia mortgaged his house and lot to Belinda. Both parties
intended to enter a mortgage contract but the instrument as written states that the
house and lot is sold by Sonia to Belinda with right of repurchase. In this case, the
proper remedy is:
a. Annulment c. Reformation
b. Rescission d. Reconstitution
Answer: C
6. Per Procuration are words used to indicate

a. Items purchased
b. A universal agent
c. A conditional sale
d. Notice that an agent has limited authority to sign an instrument
ANSWER: D
Source: Junior Philippine Institute of Public Accountants – SPCBA Chapter
7. It refers to a right of ownership.

a. Personal right
b. Management
c. Real right
d. Abuse of Right
ANSWER: C
Source: Junior Philippine Institute of Public Accountants – SPCBA Chapter
8. Case No. 1 – Pedro, the manager of XYZ Corporation, was promised of an increase in
salary. To facilitate the payment of the promised increase, he prepared a board
resolution and had it signed individually by a majority of the members of the Board
of Directors. The treasurer of the corporation refused to pay the increase in salary
stating that the resolution is not valid. Is the contention of the treasurer correct?
Case No. 2 – Jose agreed to sell for a 10% commission the land of Maria worth
P500,000. Accordingly, Jose looked for a buyer and found Pedro whom he introduced to
Maria. Maria however told Jose and Pedro that she is no longer selling her land.
Subsequently, Maria sold the land to Pedro for P500,000, without the knowledge of
Jose. Jose upon learning of the sale, asked Maria for his commission. Is Jose entitled to
the commission?
a. YES; YES
b. YES; NO
c. NO; NO
d. NO; YES
ANSWER: A
Source: RFJPIA-R12, 2ND Annual Regional Convention 2008, Mock CPA Board
Examinations
9. A and B are partners engaged in the real estate business, A learned that C was
interested in buying a certain parcel of land owned by the partnership, even for a
higher price. Without informing B of C's offer A was able to convince B to sell him
(A) his (B's) share in the partnership. Then A sold land at a big profit. Which is
correct?
a. A is liable to B for the latters share in the profit
b. C is liable to B for the latter's share in the profit
c. a new partnership is formed between A and C
d. The sale of the land to C is void since it was without the knowledge of B
ANSWER: A
Source: CPA REVIEW SCHOOL OF THE PHILIPPINES
ATTY. DANTE DELA CRUZ, CPA
10.Not an implied warranty in a contract of sale

a. right to sell the thing at the time of perfection of the contract
b. reasonably fit for the purpose they are acquired
c. merchantable in quality
d. free from charges or encumbrances not declared or known to the buyer
ANSWER: A
11.If the object of the contract is specially made or manufactured at the specific order
of another, it is a contract for a piece of work. This is
a. English Rule b. Massachussets Rule c. New York Rule d. Chicago Rule
ANSWER: B
12.Specific performance may not be possible in this civil obligation

a. A,painter,obliges himself to paint the portrait of B. on January 8, 2011
b. C, a farmer, obliges himself to give his only cow to D on February 14. 2011
c. E, a veterinarian, obliges himself to give one of his dogs to F on May 1, 2011
d. G, a registrar of deed, obliges himself to effect registration of H's parcel of land on June
20, 2011

