Father Saturnino Urios University

ACCOUNTANCY PROGRAM
Midterm Examination
March __, 2023
SET “A”
(21pcs.)
INSTRUCTION:
(Warning: This document must be copied with the strickest observance of relevant laws)
A. KINDLY PUT OFF ALL YOUR CELLPHONES AND ALL YOUR THINGS BE PLACED IN FRONT. This exam is good for 1
hour. It has 12 main questions for a total score of 60 points, each number with a perfect score of 5 points each.
There may also be sub- questions worth 2.5 pts;
B. Do not forget to write your name in the prominent BACK portion of the front cover of your notebook, including
your subject, day, time and your Student Number and the date when you took the exam, and your set of exam;
C. Avoid “ALL CAPS” as much as possible unless when you want to emphasize a point. Margin, neatness, good
grammar and even spelling is a big factor in this exam;
D. Manage your time WISELY and always consider: Accuracy, Brevity and Conciseness or the ABC’s in answering;
E. The exam is good for ONE (1), HOUR , and ENDS AUTOMATICALY finished or otherwise. It is best advised
therefore that you keep track of the time monitor in front of you;
F. Those who failed to take the exam for one reason or another, may take the exam after the finals to be
rescheduled by your instructor;
G. SINCE these Questions were ALREADY recited during class, your instructor expects that you knew them already.
What you only need this time is MASTERY and your eloquence in writing;
H. This exam is RIGHT MINUS WRONG and is worth sixty (60) points; EVERY WRONG ANSWER IS WORTH FIVE (5)
POINTS EACH, including the NON- FOLLOWING OF INSTRUCTION. Likewise, not following any instruction is
equivalent to MINUS 10 POINTS;
I. A “yes” or a “no” answer without a reason will NOT be given credit. So start now and finish as early as you can.
GOD BLESS…
1. PROMISSORY NOTE
For value received, I hereby promise to pay Rose Boslis, or order, the sum of Php 100,000.00 in
two equal monthly installments.
(Sgd.) VANGELO CIOBU
QUESTION: Is this a negotiable instrument?, Explain, (5pts).55
2. A. What is the penalty in violating BP 22?, (2.5 pts.)
B. When should a complaint for BP 22 be filed?, (2.5 pts.)
3. What are the rights of the holder of a negotiable instrument if not in due course?, 136,
(5 points).
4. When a foreign bill of exchange is dishonored by non-acceptance, what should the payee do, if
anything required him by law, in order to protect his rights?,149 Explain, (5 pts.);
5. To accommodate JOY LYN, drawer of a promissory note, JAIMES signed as indorser thereon, and
the instrument was negotiated to ROMNICK, a holder for value. At the time ROMNICK took the
instrument, he knew JAIMES to be an accomodation party only. When the promissory note was not
paid, and ROMNICK discovered that JOY LYN had no funds, he sued JAIMES. JAIMES pleads in
defense the fact that ROMNICK knew at the time he took the instrument, JAIMES had not received
any value or consideration of any kind for his indorsement. 93
Question: Is JAIMES liable?. Discuss with reason, (5 pts.);
6. A. Make or draw a valid promissory note, (2.5 pts);
B. Make or draw a valid Bill of Exchange, (2.5 pts.);
7. A. What is endorsement?, (2.5 pts.);
B. Enumerate the 5 kinds of endorsements, (2.5 pts.);
8. Mr. Jani Dip Kyaw makes a promissory note for Php5,000.00 but leaves the name of the payee in
blank because he wanted to verify its spelling first. He mindlessly left the note on top of his desk at
the end of the working day. When he returned the following morning, the note was missing. It
turned up later when Ms. Imber Ne Berheard presented it to Mr. Jani Dip Kyaw for payment.
Before Ms. Imber Ne Berheard, Ms. Cerit Ang Ehgit, who turned out to have filched the note from
Mr. Jani Dip Kyaw’s office, had endorsed the note after inserting her own name in the blank space
as the payee. Mr. Jani Dip Kyaw dishonored the note contending that she did not authorize its
completion and delivery. But Ms. Imber Ne Berheard said she had no participation in or
knowledge about the pilferage and alteration therefore she enjoys the rights of a Holder in Due
Course under the NIL.
9. QUESTION: Who is correct and why?69, (5pts);
10. What is forgery and what are its effects?, (5pts.)
11. Define Personal Defense and Real Defense and enumerate at least 5 of each corresponding
defenses, (5 pts.)
12. A. What are the ways of violating BP 22 or Anti-Bouncing Law?, (2.5 pts.);
B. What is the purpose why BP 22 was enacted?, (2.5 pts.)
13. A. Cite an instance when it becomes a prima facie evidence of knowledge of insufficiency of funds,
(2.5 pts.)
