T R S A: HE Eview Chool of Ccountancy

ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY
CPA Review Batch 44  Oct 2022 CPALE  24 September 2022  3:00 - 5:00 PM
REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS FINAL PRE-BOARD EXAMINATION
INSTRUCTIONS: Select the correct answer for each of the questions. Mark only one
answer for each item by shading the box corresponding to the letter of your choice on
the answer sheet provided. STRICTLY NO ERASURES ALLOWED. Use pencil no. 2 only.
1. First statement: A void obligation may be the valid subject of a novation

Second statement: If the new obligation is void, the original one, as a rule, is
still extinguished
a. Both statements are correct
b. Both statements are incorrect
c. Only the first statement is correct
d. Only the second statement is correct
2. This circumstance may affect the validity of the obligation if employed to induce
the consent of the other party:
a. Negligence
b. Fortuitous Event
c. Fraud
d. Delay
3. D is indebted to C for P100,000 covered by a promissory note. Eventually, D met X,
a close friend of C, to whom he gave the P100,000 as payment for his (D) obligation
to C. C eventually negotiated the promissory note to X. In this case,
a. There is no valid payment since X is not a party in whose favor the obligation
was constituted
b. There is no valid payment since it does not appear that the payment redounded to
the benefit of C
c. There is valid payment since X was authorized to receive the same in behalf of
C
d. There is valid payment since X eventually acquired the rights to the credit
4. P20 bills are legal tender upto:
a. P100
b. P1,000
c. P100,000
d. No limit
5. On July 15, S sold his car to B through a public instrument, where it was agreed
that S will deliver the car on July 31 and B will pay the price on August 15. S
complied with this obligation but as of August 31, B has not yet paid the price
which prompted S to make a demand therefor. In this case, B was in delay since
a. July 15
b. July 31
c. August 15
d. August 31
6. In this kind of Substitution, the original debtor, will no longer be liable in case
of the insolvency of the new debtor subsequent to the substitution:
a. Delegacion
b. Expromision
c. Both Delegacion and Expromision
d. Neither Delegacion nor Expromision
7. Hamzi, a Korean national, went to the Philippines for a vacation. While in Boracay,
she met went on a drinking spree and eventually met Jay, a bartender. While under
a state of drunkenness, Hamzi orally agreed to buy the land of Jay in Boracay for
P1,000,000, when its fair market value was P5,000,000. What is the status of the
contract?
a. Rescissible
b. Voidable
c. Unenforceable
d. Void
8. A contract is defined as a meeting of the minds between two persons whereby one
binds himself with respect to another to give something or to render some service.
Which of the following is incorrect?
a. Contracts will always require two persons to be perfected
b. Contracts generally contain a unilateral obligation
c. Contracts cannot cover obligations not to do
d. All of the choices are incorrect
Page 1 of 11 0915-2303213  [email protected]

REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS
ReSA Batch 44 – October 2022 CPALE Batch
24 September 2022  3:00 PM to 5:00 PM RFBT Final Pre-Board Exam
9. Recission in rescissible contracts may be an available remedy in which of the
following cases?
a. If the thing under litigation is sold with the approval of the litigants
b. If the sale of the guardian of the ward’s property is with the approval of the
court
c. If the party invoking rescission can no longer return what he may be obliged to
return
d. None of the choices
10. Which of the following persons who may be placed under guardianship under the Rules
of Court is considered incapacitated to contract even if not yet placed under
guardianship?
a. Hospitalized lepers
b. Those suffering from civil interdiction
c. Prodigals
d. All of the choices
11. Annulment, as a remedy, generally prescribes in:
a. 30 days
b. 1 year
c. 4 years
d. 10 years
12. B, a minor, bought a house from S, of legal age. Without the fault of B, the house
burned down. In this case,
a. B can no longer ask for annulment of the sale
b. S may ask for the annulment of the sale
c. B and S must agree on the annulment of the sale
d. The loss will not be an obstacle to the action for annulment
13. A, B and C are co-owners of a specific land. C sold his share to X and both A and
B want to exercise their right of redemption. In this case, which of the following
is correct?
a. Both A and B will be entitled to redeem pro-rata
b. If A’s intended use is best justified, only he shall be entitled to redeem
c. If B’s lot area is smaller, only he shall be entitled to redeem
d. If A exercised the right of redemption first, only he shall be entitled to redeem
14. B, a 17 year-old boy purchased food from a restaurant. What is the status of the
contract of sale?
a. Valid
b. Voidable
c. Rescissible
d. Unenforceable
15. If a buyer already paid 8 years’ worth of installment, his Cash Surrender Value
shall be:
a. 50%
b. 55%
c. 60%
d. 65%
16. In real estate mortgage, the mortgagor can sell the mortgaged property –
a. With the oral or written consent of the mortgagee.
b. With the written consent of the mortgagee.
c. With court order.
d. Even without the consent of the mortgagee.
17. First Statement: Pledge is a consensual contract
Second Statement: The obligation under a pledge is unilateral
18. In this contract, future obligations may be covered without need of a separate or
new agreement:
a. Pledge
b. Real Estate Mortgage
c. Chattel Mortgage

