Professional Documents
Culture Documents
COSTALES
Score for this quiz: 101 out of 120
Submitted May 17 at 10:38am
This attempt took 158 minutes.
1 / 1 pts
Question 1
Corporate secretary
President
Treasurer
Correct!
Vice-president
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Question 2
The meal time (lunch break) for the dining crew in Glorious
Restaurant is either from 10 a.m. to 11 a.m. or from 1:30 p.m. to
2:30 p.m., with pay. But the management wants to change the
mealtime to 11: a.m. to 12 noon or 12:30 p.m. to 1:30 p.m., without
pay. Will the change be legal?
Correct!
Yes, absent an agreement to the contrary, the management
determines work hours and, by law, meal break is without pay.
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Question 3
Correct!
The receiving officer or employee shall perform a final assessment
of the application or request
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Question 4
Documented time
Completed time
Approved time
Correct!
Processing time
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Question 5
I. The Report Card Survey shall be a holistic tool that will measure
effectiveness of the Citizen's Charter in reducing regulatory
burdens and the impact of the human resource systems and
programs in delivering efficient government service.
Only I is true
Only II is true
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Question 6
Dissenting right
Subscription right
Appraisal right
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Question 7
15
Correct!
5
10
20
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Question 8
I. The SSS is exempt from all kinds of taxes, fees or charges
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Question 9
You Answered
A partner has been guilty of such conduct as tends to affect
prejudicially the carrying on of the business.
1 / 1 pts
Question 10
Correct!
The denial shall be dated.
The denial shall state the name of the person making the denial.
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Question 11
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Question 12
The following are violations under the Ease of Doing Business and
Efficient Government Service Delivery Act of 2018.
1 / 1 pts
Question 13
How much of an interlocking director's interest is deemed
substantial?
At least 20%
At least 50%
Correct!
More than 20%
1 / 1 pts
Question 14
True; False
False; True
False; False
Correct!
True; True
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Question 15
Correct!
In case of incurring, creating or increasing bonded debts
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Question 16
I. Issuance of the certification of fire incident for fire insurance
purposes shall in no case be longer than 20 working days, and
may be extended only once for another 20 working days.
Only II is true
1 / 1 pts
Question 17
Correct!
Anti-Red Tape Authority
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Question 18
The following are violations under the Ease of Doing Business and
Efficient Government Service Delivery Act of 2018,
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Question 19
Gian, a married regular employee of Marupok Corporation for 20
years, died. He left his spouse, two minor children, ages 10 and 8,
and his widowed mother who had been living with him and his
family for so many years. Who is entitled to claim the death
benefits from the SSS?
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Question 20
Correct!
Retail business
Insurance
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Question 21
You Answered Those owing to partners other than capital and profits
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Question 22
Consolidation
Correct!
Corporate liquidation
Corporate dissolution
Merger
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Question 23
Taylor Swift did not report for work without leave of absence on
March 31, 2021, or Holy Wednesday, because she will be leaving
for her province to celebrate the rest of the Holy Week there.
Which of the following statements is the most accurate?
Taylor will only be paid holiday pay for Good Friday but not for
Maundy Thursday
Taylor will not be paid for Wednesday but will receive holiday pay
for both Maundy Thursday and Good Friday
Correct!
Taylor will not be paid for Wednesday, Maundy Thursday and
Good Friday
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Question 24
Correct!
Forty five (45) working days
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Question 25
Simple transactions
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Question 26
10 years
Correct! 3 years
4 years
5 years
1 / 1 pts
Question 27
Correct!
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Question 28
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Question 29
Correct!
Yes, because unpaid shares not delinquent can be voted.
No, because the subscription has not yet been fully paid.
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Question 30
Any individual whether or not officially involved in the operation of
"government office or agency who has access to people working
therein, and whether or not in collusion with them, facilitates
speedy completion of transactions for pecuniary gain or any other
advantage or consideration.