ANSWER: A
13.Upon the proposal of a third person, a new debtor substituted the original debtor
without the latter's consent. The creditor accepted the substitution. Later, however,
the new debtor became insolvent and defaulted in this obligation. What is the effect
of the new debtor's default upon the original debtor?
a. The original debtor is freed of liability since novation took place and this relieved him of
his obligation.
b. The original debtor shall pay or perform the obligation with recourse to the new debtor.
c. The original debtor remains liable since he gave no consent to the substitution.
d. The original debtor shall pay or perform 50% of the obligation to avoid unjust
enrichment on his part.
ANSWER: A
14.Roy and Carlos both undertook a contract to deliver to Sam in Manila a boat docked
in Subic. Before they could deliver it, however, the boat sank in a storm. The
contract provides that fortuitous event shall not exempt Roy and Carlos from their
obligation. Owing tot the loss of the motor boat, such obligation is deemed
converted into one of indemnity for damages. Is the liability if Roy and Carlos joint
or solidary?
a. Neither solidary nor joint since they cannot waive the defense of fortuitous event to
which they are entitled.
b. Solidary or joint upon the discretion of Sam
c. Solidary since Roy and Carlos failed to perform their obligation to deliver the motor boat
d. joint since the conversion of their liablity to one of indemnity for damages made it joint
ANSWER: D
15.Whichoftheseisnotaconditionalobligation?
a. Distopay CP1,000,000ifhefinisheshisLL.B. attheV.P.Collegeoflaw.
b. Dwill payCP500,000assoonashisfinancial meanswillpermithimtodo
so.
c. D istopayC P2,000,000tendaysafterhis
80thbirthday.
d. Dwill payC
P1,000,000twentydaysafterhepassestheC.P.A.examsforOctober20
08.
e. Noneoftheabove.
Answer: C
16.A,B,&C obligatedthemselvestodelivertoXaspecificand
determinatecarvaluedatP600,000. Duetothefaultof
A,thecarwasnotdeliveredtoX causingthe latterdamages in the
amountofP9,000.
a. Byspecificperformance.XcancompelB&Ctodeliver1/3 eachof the car
andHto paydamages.
b. The actionof X isconverted intoonefordamages where he
holdliableA,B &C forP203,000each.
c. The actionof X isconverted intoonefor
damageswherehecanholdB &Cliablefor
P200,000eachandAforP209,000.
d. TheactionbeingsolidaryandindivisibleonlyA
canbeheldliableby XforP609,000.
Answer: C
17.Paymentshallbemadeto,except:
a. Obligee
b. Creditor’sassignee
c. Obligor
d. Executorofthedeceasedoblige
Answer: C
18.Boy Tigasenteredintoacontractof salewherein Boy Tigaswill

boughtaknifewithJunforP3,000.HoweverBoy Tigasbought
theknifetokill kardinghismortalenemy.ThecontractbetweenBoy
TigasandJun is:
a. Valid d.Void
b. Rescissible e.Unenforceable
c. Voidable
Answer: A
19.Thefollowing,except one, are thecharacteristics of void or

inexistentcontract. Which isthe exception?
a. Theyarenotsubjecttoratification
b. Theright toraise defense of illegalitycannot bewaived.
c. The defenseof illegality of thecontractis
availabletothirdpersonswhoseinterestisnotdirectlyaffected.
d. The action or defense for declaration ofthenullityorinexistenceof
thecontractdoesnotprescribe.
Answer: C
20.Therightgiventothestockholderstodissentanddemandpaymentofth
efairvalueoftheirsharesis called:
a. Rightofproxy
b. Appraisalright
c.Pre-emptiveright
d.Stockright
Answer: B
21.XenonstoleafountainpenfromOldenandsoldit to a Bazaar who pays

for it in
goodfaith,notknowingitwasstolen.TheBazaarthensoldittoBert,a
student.
a. TheBazaarhavingbought itin goodfaith becomeslegalowners,and
assuch,hecantransferownershiptoBert.
b. OwnershippassedtoBertbecauseheboughtit
inamerchantstore.
c. Oldenmayrecover
thefountainpenfromBertwithoutreimbursementbecauseheisthele
gal owner.
d. Bertcannotbecometheowner becauseXenon,
theoriginalseller,isnottheowner.
Answer: B
22.Effectof saleonthethingpledgedifitislessthantheprincipalobligation.
a. Creditorcannotrecoverthedeficiency.
b. Creditorcanrecoverthedeficiency.
c. Creditorcannotrecoverthedeficiencyevenif
thereisstipulation.
d. Creditorcanrecoverthedeficiencyifthereis stipulation.
Answer: C
23.The buyer acquires a real right to the fruits of the thing sold.
a. From the time the obligation to deliver the thing arises
b. From the perfection of the contract of sale
c. From the delivery thereof
d. From payment of the price
Answer: C
Source: Business Law and Taxation, RESA Final Pre-board Examination ,Batch
18 (October 2009)
24.A buyer may sue the seller for breach of warranty against hidden defects of things
a. Within 40 days from delivery of the thing sold
b. Within 6 months from delivery of the thing sold
c. Within 1 year from delivery of the things sold
d. Within 4 years from discovery of the fraud
Answer: B
18 (October 2009)
25.In a partnership, the partners share in the profits