19. Lorenzo de Medici issued a check to Cesare Borgia drawn against Florence Bank. When
the date on the check arrived, Cesare presented the check for payment. To his
surprise, Florence Bank dishonored the check since a Stop Payment Order was issued
therefor at the request of Lorenzo. In this case,
a. Lorenzo may not be prosecuted for violating BP Blg. 22 because he is not the
drawer thereof.
b. Lorenzo may be prosecuted for violating BP Blg. 22 if the check would have been
dishonored for insufficiency of funds if there was no Stop Payment Order.
c. Lorenzo may not be prosecuted for violating BP Blg. 22 even if there were
insufficiency of funds since there was a Stop Payment Order.
d. Lorenzo may be prosecuted for violating BP Blg. 22 whether the check would have
been dishonored by insufficiency of funds or not since the check was already
dishonored because of the Stop Payment Order.
20. Knowledge of insufficiency of funds in BP Blg 22 would be presumed if the check was
presented within __ days from the date of the check
a. 30
b. 60
c. 90
d. 120
21. A hazardous substance which is defined as highly toxic must bear this word in its
label:
a. Warning
b. Caution
c. Poison
22. The Lemon Law rights may be invoked within ____ from the delivery of the brand new
vehicle or ______kms whichever is earlier.
a. 1 year; 20,000
b. 1 year; 10,000
c. Six months; 20,000
d. Six months; 10,000
23. Which of the following is a characteristic of a partnership?
a. Remuneratory
b. Formal
c. Innominate
d. Multilateral
24. Which of the following can validly be considered a limited partnership?
a. A, B and C are all limited partners
b. A and B are both general partners
c. A, is a general partner while B and C are limited partners
d. A, B and C are all general partners
25. A, B and C are partners of ABC partnership, where A committed an act, with the
authority of B and C which cause injury to X, a third party. The liability for the
damage caused would be:
a. A will be primarily liable, B and C are subsidiarily liable
b. A, B and C are jointly liable
c. A, B and C are solidarily liable
d. A, B, C and ABC partnership are solidarily liable
26. If a limited partner lends money to the partnership where a property of the
partnership is given as a security, the contract of security is:
a. Valid
b. Rescissible
c. Unenforceable
d. Void
27. If a limited partner’s name is included in the partnership name,
a. There is no limited partnership to speak of
b. The partnership shall be treated as a general partner
c. The limited partner may be liable upto his personal assets
d. There is no effect on the partnership and the partners
28. Pactum Leonina is a stipulation
a. That distributes partnership profits equally
b. That excludes a partner from sharing in the profits and losses
c. That is valid
d. That exempts a partner from sharing in the liability after exhaustion of
partnership assets
29. If a corporation has three purposes, in its Articles of Incorporation,
a. It shall indicate only the primary purpose
b. It shall indicate only the secondary purpose
c. It shall indicate which one is the primary purpose, the secondary and the tertiary
purpose
d. It shall indicate the primary purpose and the other two will be indicated as
secondary purposes
30. The following are valid considerations for shares of stock of a corporation, which
one is not:
a. Cash
b. Stocks of another corporation
c. Intangible property
d. All of the choices are valid considerations
31. To be considered as a disqualification of a director, the penalty for the offense
committed must be imprisonment for a period:
a. At least 3 years
b. Exceeding 3 years
c. At least 6 years
d. Exceeding 6 years
32. In this kind of voting method, the number of shares is multiplied by the number of
directors to be elected to determine the number of votes:
a. Straight Voting
b. Cumulative Voting
c. Straight Voting and Cumulative Voting
d. Neither Straight nor Cumulative Voting
33. The number of votes required to approve a transaction of a self-dealing director
of a corporation vested with public interest, aside from majority of the independent
directors:
a. Majority of the Board of Directors present and constituting a quorum
b. Majority of the entire membership of directors
c. 2/3 of the Board of Directors present and constituting a quorum
d. 2/3 of the entire membership of directors
34. Which of the following is a correct match of the requirements for corporate
officers?
a. President – required to be a citizen of the Philippines
b. Treasurer – required to be a director
c. Secretary – required to be a resident and a citizen of the Philippines
d. None of the choices is correct
35. Shares of stock covered by a subscription contract may be declared delinquent if
the subscription is not fully paid within ______ from the date fixed for their
payment or from the call made by the Board.
a. 15 days
b. 30 days
c. 45 days
d. 60 days
36. The following will require concurrence of 2/3 of the stockholders, except:
a. Shortening the corporate term
b. Declaration of cash dividends
c. Create bonded indebtedness
d. Mergers or consolidation
37. Proxy voting may be allowed in:
a. Stockholders’ Meeting
b. Directors’ Meeting
c. Both Stockholders’ and Directors’ Meeting
d. Neither Stockholders’ and Directors’ Meeting
38. In case of mergers/consolidation, the required notice must be provided:
a. 30 days before the meeting
b. 20 days before the meeting
c. In the same manner as that of stockholders’ meeting
d. In the same manner as that of directors’ meeting