Commissioner
Agent
Broker
Correct! Fixer
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Question 31
Corporate secretary
Correct!
SEC upon petition by any stockholder
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Question 33
Correct!
A person who learns such material non-public information by a
communication from a publication.
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Question 34
Blue tape
Black tape
Green tape
Correct!
Red tape
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Question 35
Joefferlyn, a receptionist at Barista Café, and is covered by the
SSS. She was pregnant with her fourth child when she slipped in
the bathroom of her home and had a miscarriage. Meanwhile,
Barista Café neglected to remit the required contributions to the
SSS. Joefferlyn claims maternity leave benefits and sickness
benefits. Which of these two may she claim?
Correct!
Only maternity leave benefits;
None of them;
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Question 36
Correct!
Purchases in connection with privatization undertaken by a
publicly-listed corporation.
Purchases in connection with corporate rehabilitation under court
supervision.
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Question 37
Correct!
Yes, because he employs less than ten (10) employees.
Yes, because of the principle of "a fair day’s wage for a fair day’s
work";
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Question 38
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Question 39
Correct!
Not later than December 24 of every year
Correct!
That the quorum in the meeting of the board of directors be at
least 7 directors.
0 / 1 pts
Question 41
Which of the following is not covered by the Mandatory Tender
Offer Rule as to X Corporation stockholders:
Correct Answer
E, who owns 18% of X corporation, plans to acquire 50% of Y
corporation which in turn owns 64% of X corporation
You Answered
D, who owns 20% of the shares of X corporation plans to acquire
an additional 20%
1 / 1 pts
Question 42
1 / 1 pts
Question 43
No proxy shall valid and effective for a period longer than ____
years at any one time.
Correct! 5
10
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Question 44
A and B capitalist partners in AB partnership by contributing
P50,000 each on June 1, 2020. On July 1, 2020, the partnership
contracted an obligation to pay Z in the amount of P180,000 on
August 31, 2020, On August 10, 2020, C was admitted as a new
partner. C contributed P50,000. How will the obligation be paid?
1 / 1 pts
Question 45
Direct contracting
Shopping
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Question 46
Correct!
1/12 of the total basic salary earned by an employee within a
calendar year
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Question 47
All offices and agencies providing government services shall be
subjected to a Report Card Survey which shall be used to obtain
feedback on the following:
Only I is true
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Question 48
lndependence Day.
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Question 49
Correct!
1,612.50
1,200.00
1,500.00
1,575.00
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Question 50
Correct Answer
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Question 51
Mark, a cook employed by and who lives with an old maid and
who also tends the sari-sari store of the latter;
Correct!
Raymund, the secretary of a Senator;
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Question 52
The employee is cohabiting with his wife when she gave birth or
had a miscarriage.
Correct!
The employee is a regular or permanent employee.
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Question 53
Correct Answer
All LGs and NGAs are directed to initiate review of existing
policies and operations and commence with the reengineering of
their systems and procedures.
You Answered
All LGs and NGAs are required to create an Anti-Red Tape Sub-
unit within their respective local governments and agencies.
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Question 54
True; True
True; False
1 / 1 pts
Question 55
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Question 56
Which of the following statements is true?
Neither
Both
Correct!
Insurance company, corporations vested with public interest, oil
company, mining company, educational institutions, banks, stock
exchanges and public utility company cannot be incorporated as
close corporation.
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Question 57
0 / 1 pts
Question 58
The following are violations under the Ease of Doing Business and
Efficient Government Service Delivery Act of 2018, except:
Correct Answer
Refusal to accept application or request with complete
requirements being submitted by an applicant or requesting party.
You Answered
Imposition of additional costs not reflected in the Citizen's
Charter.
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Question 59
May not be issued if the subscription has not been duly paid
Correct!
Is one of the units into which the capital stock is divided
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Question 60
Unenforceable
Rescissible
Null and void
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Question 61
1,300
Correct!