a. Equally
b. According to capital contribution
c. According to the contract
d. Justly and equitably
Answer: C
Source: Business Law and Taxation, RESA Final Pre-board
Examination ,Batch 18 (October 2009)
26.A, B and C are partners. A contributed his services only, B P20,000 and C P10,000.
The partnership was liquidated. After payment of the partnership obligation, only
P9,000 worth of assets remained. The share of A will be –
a. P3,000
b. Equal to the share of B
c. Equal to the share of C
d. Nothing
Answer: D
18 (October 2009)
27.The following are instances of pledge created by operation of law, except:

a. Hotel keeper retains the things brought into the hotel by the guest who
cannot pay his hotel bills
b. An agent retains in pledge the thing which is the object of the agency
regarding his commission
c. A mechanic retains the car he repaired until he is paid
d. A depository retains the thing deposited until he is paid the charges due him
Answer: B
18 (October 2009)
28.D and C agreed that D shall deliver to C ten kilos of marijuana instead of paying D’s
loan amounting to P1 million. Therefore:
a. D’s obligation is extinguished
b. D must deliver 10 kilos of marijuana
c. D must pay the 1 million.
d. D may choose between the two obligations.
Answer: C
18 (October 2009)
29.D borrowed from C P1,000,000 to secure the payment of which the former verbally
agreed to deliver his 4 hectare agricultural land by way of antichresis and to pay
10% interest per annum. The contract of loan and antichresis –
a. Are both valid
b. Both null and void
c. The loan is valid but the antichresis is null and void
d. The contract of antichresis is valid, but the loan is null and void
Answer: C
18 (October 2009)
30.Statement 1. Where the business of the partnership is in imminent danger of being

lost, an industrial partner who refuses to give an additional contribution agreed
upon can be compelled to sell his interests to the others.
Statement 2. A partner appointed as manager in the Articles of Partnership can be

removed with or without cause.
a. Both statements are true
b. Both statements are false
c. Statement 1 is true, but Statement 2 is false
d. Statement 1 is false, but Statement 2 is true
Answer: B
18 (October 2009)
31.The following are the rights of an unpaid seller, except:
a. A right of lien over the thing sold while he is still in possession
b. In case of insolvency on the part of the buyer, the right of stoppage in
transit
c. Right to resell the things sold
d. Right to interest on the price of the sale
Answer: D
Source: Business Law and Taxation, RESA Final Pre-board Examination
,Batch 18 (October 2009)
32.The voting requirement needed in declaring cash or property dividend –
a. Majority vote of the Board of Directors
b. Majority vote of the Board of Directors plus the vote of a majority of the
outstanding shares
c. Majority vote of the Board of Directors plus the vote of 2/3 of the
outstanding shares
d. 2/3 votes of the directors plus a majority of the outstanding shares
Answer: A
18 (October 2009)
33.Which of these is not a special form of payment?

a. Application of payment
b. Dacion en pago
c. Cession en pago
d. Tender of payment & consignation
Answer: A
18 (October 2009)
34.A deaf and mute who does not know how to write and read, used force and violence
to get B’s consent, a minor to a contract where B suffered a lesion of more than ¼ of
the value of his property. The contract is
a. Resistible
b. Voidable
c. Unenforceable
d. Void
Answer: C
35.Which of the following contract is rescissible?

a. Those which are entered into by guardians whenever the wards they represent
suffer lesion of ¼ of the value of the object of the contract
b. Those executed in representation of a principal, if the latter suffer lesion of more
than ¼ of the value of the object of the contract
c. Those where one of the parties is incapable of giving consent to a contract
d. Those undertaken in fraud of creditors when the latter cannot in any other
manner collect the claims due them
Answer: D
36.X alleged that Y promised to give X one hectare of land. This is an consideration of
X’s meritorious services to Y. Y pleads in defence that since the promise was not in
writing it is unenforceable under the statute of frauds. Decide
a. The promise is unenforceable because it is not in writing
b. The statute of frauds is applied because X has rendered services already
c. The statute of frauds is inapplicable here, because the promises is to give
the land and not a sales of real property
d. The statute of frauds can apply to partially executed contract
Answer: C
37.A obliged himself to give his only cow to B. No date was stipulated for the delivery of
the cow. While still in possession of A, the cow gave birth to a calf. Who is entitled to
the calf?
a. A, because it was born his obligation to deliver the cow arises
b. A, because B has not yet paid the price
c. B because the calf was born after the perfection of the contract
d. B, if he will pay additional cost for the calf to be agreed upon by the parties
Answer: C
38.In payment of 10 grams of Shabu, A made a promissory note which reads “ I promise
to pay B P10, 000 Sgd. A” B transferred the note to C, who acted good faith which is
correct?
a. C can collect from A
b. B can collect from A
c. C can collect from either A or B
d. C can collect from B
Answer: D
39.No proof of pecuniary loss is necessary in order that these kinds of damages maybe
adjudicated, except
a. Nominal
b. Moral
c. Liquidated
d. Actual
Answer: D
40.If by virtue of a final judgment based on a right prior to the sale, the vendee is
deprived of the thing purchased, which of the following is incorrect?
a. The vendee should appeal the decision to make the vendor liable
b. The vendor is not liable if the vendee has renounced the right to warranty
against eviction
c. The vendor shall answer for the eviction even though nothing has
d. The vendor may give another thing equally satisfactory
Answer: D
41.Which of the following statements is not correct?