39. Considering that stockholders of a close corporation may directly manage the
corporation, the effective maximum number of directors may be:
a. 15
b. 20
c. 25
d. 30
40. A foreign corporation is doing business in the country if it is continuing the body
or substance of the enterprise of business for which it was organized. This is
otherwise known as:
a. Continuity test
b. Substance test
c. Contract test
41. If a corporation has a fixed term, any extension must be filed not earlier than:
a. 3 years prior to the expiration of the term
b. 5 years prior to the expiration of the term
c. 3 years after the expiration of the term
d. 5 years after the expiration of the term
42. The voting rights of a common shareholder may only be limited by this kind of share:
a. Preferred shares
b. Redeemable shares
c. Founders shares
d. Treasury shares
43. When summoned by the Securities and Exchange Commission, the officer required to
appear under the Revised Code of Corporate Governance is the:
a. President
b. Compliance Officer
c. Corporate Secretary
d. Treasurer
44. A corporation using the fiscal year is required to submit its Financial Statements
to the SEC within how many days from the close of the fiscal year?
a. 105
b. 110
c. 115
d. 120
45. The following are transactions exempt from registration under the SRC, except:
a. A broker’s transaction, executed upon customer’s orders, on any registered
Exchange or other trading market.
b. The sale of capital stock of a corporation to its own stockholders exclusively,
where no commission or other remuneration is paid or given directly or indirectly
in connection with the sale of such capital stock
c. Subscriptions to unissued shares within the authorized capital stock
d. At any judicial sale, or sale by an executor, administrator, guardian or receiver
or trustee in insolvency or bankruptcy
46. Which of the following may be considered an insider?
a. The director of the issuing corporation
b. The secretary of the president
c. Auditor of the corporation
47. In case no-par value shares are issued for less than the issue price or stated
value, the liability will be borne by:
a. The Board of Directors
b. The Stockholder
c. The Board of Directors and the Stockholder, equally
d. The Board of Directors and the Stockholder, solidarily
48. The quorum in stockholders’ meetings is generally:
a. 25%
b. Majority
c. 2/3
d. 3/4