2,300
2,000
2,330
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Question 62
None of them
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Question 63
False; True
False; False
Correct!
True; False
True; True
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Question 64
For shopping, the request for quotations must be posted in the
PHILGEPS website with ABCs exceeding:
100,000
1,000,000
350,000
Correct! 50,000
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Question 65
105 days and she may extend it for an additional 30 days without
pay
60 days
105 days
Correct!
120 days
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Question 66
Correct!
Any place in Quezon City only
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Question 67
2 months
6 months
4 months
Correct!
3 months
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Question 68
Correct!
The sale of capital stock of a corporation to its own shareholders
and to prospective shareholders.
If not used by the end of the year, the service incentive leave shall
be
Correct!
converted to its money equivalent.
forfeited.
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Question 70
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Question 71
Correct Answer
The application or request is deemed approved only if all required
documents have been submitted and all required fees and
charges have been paid.
1 / 1 pts
Question 72
Property
Money
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Question 73
Correct! The covered employee cannot claim any benefits under SSS
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Question 74
while overtime pay is for work done beyond eight hours, night
differential is added to the overtime pay if the overtime work is
done between 6:00 p.m. and 12 midnight.
Correct!
while overtime pay is given for overtime work done during day or
night, night differential is given only for work done between 10:00
p.m. and 6:00 a.m.
1 / 1 pts
Question 75
Correct!
Fixed-term;
Seasonal;
Regular;
Probationary.
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Question 76
Correct!
Employee is paid for overtime work an additional compensation
equivalent to his regular wage plus at least 25% thereof.
Employee is paid for overtime work an additional compensation
equivalent to his regular wage plus at least 30% thereof;
1 / 1 pts
Question 77
Correct!
The member must have paid at least 6 months of contributions
within the 12-month period immediately before the semester of
sickness or injury
0 / 1 pts
Question 78
A self-employed person;
Correct Answer
The government and any of its political subdivisions, branches or
instrumentalities, including corporations owned or controlled by
the government;
0 / 1 pts
Question 79
Which of the following statements is true about a fixer?
You Answered
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Question 80
Correct!
Certificates of assessments, certificates of participation, or similar
instruments.
1 / 1 pts
Question 81
Which of the following are not entitled to 13th month pay under the
13th month pay law?
Correct!
Kasambahays
Government employees
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Question 82
The LGU of Marara will conduct 10 consecutive seminars for the
barangay officials of 50 barangays for the topic “The Role of
Barangays in Nation Building” on January 5-15,2021. The LGU of
Marara conducted small value procurement for each training, the
total amount of which totaled 2,345,678. Did the LGU Marara
violate any provision of RA 9184?
Correct!
Yes, because they should have conducted the training in one day
only
1 / 1 pts
Question 83
Rexy is the President's secretary at REO Corporation, which
intends to buy ZPAR Corporation, with the forecasted cash inflows
increasing by P10,000,000 per year due to the increased market
share. Rexy knew about the merger through his job, but he
resigned before it happened. He then purchased 10,000 shares
when the stock was priced at P10 a share. Following the merger,
REO Corporation's shares grew to P80 per share, and X sold the
10,000 shares. In this instance,
Rexy is not guilty of insider trading because he did not acquire the
shares of REO Corporation
1 / 1 pts
Question 84
Which of the following employees is not under the compulsory
coverage of SSS Law?
Correct! OFWs
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Question 85
Direct contracting
Correct!
Shopping
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Question 86
In perpetuity
Correct!
Until the legal heirs of the single stockholder have been lawfully
determined and the heirs have agreed among themselves who will
take the place of the deceased or incapacitated single stockholder.
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Question 87
Correct!
No, because the employees of MDM Corporation are already
enjoying a vacation leave of 10 days
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Question 88
Three years
Four years
Two years
Correct!