a. If A gives his ring to B but it is not clear whether A donated it or merely lent it,
the contract should be interpreted as commodatum rather than donation
b. If A sells his car to B but A has 4 cars and it cannot be determined which car was
sold, the contract of sale is void
c. A borrowed P100,000 from b which bears interest at 12% per year but
there is doubt whether it is payable in 2 or 3 years, the period of payment
shall be interpreted at 2 years.
d. A engaged the services of B but the contract did not indicate the amount of
compensation to be paid, the amount thereof shall be the rate that is customarily
paid in the place where the services were rendered.
Answer: C
42.A promised to give B P1,000 if B will hear mass for ten consecutive Sundays. This is
a
a. Civil obligation
b. Natural obligation
c. Moral obligation
d. Religious obligation
Answer: A
43.Spouses H and W are under the regime of absolute community of property. H,

through violence and intimidation obtained the signature of W to a contract of sale
involving W’s exclusive property in favour of H. The fair market value of the
property is P1M but the selling price is only P700,000. The sale is
a. Rescissible
b. Voidable
c. Unforceable
d. Void
Answer: D
44.This is not a characteristic of pledge
a. Bilateral b. Nominate c. Consensual d. Real
Answer: C
Source: 2013 CPAR Final Preboard
45.Objects of pledge, except:

a. Negotiable instruments
b. Shares of stocks
c. Pieces of jewelry
d. Piece of land
Answer: D
46.Mutuum as distinguished from commodatum

a. Essentially gratuitous
b. Loan for consumption
c. Object is generally non-consummable
d. Bailor retains the ownership of the thing loaned
Answer: B
47.Chattel mortgage as distinguished from pacto de retro sale

a. A principal and independent contract
b. The title and possession are transferred to the vendee
c. Cannot appropriate to himself the property mortgaged, nor dispose of it
d. Seller may exercise the right to repurchase
Answer: C
48.A, B, C and D are partners. Their contributions are as follows: A-P50,000; B-P30,000;
C- P20,000; and D-services. The partnership incurred obligations to third persons,
which the firm was unable to pay. After exhausting all the assets of the partnership,
there is still an unpaid balance of P10,000. How much should each partner pay to
the creditors?
a. A-P5,000 B-P3,000 C-P2,000 D-P0
b. A-P2,500 B-P2,500 C-P2,500 D-P2,500
c. A-P4,000 B-P3,000 C-P2,000 D-P1,500
d. A-P4,000 B-P4,000 C-P2,000 D-P0
Answer: B
49.A, B and C, co-owners of a particular parcel of land, borrowed P75,000 from X and Y.
The three (3) debtors signed a promissory note on January 10, 2006 promising to
pay the creditors on or before April 3, 2006. In addition, the debtors constituted a
mortgage on their property in favor of the creditors. On maturity date, X demanded
payment. How much can X collect from C upon maturity of the obligations (creditors
are solidary)?
a. P50,000 as it represents the actual share of X in the credit.
b. P25,000 as the obligation is presumed to be joint and the amount represents C’s
share in the obligation.
c. P75,000 based on the promissory note
d. P75,000 because the nature of the obligation is solidary
Answer: B
50.In real estate mortgage, the mortgagor can sell the mortgaged property
a. With the consent of the mortgagee in writing
b. Even without the consent of the mortgagee
c. Only with the consent of the mortgagee in writing or orally
d. Only after paying his obligation to the mortgagee
Answer: B
Taxation
1. The legal interest rate for tax delinquency is?