49. First statement: When a single stockholder acquires all the stocks of an ordinary
stock corporation, the latter may apply for conversion into n OPC, subject to the
submission of such documents as the SEC may require.
Second statement: As a rule, the OPC converted from an ordinary stock corporation
shall not be liable for the outstanding liabilities of the ordinary stock
corporation as of the date of conversion.
50. Selling of the corporate assets and distribution of the proceeds refer to:
a. Dissolution
b. Liquidation
c. Termination
51. A corporation created for charitable purposes:
a. Ecclesiastical corporation
b. Lay corporation
c. Eleemosynary corporation
d. Public corporation
52. Which of the following is not within the express powers of a foreign corporation:
a. To enter into a merger or consolidation
b. To enter into a partnership
c. To make donations for political partisan activities
d. All of the choices can be done by a foreign corporation
53. In case of natural persons, these are required to be of legal age:
a. Corporators
b. Incorporators
c. Both Corporators and Incorporators
d. Neither Corporators nor Incorporators
54. In the expiration of a director’s term, who will fill-up the vacancy?
a. The BOD if it still has a quorum
b. The BOD even if it no longer has a quorum
c. The Stockholders if the BOD no longer has a quorum
d. The Stockholders even if the BOD still has a quorum
55. In the event of a director’s death or resignation, the vacancy must be filled-up
within __ days from the time the vacancy arose:
a. 15
b. 30
c. 45
d. 60
56. Which committee has the responsibility of monitoring and evaluating the adequacy
and effectiveness of the corporation’s internal control system?
a. Remuneration Committee
b. Audit Committee
c. Executive Committee
d. Nomination Committee
57. Under the Revised Corporation Code, corporations vested with public interest are
required to have independent directors which shall be at least __ of such board:
a. 1/10
b. 20%
c. 1/3
d. 50%
58. This attribute of the corporation describes the Corporate Entity Theory
a. Artificial Being
b. Created by Operation of Law
c. Having the Right of Succession
59. This includes insurance against lightning, windstorm, tornado and earthquake
a. Life Insurance
b. Fire Insurance
c. Casualty Insurance
d. Microinsurance
60. In this kind of insurance, insurable interest is required to exist both at the time
the insurance was taken out and when the loss occurs:
a. Property insurance
b. Life insurance
c. Both Property and Life Insurance
d. Neither Property nor Life Insurance
61. H and W are married, with X and Y as their legitimate children, and Z an illegitimate
child of H prior to marrying W. In this case, H has no insurable interest over the
life of:
a. W
b. X and Y
c. Z
d. H has insurable interest over the lives of all
62. First Statement: A Laboratory Cooperative has a juridical personality separate and
distinct from its Guardian Cooperative.
Second Statement: Reaching the age of 18 is a valid ground to terminate membership
in a Laboratory Cooperative
63. In special meetings of the General Assembly of a cooperative a notice is required
ot be provided ______ prior to the meeting:
a. 1 day
b. 2 days
c. 1 week
d. 2 weeks
64. Vacancies arising from the removal of a cooperative director would be filled-up by:
a. The Board of Directors, if they still constitute a quorum
b. The Board of Directors, even if they don’t constitute a quorum
c. The General Assembly, if the remaining directors do not have a quorum
d. The General Assembly, whether or not the remaining directors constitute a quorum
65. Granting compensation to the directors would necessitate _ vote of the General
Assembly:
a. 25%
b. Majority
c. 2/3
d. 3/4
66. A cooperative has an Authorized Share Capital of P1,000,000. The highest
shareholding that a member may have is:
a. P10,000
b. P100,000
c. P20,000
d. P200,000
67. Mr. X maintains the following accounts with ABC Bank: Savings Account – P300,000;
Joint account with Mr. Y – P500,000; Joint account with Z Corporation – P200,000.
How much is his insured deposit?
a. P500,000
b. P550,000
c. P650,000
d. P1,000,000
68. The period within which to file a claim with the PDIC is ____ from the actual
takeover of the closed bank:
a. 1 year
b. 2 years
c. 3 years
d. 5 years
69. Mr. T, the treasurer of the Local Government of Guiguinto, Bulacan, syphoned the
municipality’s money into his own deposit account amounting to P10,000,000. His
bank account may be examined as an exception to the secrecy of bank deposits on the