One year
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Question 89
Rizal Day
Labor Day
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Question 90
Correct Answer Paternity leave is denied because Mameh is with her parents;
Paternity leave is denied because it does not cover aborted
babies;
You Answered
Maternity leave is denied because the grant of paternity leave
precludes the claim for maternity leave.
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Question 91
A woman who gives birth as a result of rape and keeps and raises
the child
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Question 92
Correct!
In delinquency sale at public auction the highest bidder is one who
offers to pay the full amount of the balance of the subscription plus
interest and expenses of the sale for the highest number of
shares.
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Question 93
Correct!
Employee is paid for overtime work an additional compensation
equivalent to his regular wage plus at least 25% thereof;
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Question 94
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Question 95
Citizen's Charter
Civil Service
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Question 96
Correct!
Business One Stop Shop
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Question 97
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Question 98
Unemployment benefit
Disability benefit
Maternity benefit
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Question 99
The following are the requisites except one, for valid declaration
and/or issuance of stock dividend.
Correct!
It is issued to increase the authorized capital
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Question 100
Correct!
while overtime pay is given for overtime work done during day or
night, night differential is given only for work done between 10:00
p.m. and 6:00 a.m.
while overtime pay is for work done beyond eight hours, night
differential is added to the overtime pay if the overtime work is
done between 6:00 p.m. and 12 midnight.
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Question 101
government workers
managerial employees
field personnel
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Question 102
Correct!
Seven (7) working days from date of receipt
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Question 103
The following are not included from the coverage of the Labor
Code provisions on minimum terms and conditions of employment
except:
Correct Answer
Supervisors;
Managers;
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Question 104
Correct!
Rihanna, because the Expanded Maternity Leave Law does not
require that the relationship between the father and mother of the
child is legitimate
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Question 105
Which of the following employees is entitled to service incentive
leave?
Field personnel
Government employees
Managerial employee
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Question 106
You Answered
Any security or its derivatives the sale or transfer of which, by law,
is under the supervision and regulation of the Office of the
Insurance Commission, Housing and Land Use Rule Regulatory
Board, or the Bureau of Internal Revenue.
Correct Answer
Any security issued by a bank including its own shares of stock.
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Question 107
Removal of a director
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Question 108
Correct Answer
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Question 109
Two signatures
Five signatures
Four signatures
Correct!
Three signatures
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Question 110
If, the bidder fails to post the required performance security within
the period stipulated in the Bidding Documents, the BAC shall:
Correct!
Disqualify the said bidder and shall undertake post-qualification for
the next-ranked Lowest Calculated Bid or Highest Rated Bid
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Question 111
Correct!
1 / 1 pts
Question 112
Vacation Leave
Holiday Pay
Correct!
Monthly internet allowance integrated in the regular salary
1 / 1 pts
Question 113
DBM-PS website
Citizen’s charter
GPPB website
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Question 114
Correct Answer
Name and designation of the approving officer
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Question 115
A person employed in a government office or agency required to
perform specific duties and responsibilities related to the
application or request submitted by an applicant or requesting
party for processing.
Fixer
Appointee
Contract of Service
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Question 116
Adopted child
Dependent spouse
Illegitimate child
1 / 1 pts
Question 117
Correct!
Yes, as long as Move On General Merchandising is a legally,
technically and financially capable supplier
No, the LGU should have sent out at least 3 requests for
quotations from different suppliers
1 / 1 pts
Question 118
May the employer and employee agree that overtime pay will not
be paid if the employee is late for more than an hour?
Correct!
No, the employer and employee cannot stipulate that overtime can
be offset by undertime
Yes, provided that the total pay of the employee does not go below
the legally required minimum wage
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Question 119
Correct!
No government officer or employee shall have any contact, in any
manner, unless strictly necessary, with any requesting party
concerning an application or request
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Question 120
0 / 1 pts
Question 1
Correct Answer
include the P200,000 as additional consideration and recognize a
liability for the same amount.
You Answered
ignore the contingent obligation as it is not yet a past event in
accordance with PAS 37.