B. Define “prima facie” evidence., (2.5 pts.)
-end-
 Father Saturnino Urios University
ACCOUNTANCY PROGRAM
Midterm Examination
March __, 2023
SET “B”
(21 pcs.)
INSTRUCTION:
(Warning: This document must be copied with the strickest observance of relevant laws)
A. KINDLY PUT OFF ALL YOUR CELLPHONES AND ALL YOUR THINGS BE PLACED IN FRONT. This exam is good for 1
hour. It has 12 main questions for a total score of 60 points, each number with a perfect score of 5 points each.
There may also be sub- questions worth 2.5 pts;
B. Do not forget to write your name in the prominent BACK portion of the front cover of your notebook, including
your subject, day, time and your Student Number and the date when you took the exam, and your set of exam;
C. Avoid “ALL CAPS” as much as possible unless when you want to emphasize a point. Margin, neatness, good
grammar and even spelling is a big factor in this exam;
D. Manage your time WISELY and always consider: Accuracy, Brevity and Conciseness or the ABC’s in answering;
E. The exam is good for ONE (1), HOUR , and ENDS AUTOMATICALY finished or otherwise. It is best advised
therefore that you keep track of the time monitor in front of you;
F. Those who failed to take the exam for one reason or another, may take the exam after the finals to be
rescheduled by your instructor;
G. SINCE these Questions were ALREADY recited during class, your instructor expects that you knew them already.
What you only need this time is MASTERY and your eloquence in writing;
H. This exam is RIGHT MINUS WRONG and is worth sixty (60) points; EVERY WRONG ANSWER IS WORTH FIVE (5)
POINTS EACH, including the NON- FOLLOWING OF INSTRUCTION. Likewise, not following any instruction is
equivalent to MINUS 10 POINTS;
I. A “yes” or a “no” answer without a reason will NOT be given credit. So start now and finish as early as you can.
GOD BLESS…
1. PROMISSORY NOTE
For value received, I hereby promise to pay Rose Boslis, or order, the sum of Php 100,000.00 in
two equal monthly installments.
(Sgd.) VANGELO CIOBU
QUESTION: Is this a negotiable instrument?, Explain, (5pts).55
2. A. What is the penalty in violating BP 22?, (2.5 pts.)
B. When should a complaint for BP 22 be filed?, (2.5 pts.)
3. What are the rights of the holder of a negotiable instrument if not in due course?, 136,
(5 points).
4. When a foreign bill of exchange is dishonored by non-acceptance, what should the payee do, if
anything required him by law, in order to protect his rights?,149 Explain, (5 pts.);
5. To accommodate JOY LYN, drawer of a promissory note, JAIMES signed as indorser thereon, and
the instrument was negotiated to ROMNICK, a holder for value. At the time ROMNICK took the
instrument, he knew JAIMES to be an accomodation party only. When the promissory note was not
paid, and ROMNICK discovered that JOY LYN had no funds, he sued JAIMES. JAIMES pleads in
defense the fact that ROMNICK knew at the time he took the instrument, JAIMES had not received
any value or consideration of any kind for his indorsement. 93
Question: Is JAIMES liable?. Discuss with reason, (5 pts.);
6. A. Make or draw a valid promissory note, (2.5 pts);
B. Make or draw a valid Bill of Exchange, (2.5 pts.);
7. A. What is endorsement?, (2.5 pts.);
B. Enumerate the 5 kinds of endorsements, (2.5 pts.);
8. Mr. Jani Dip Kyaw makes a promissory note for Php5,000.00 but leaves the name of the payee in
blank because he wanted to verify its spelling first. He mindlessly left the note on top of his desk at
the end of the working day. When he returned the following morning, the note was missing. It
turned up later when Ms. Imber Ne Berheard presented it to Mr. Jani Dip Kyaw for payment.
Before Ms. Imber Ne Berheard, Ms. Cerit Ang Ehgit, who turned out to have filched the note from
Mr. Jani Dip Kyaw’s office, had endorsed the note after inserting her own name in the blank space
as the payee. Mr. Jani Dip Kyaw dishonored the note contending that he did not authorized its
completion and delivery. But Ms. Imber Ne Berheard said she had no participation in or
knowledge about the pilferage and alteration therefore she enjoys the rights of a Holder in Due
Course under the NIL.
9. QUESTION: Who is correct and why?69, (5pts);
10. What is forgery and what are its effects?, (5pts.)
11. Define Personal Defense and Real Defense and enumerate at least 5 of its corresponding defenses,
(5 pts.)
12. A. What are the ways of violating BP 22 or Anti-Bouncing Law?, (2.5 pts.);
B. What is the purpose why BP 22 was enacted?, (2.5 pts.)
13. A. Cite an instance when it becomes a prima facie evidence of knowledge of insufficiency of funds,
(2.5 pts.)
B. Define “prima facie” evidence., (2.5 pts.)
-end-