which ground?
a. Impeachment cases
b. Upon lawful order of the court in cases involving dereliction of duty
c. Upon examination by the AMLC where there is probable cause that the money came
from an unlawful activity
70. The following constitutes exceptions to the secrecy of foreign currency deposits,
except:
a. When there is a written consent from the depositor
b. When there is probable cause that the money came from an unlawful activity
c. When there is probable cause in cases involving persons suspected of the crime
of terrorism
d. None of the choices is an exception
71. The following are information required to be indicated in the declaration statement
under the Truth in Lending Act:
a. Finance charge
b. Amount to be financed
c. Net proceeds of the loan
72. If there is a violation of the Truth in Lending Act, which of the following may be
a consequence thereof:
a. The loan is deemed paid already
b. The goods purchased are deemed fully paid
c. The creditor may be civilly liable
d. The contract of loan is considered void
73. The following are considered as unlawful activities under the Anti-Money Laundering
Act, except:
a. Theft
b. Robbery
c. Qualified Theft
d. Plunder
74. At this stage of money laundering, the money re-enters mainstream economy in
legitimate-looking form, appearing to have come from legitimate transaction.
a. Placement
b. Layering
c. Integration
75. Covered transactions for real estate brokers and/or developers involve a single
cash transaction the amount of which is in excess of:
a. P500,000
b. P5,000,000
c. P7,500,000
d. P10,000,000
76. Suspicious transactions must be reported to the Anti-Money Laundering council within
a. The next working day
b. The next calendar day
c. 5 working days
d. 5 calendar days
77. Tax Evasion is now considered an unlawful activity under the Anti-Money Laundering
Council if the basic tax assessment is in excess of:
a. P10M
b. P15M
c. P20M
d. P25M
78. The freeze order issued by the Court of Appeals via an ex-parte application by the
AMLC shall have a period not exceeding:
a. 30 days
b. 3 months
c. 6 months
d. 1 year
79. Mr. X started working on his invention in 2010 and finished the same in 2022, where
he filed the application for a patent on January 15. Mr. Z worked on the same
invention separately, starting on the same in 2015 and finishing the same in 2021.
He filed his application for patent on January 20, 2022. Who will have a better
right over the patent on the invention?
a. Mr. X
b. Mr. Z
c. Both of them equally
d. None of X and Z
80. This means any visible sign capable of distinguishing goods of an enterprise:
a. Trademark
b. Patent
c. Copyright
d. Service mark
81. Under the Ease of Doing Business Act, the maximum working days allowed to process
complex transactions is:
a. 3
b. 7
c. 20
d. 45
82. A photograph with a data subject’s face may be considered:
a. Personal Information
b. Sensitive Personal Information
c. Privileged Information
d. All of the above
83. The processing of personal data shall be adequate, relevant, suitable, necessary,
and not excessive in relation to a declared and specified purpose. This pertains
to what principle of data processing?
a. Principle of Proportionality
b. Principle of Legitimate Purpose
c. Principle of Transparency
84. First Statement: As a rule, no employee of the government shall have access to
sensitive personal information on government property or through online facilities
unless the employee has received a security clearance from the head of the source
agency.
Second Statement: If a request for off-site access to sensitive personal information
in an agency is approved, the head of the agency shall limit the access to not more
than 1,000 records at a time.
85. Under the Ease of Doing Business Act, a business permit issued by the Local
Government Unit shall be valid for a period of:
a. 1 year
b. 2 years
c. 5 years
d. 10 years
86. S sold to B his iphone 14 pro max for P10,000, where the fair market value thereof
is P80,000, and they did so through exchanges of sms. What is the status of the
contract taking into account the E-Commerce Act?
a. Valid
b. Unenforceable
c. Rescissible
d. Voidable
87. First Statement: If the parties to an electronic document or electronic data message
are both participants of the designated information system, the time of receipt
shall be upon entry of the ED or EDM in the designated information system.
Second Statement: If there are multiple places of business, the place of dispatch
shall be that which has the closest relationship to the underlying transaction.