0 / 1 pts
Question 2
P 500,000
P0
1 / 1 pts
Question 3
Mazda transferred its own equity shares with par value of
Php4,000,000 and fair value of Php5,000,000 to obtain the net
asset of Ford Company with fair value of Php4,800,000. The
Php1,000,000 between the par value and fair value of
consideration given is
Correct!
gain recognized in equity
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Question 4
not affect
either A or B
Correct! decrease
Increase
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Question 5
50,000
20,000
Correct! 5,000
0 / 1 pts
Question 6
Correct Answer
reassess the recognition and measurement of the net assets
acquired and the consideration transferred, then recognize any
excess immediately in profit or loss
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Question 7
P80 million
P144 million
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Question 8
not affect
decrease
either A or B
Correct!
increase
1 / 1 pts
Question 9
P160,000
P1,260,000
Correct!
P1,470,000
0 / 1 pts
Question 10
The Zebra Company and the Bird Company agreed to merge their
operations contractually. Zebra's net asset fair value is
P5,000,000, whereas Bird's is P3,500,000. Calculate the
combined goodwill and non-controlling interest, correspondingly.
P0; P1,500,000
P1,500,000; P1,500,000
1 / 1 pts
Question 11
Chowking Corp. is an 80% owned subsidiary by Jollibee, Inc. On
January 1, 2021, Chowking paid P100,000 for a truck with an
expected economic life of 10 years and no anticipated residual
value. Chowking sold the truck to Jollibee Inc., on January 1,
2027. While putting together the consolidated workpaper for 2027,
entry was done to remove the effects acquired from the sale of the
intercompany truck: Debit Truck Php48,000; Debit Gain on sale of
truck Php12,000; Credit Depreciation expense Php3,000; Credit
Accumulated depreciation Php57,000.
Correct! 8,200
11,800
10,000
10,600
0 / 1 pts
Question 12
The National Bookstore Company acquired 80% of The Pandayan
Bookshop Company for a consideration transferred of Php100
million. The consideration was estimated to include a control
premium of Php24 million. Pandayan’s net assets were Php85
million at the acquisition date. Are the following statements true or
false, according to PFRS3 Business combinations?
False True
False False
0 / 1 pts
Question 13
Burger King Corp. acquired an 80% interest in Pancake House
Corp. for P900,000. The carrying amounts and fair values of
Pancake’s identifiable assets and liabilities at the acquisition date
were as follows (amounts in thousands):
Carrying Fair
Amounts value
P 475 P 570
440
350
P 94,000
You Answered
P 322,000
Correct Answer P 454,000
P0
0 / 1 pts
Question 15
KIT Corporation has the following accounts in its December 31,
2019 trial balance: Php240,000 Current assets; Php300,000 Land;
Php1,000,000 Net Plant and equipment; Php410,000 90%
Investment in KAT Corporation; Php1,000,000 Cost of sales;
Php250,000 Other expenses; Php100,000 Dividends. It has total
debit balance of Php3,300,000. It also has Php225,000 Current
liabilities; Php1,000,000 Common stocks; Php500,000 Retained
earnings; Php1,500,000 Sales; and Php45,000 Dividend income;
thereby, arriving at the total credit balance of Php3,300,000.
50,000
You Answered
45,777
58,000
1 / 1 pts
Question 16
P 30,000; P 45,000
P 55,000; P 20,000
P 6,000; P 75,000
P 30,000; P 39,000
You Answered
The carrying amount of goodwill as of 31 December 2009 is
decreased by CU10,000.
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Question 18
Correct Answer
P 818,000
P813,000
P930,000
1 / 1 pts
Question 19
P4.20 million
P4.38 million
P4.18 million
Correct!