a. Six (6% percent.
b. Eight (8%) percent.
c. Twelve (12%) percent.
d. Twenty (20%) percent.
Answer: D
2. It is said that taxes are what we pay for civilized society. Without taxes, the government
would be paralyzed for lack of the motive power to motivate active and operate.
a. Lifeblood theory c. Benefit-protection theory
b. Necessity theory d. Reciprocal theory
Answer: A
3. The following taxes, fees and charges are deemed to be national revenue taxes, except:
a. Documentary stamp taxes
b. Community taxes
c. Excise taxes
d. Income taxes
Answer: B
4. One of the following is not an ordinary deduction for purposes of Net Taxable Estate.
a. Funeral expense b. Medical expense c. Judicial expense d. Taxes
Answer: B
5. The following person’s signature must appear in the corporations income tax return,
except:
a. President c. Treasurer
b. Vice President d. External Auditor
Answer: D
6. Which of the following is deductible from the gross estate?

a. Income tax paid on income received after death
b. Property taxes not accrued prior to death
c. Estate tax paid to a foreign country
d. Donor’s tax accrued prior to death
Answer: D
7. It is the official action of an administrative officer in determining the amount of tax due
from a taxpayer, or it may be a notice to the effect that the amount stated therein is due
from the taxpayer with a demand fro payment of the tax or deficiency stated therein.
a. Tax investigation
b. Tax audit
c. Tax assessments
d. Tax mapping
Answer: C
8. 1st Statement: A resident corporation is allowed to deduct depreciation expense

regardless of the property’s location.
2nd Statement: A private educational institution may at its option elect either to deduct
capital expenditures during the taxable year or to deduct allowable for depreciation
thereof.
a. True; False
b. True; True
c. False; True
d. False; False
Answer: C
9. This is not part of the conjugal property

A. Those acquired by onerous title during the marriage at the expense of the
common fund
B. Those acquired by industry or work of either of them
C. The fruits, rents or interests received or due during the marriage coming from
the conjugal property or from the exclusive properties of the spouses
D. Those acquired during the marriage by gratuitous title
Answer: D
Source: TEST BANK – BUSINESS AND TRANSFER TAXATION, Estate tax CPAR
10. Statement 1 – The court may authorize the distribution of estate, to an heir if in its
sound discretion it believes that the heir badly needs his share.
Statement 2 – The administrator or any of his heirs, may however upon authorization of
BIR withdraw from the decedent’s bank deposits P20, 000 without the required
certification that the estate tax has been paid.
A. True, true
B. True, false
C. False, true
D. False, false
Answer: C
11. Which of the following is not an example of excise tax:
a. Transfer tax
b. Sales tax
c. Real property tax
d. Income tax
Answer: C
12. One of the following is not subject to amusement tax on gross receipts
A. Disco houses
B. Cockpits
C. Professional basketball
D. Bowling alleys
Answer: D
13. Which of the following is not exempt from VAT?

A. Sale of books
B. Sale of agricultural product in its original state
C. Sale of electricity generated through renewable sources
D. Sale of shares of stock listed and traded through the local stock exchange
Answer: C
Source: NFJPIAR3 – 13-14, BLT
14. Gianna Corporation is engaged in the business of publishing magazines as well as

the merchandising of office supplies. For CY 2012, it has the following revenue/sales:
Revenue from
magazines 587,400
Sales from office
supplies 197,500
Further, Gianna incurred entertainment, amusement and recreation expenses (EAR)

amounting to P8,350 and 2/3 of which was incurred for the publishing of
magazines. How much EAR is deductible for income tax purposes?
A. P8,657.33
B. P8,350.00
C. P6,861.50
D. P6,554.17
Answer: D. P6,554.17
Deductible
Revenue Actual EAR EAR LIMIT EAR
(1% of
revenue
Revenue from 2/ 5,56 5,874.0 from 5,566.6
magazines 587,400 3 6.67 0 magazines) 7
(0.5% of
sales from
Sales from 1/ 2,78 987.5 office 987.5
office supplies 197,500 3 3.33 0 supplies) 0
8,35 6,554.1
0.00 7
15. A taxpayer paid excessive tax on April 15, 2000. On December 20, 2001, she filed a
written claim for refund. Her claim was denied by the BIR and she received the denial
on March 15, 2002. She filed a motion for reconsideration with the BIR on March 31,
2002. On April 10, 2002, she received the final denial of the BIR. What will be the
taxpayer’s remedy?
A. File another motion for reconsideration with the BIR within 30 days after the
receipt of the final denial
B. File an appeal with the Court of Tax Appeals on or before May 10, 2002
C. File an appeal with the Court of Tax Appeals on or before April 15, 2002
D. The taxpayer has no more remedy against the final denial
Answer: C. File an appeal with the Court of Tax Appeals on or before April 15,
2002
16. MRT Company is a resident foreign corporation. The following data are available:
Nature Amount
Income earned within the Philippines P4,900,000
Income earned in Japan 500,000
Allocated cost from head office, supported by auditor’s 1,250,000
certification
Cost of goods sold for income earned in the Philippines 2,000,000
Creditable withholding taxes 400,000
Capital gain on sale of stock 620,000
Compute for the taxable income.
Answer: P1,650,000
Income subject to tax is P4,900,000