88. The proceedings under the FRIA are considered:
a. In personam
b. In rem
c. Quasi in rem
d. Quasi in personam
89. The following proceedings covered by the FRIA may be initiated also by the
creditors, except:
a. Rehabilitation
b. Liquidation
c. Suspension of payments
d. None is an exception
90. In this proceeding, the creditors will be called to a meeting to propose and agree
on a schedule of payments and to prevent the debtor from making any payment outside
the necessary or legitimate expense of the business, and the issuance of a
suspension order to prevent pending executions against the debtor.
a. Rehabilitation
b. Liquidation
c. Suspension of Payments
91. First Statement: The preference of creditors will be retained during, and despite,
the rehabilitation proceedings.
Second Statement: Such secured creditors may proceed with the enforcement of their
preference despite the stay order.
92. First Statement: An out-of-court rehabilitation plan that is approved pursuant to
an informal workout framework shall have the same legal effect as confirmation of
a plan under a court-supervised rehabilitation.
Second Statement: The Rehabilitation Plan shall take effect upon the lapse of 15
days from the date of the last publication of notice thereof.
93. The Philippine Competition Act would apply to all of the following, except:
a. A person engaged in trade, industry or commerce in the Republic of the Philippines
b. International trade having direct, substantial and reasonable foreseeable effects
in trade, industry or commerce in the Republic of the Philippines
c. Combinations or activities of workers that are designed to facilitate collective
bargaining in respect of conditions of employment
d. None of the choices is an exception
94. The fixing of the price at an auction, like bid rotation, is what kind of an
unlawful act under the Philippine Competition Act?
a. Anti-Competitive Agreement
b. Abuse of Dominant Position
c. Anti-Competitive Merger
95. First Statement: In all stages of the preparation of the Bidding Documents, the
Procuring entity shall ensure equal access to information.
Second Statement: Prior to their official release, no aspect of the Bidding
Documents shall be divulged or released on any prospective bidder or having direct
or indirect interest in the project to be procured.
96. The Bid for consulting services with the highest calculated rating considering the
evaluation criteria stated in the Bidding Documents shall be referred to as the:
a. Highest Rated Bid
b. Lowest Rated Bid
c. Highest Calculated Bid
d. Lowes Calculated Bid
97. The celebration of Manila Day every June 24 is considered a:
a. Regular Day
b. Regular Holiday
c. Special Holiday
98. If an employee rendered overtime during a special holiday that is at the same time
his rest day, the pay he shall be entitled to for such overtime is equivalent to:
a. 130% of his regular wage
b. 150% of his regular wage
c. 169% of his regular wage
d. 195% of his regular wage
99. The applicable minimum monthly pension for a permanently disabled member whose
credited years of service is 15 years:
a. P1,000
b. P1,200
c. P2,400
d. P3,600
100. Who of the following would be entitled to a monthly pension upon retirement?
a. A member who is 60 years old but continued employment who made 36 monthly
contributions to the SSS
b. A member who is 60 years old who is separated from employment who made 36 monthly
c. A member who is 60 years old but continued employment who made 120 monthly
d. A member who is 60 years old who is separated from employment who made 120 monthly
- END of EXAMINATION -
KEY ANSWERS
1 B 26 B 51 C 76 A
2 C 27 C 52 C 77 D
3 D 28 B 53 B 78 D
4 D 29 D 54 D 79 A
5 D 30 D 55 C 80 A
6 C 31 D 56 B 81 B
7 D 32 B 57 B 82 A
8 D 33 D 58 A 83 A
9 D 34 C 59 B 84 A
10 B 35 B 60 A 85 A
11 C 36 B 61 D 86 A
12 D 37 A 62 D 87 D
13 A 38 C 63 C 88 B
14 A 39 B 64 A 89 C
15 D 40 B 65 B 90 C
16 D 41 A 66 B 91 C
17 D 42 C 67 B 92 A
18 B 43 B 68 B 93 C
19 B 44 D 69 C 94 A
20 C 45 C 70 D 95 A
21 C 46 D 71 D 96 A
22 A 47 A 72 C 97 C
23 D 48 B 73 A 98 D
24 C 49 C 74 C 99 B
25 D 50 B 75 C 100 D

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ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

REGULATORY FRAMEWORK for BUSINESS TRANSACTIONS FINAL PRE-BOARD EXAMINATION

1. First statement: A void obligation may be the valid subject of a novation

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