P4.00 million
0 / 1 pts
Question 20
P 591,000
P 310,000
1 / 1 pts
Question 21
Chowking Corp. is an 80% owned subsidiary by Jollibee, Inc. On
January 1, 2021, Chowking paid P100,000 for a truck with an
expected economic life of 10 years and no anticipated residual
value. Chowking sold the truck to Jollibee Inc., on January 1,
2027. While putting together the consolidated workpaper for 2027,
entry was done to remove the effects acquired from the sale of the
intercompany truck: Debit Truck Php48,000; Debit Gain on sale of
truck Php12,000; Credit Depreciation expense Php3,000; Credit
Accumulated depreciation Php57,000.
Correct!
13,000
3,000
10,000
16,000
1 / 1 pts
Question 22
On January 1, 2018, P&G Corporation issued 6,000 stocks of its
Php10 par value common shares to obtain the assets and
liabilities of Unilever Company. P&G Corporation stocks were
selling at Php90 on said date. Historical cost and fair value
balance sheet data for Unilever Company at the time of acquisition
were as follows:
Inventory 120,000
200,000
P 65,000
P 55,000
P 80,000
0 / 1 pts
Question 23
BE HONEST Corporation obtained seventy percent of BE BRAVE
Corporation’s outstanding ordinary shares.
P72,000
P45,000
P0; (P500,000)
P0; P500,000
1 / 1 pts
Question 25
0 / 1 pts
Question 26
P11,537.500
P11,425.000
0 / 1 pts
Question 27
You Answered
Gain on bargain purchase of P8 million recognized in other
comprehensive income
Correct Answer
1 / 1 pts
Question 28
On 1 July 2009 Selecta Company acquired 100% of Nestle
Company for a consideration transferred of P160 million. At the
acquisition date the carrying amount of Nestle’s net assets was
P100 million. At the acquisition date a provisional fair value of
P120 million was attributed to the net assets. An additional
valuation received on 31 May 2010 increased this provisional fair
value to P135 million and on 30 July 2010 this fair value was
finalized at P140 million. What amount should Selecta present for
goodwill in its statement of financial position at 31 December
2010, according to PFRS3 Business combinations?
P20 million
P40 million
P60 million
Correct!
P25 million
1 / 1 pts
Question 29
KIT Corporation has the following accounts in its December 31,
2019 trial balance: Php240,000 Current assets; Php300,000 Land;
Php1,000,000 Net Plant and equipment; Php410,000 90%
Investment in KAT Corporation; Php1,000,000 Cost of sales;
Php250,000 Other expenses; Php100,000 Dividends. It has total
debit balance of Php3,300,000. It also has Php225,000 Current
liabilities; Php1,000,000 Common stocks; Php500,000 Retained
earnings; Php1,500,000 Sales; and Php45,000 Dividend income;
thereby, arriving at the total credit balance of Php3,300,000.
P 317,000
P 362,000
P 330,000
Correct!
P 324,444
1 / 1 pts
Question 30
40,000; 10,000
52,000; 13,000
100,000; 73,000
1 / 1 pts
Question 31
12,000
10,200
Correct!
12,600
11,400
1 / 1 pts
Question 32
Chowking Corp. is an 80% owned subsidiary by Jollibee, Inc. On
January 1, 2021, Chowking paid P100,000 for a truck with an
expected economic life of 10 years and no anticipated residual
value. Chowking sold the truck to Jollibee Inc., on January 1,
2027. While putting together the consolidated workpaper for 2027,
entry was done to remove the effects acquired from the sale of the
intercompany truck: Debit Truck Php48,000; Debit Gain on sale of
truck Php12,000; Credit Depreciation expense Php3,000; Credit
Accumulated depreciation Php57,000.
How much did Jollibee, Inc. pay Chowking for the truck?
28,000
60,000
Correct!
52,000
43,000
0 / 1 pts
Question 33
BE RESPECTFUL Company obtained 60% of the outstanding
common shares of BE COURAGEOUS Company on May 1, 2018,
at a total cost of Php2,730,000. BE COURAGEOUS’s capital
accounts at the acquisition date consisted of Php100,000 common
shares and Php2,400,000 retained earnings.