Deductible expense is P3,250,000 (P1,250,000 + P2,000,000)
Taxable income is P1,650,000 (P4,900,000 – P3,250,000)
17. The following are required to file Income Tax return, except?
A. Resident citizens receiving income from sources within or outside the
Philippines
B. Aliens, whether resident or not, receiving income from sources within
the Philippines
C. An individual who is a minimum wage earner
D. foreign corporations receiving income from sources within the
Philippines
Answer: C
18. The gross estate of Ms. Layda amounted to P5 million. The actual funeral expenses
are as follows:
P100,00
Mourning apparel of the surviving spouse 0
Mourning apparel of married children 90,000
Publication charges for death notices 70,000
Interment and/or cremation fees and
charges 50,000
Total 310,000
How much is the total deductible funeral expense?

A. P250,000
B. P200,000
C. P270,000
D. P180,000
Answer: B. P200,000
Actual funeral expenses
Mourning apparel of the surviving spouse 100,000
Publication charges for death notices 70,000
Interment and/or cremation fees and
charges 50,000
220,000
5% of gross estate 250,000
Limit 200,000
19. Co. C had the following data in the month of September:
P1,900,00
Sales 0
1,260,00
Purchases of goods 0
Purchase of 1,440,00
machines 0
Machine Life 8 years
Assuming that the said transactions are properly substantiated for VAT purposes, compute
the VAT payable.
Note: The amounts are exclusive of VAT.
Answer: P73,920
228,000
Output VAT (P1,900,000 x 12%)
Input VAT
Purchase of goods (P1,260,000 x 12%) 151,200
Purchase of machines* (P1,440,000 x 12%/60
months) 2,880 154,080
Net VAT Payable 73,920

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Business Law

1. Literally, “his pleading being abandoned”, it refers to a confession of judgment

2. Can future inheritance be the subject of a contract of sale?

3. The Articles of Incorporation must be accompanied by a Treasurer's Affidavit

4. 1st Statement – Bitoycan compel his creditor to accept a manager’s check as

6. Per Procuration are words used to indicate

7. It refers to a right of ownership.

10.Not an implied warranty in a contract of sale

12.Specific performance may not be possible in this civil obligation

18.Boy Tigasenteredintoacontractof salewherein Boy Tigaswill

19.Thefollowing,except one, are thecharacteristics of void or

21.XenonstoleafountainpenfromOldenandsoldit to a Bazaar who pays

25.In a partnership, the partners share in the profits

27.The following are instances of pledge created by operation of law, except:

30.Statement 1. Where the business of the partnership is in imminent danger of being

Statement 2. A partner appointed as manager in the Articles of Partnership can be

33.Which of these is not a special form of payment?

35.Which of the following contract is rescissible?

41.Which of the following statements is not correct?

43.Spouses H and W are under the regime of absolute community of property. H,

45.Objects of pledge, except:

46.Mutuum as distinguished from commodatum

47.Chattel mortgage as distinguished from pacto de retro sale

1. The legal interest rate for tax delinquency is?

6. Which of the following is deductible from the gross estate?

8. 1st Statement: A resident corporation is allowed to deduct depreciation expense

9. This is not part of the conjugal property

13. Which of the following is not exempt from VAT?

14. Gianna Corporation is engaged in the business of publishing magazines as well as

Further, Gianna incurred entertainment, amusement and recreation expenses (EAR)

Compute for the taxable income.

Income subject to tax is P4,900,000

How much is the total deductible funeral expense?

5% of gross estate 250,000

19. Co. C had the following data in the month of September:

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