You Answered
P 220,000
P 164,000
P 550,000
0 / 1 pts
Question 34
Differences between the acquisition-date fair value and carrying
amount of non-cash asset given as consideration in a business
combination is recognized as
Correct Answer
gain or loss in profit or loss to the extent that the same is
transferred to the former owners of the acquiree
gain or loss in profit or loss to the extent that the same remains to
the acquiree after combination
0 / 1 pts
Question 35
Rose Corp. acquired a 70% interest in Cactus Co. in 2017. For the
year ended December 31, 2018 and 2019, Cactus Co. reported
net income of Php160,000 and Php180,000, respectively. During
2018, Cactus sold merchandise to Rose Corp. for Php20,000 at a
profit of Php4,000. The merchandise was later resold by Rose
Corp. to outsider for Php30,000 during 2019. For consolidation
purposes, what is the minority interest’s share of Cactus’s net
income for 2018 and 2019, respectively?
Correct Answer P46,800; P55,200
P49,000; P52,800
P53,200; P50,000
0 / 1 pts
Question 36
P300,000
P400,000
You Answered
1 / 1 pts
Question 38
Burger King Corp. acquired an 80% interest in Pancake House
Corp. for P900,000. The carrying amounts and fair values of
Pancake’s identifiable assets and liabilities at the acquisition date
were as follows (amounts in thousands):
Carrying Fair
Amounts value
P 475 P 570
350
440
Correct! 444
450
1 / 1 pts
Question 39
II. The fair value of the shares in the acquiree not acquired
Correct!
II and IV
I and III
I and II
III and IV
II and III
1 / 1 pts
Question 40
Which of the following contracts is within the scope of IFRIC 12
Service Concession Arrangements?
Correct!
GHI Co., a private entity, wins a government bid to construct,
operate and maintain for 25 years an expressway. At the end of
the contract, GHI Co. shall handover the express way to the
government.
1 / 1 pts
Question 1
risk of overreliance
1 / 1 pts
Question 2
Which of the following combinations results in a decrease in
sample size in a sample for attributes?
Risk of Expected
Tolerable
assessing population
deviation
control risk deviation
rate
too low rate
Correct!
c
0 / 1 pts
Question 3
During an audit, the auditor performed a substantive test of details
and decided that the sample results supported the conclusion that
the recorded account balance was materially misstated. It was not,
in fact, materially misstated. This example exemplifies the risk of
1 / 1 pts
Question 4
0 / 1 pts
Question 5
You Answered
Examining invoices in support of the valuation of fixed asset
additions.
Correct Answer
Inspecting employee time cards for proper approval by
supervisors.
1 / 1 pts
Question 6
1 / 1 pts
Question 7
More than the larger of the samples that would otherwise have
been designated for the two separate purposes, but less than the
combined total of the samples that would otherwise have been
designed for the two separate purposes.
Correct!
The larger of the samples that would otherwise have been
designed for the two separate purposes.
1 / 1 pts
Question 8
Correct!
There is substantial doubt about the entity's ability to continue as a
going concern.
1 / 1 pts
Question 9
Notify the entity that the report is for the general use of all
interested parties.
Correct!
Consult with the continuing CPA to obtain information relevant to
the transaction.
Report the engagement's findings to the entity's audit committee,
the continuing CPA, and management.
1 / 1 pts
Question 10
NOT IN LIST
P6,000
Correct! P90,000
P126,000
1 / 1 pts
Question 11
Auditor
Auditor's attorney.
1 / 1 pts
Question 12
Correct!
The auditor is unable to obtain audited financial statements of a
consolidated investee.
Unqualified opinion
Disclaimer opinion
Qualified opinion
Correct!
Adverse opinion
0 / 1 pts
Question 14
The management of Maybelline Inc. intends to disclose the
following uncertainty:
Disclaimer of opinion
1 / 1 pts
Question 15
1 / 1 pts
Question 16
Population size.
0 / 1 pts
Question 17
When a test of 200 documents reveals four errors, how does an
auditor evaluate a statistical sample for attributes? if the tolerated
rate is 5%, the expected occurrence rate is 3%, and the sampling
risk allowance is 2%?
You Answered
Do not decrease the assessed level of control risk because the
sample occurrence rate plus the allowance for sampling risk
exceeds the tolerable rate.
Correct Answer
Accept the sample results as support for lowering the assessed
level of control risk because the sample occurrence rate plus the
allowance for sampling risk does not exceed the tolerable rate.
1 / 1 pts
Question 18
When an independent CPA assists in preparing the financial
statements of a publicly held entity, but has not audited or
reviewed them, the CPA should issue a disclaimer of opinion. In
such situations, the CPA has no responsibility to apply any
procedures beyond:
Correct!
Reading the financial statements for obvious material
misstatements.
1 / 1 pts
Question 19
Correct!
1 / 1 pts
Question 20
Correct!
Systematic sampling may be appropriate.
1 / 1 pts
Question 21
Audit documentation serves mainly to:
Correct!
Provide the principal support for the auditor's report.
1 / 1 pts
Question 22
Correct!
Refer to the financial statement note that discusses the change in
detail.
1 / 1 pts
Question 23
Correct!
Qualified opinion.
Disclaimer of opinion.
Review report.
0 / 1 pts
Question 24
Auditors often utilize sampling methods when performing tests of
controls. Which of the following sampling methods is most useful
when testing controls?
Variable sampling
1 / 1 pts
Question 25
Correct!
Should compare the deviation rate of the sample to the tolerable
deviation rate.
Need not consider the risk of assessing control risk too low.
1 / 1 pts
Question 27
Correct!
Is appropriate and would not negate the unqualified opinion.
1 / 1 pts
Question 28
Correct!
An audit plan setting forth in detail the procedures necessary to
accomplish the engagement's objectives.
A flowchart or narrative of the information system relevant to
financial reporting describing the recording and classification of
transactions for financial reporting.
1 / 1 pts
Question 29
Correct!
May occur in a systematic pattern, thus destroying the sample
randomness.
Reconciling the cash balance per books with the cut-off bank
statement and the bank confirmation.
Correct!
Confirming with third parties the details of arrangements to
maintain financial support.
0 / 1 pts
Question 31
For a company that does not receive governmental financial
assistance, an auditor's standard report on financial statements
generally would typically not include the following:
1 / 1 pts
Question 32
Correct!
Modify the planned assessed level of control risk because the
sample deviation rate plus the allowance for sampling risk
exceeds the tolerable rate.
1 / 1 pts
Question 33
For all newly acquired assets, CPALE Inc. shifted from the
straight-line method to the declining balance method of
depreciation. This adjustment has no material impact on the
current year's financial statements, but it is almost certain to have
a substantial impact in future years. If the change is disclosed in
the notes to the financial statements, the auditor shall submit a
report with a(an):
Correct!
Unqualified opinion.
Explanatory paragraph.
0 / 1 pts
Question 34
Nonstatistical sampling
Difference estimation
1 / 1 pts
Question 35
Match the principles used by most other entities within the entity's
particular industry.
1 / 1 pts
Question 36
Correct!
Unqualified opinion.
1 / 1 pts
Question 37
3.5%
5.5%
1%
Correct! 4.5%
1 / 1 pts
Question 38
1 / 1 pts
Question 39
Adverse opinion.
0 / 1 pts
Question 40
A practitioner in public practice is asked to submit a written report
on the application of accounting principles to a specific transaction
as part of a proposal to acquire a new client. In the practitioner's
report, it should be stated that:
You Answered
The guidance provided is for management use only and may not
be communicated to the prior or continuing auditors.
Correct Answer
Any difference in the facts, circumstances, or assumptions
presented may change the report.
1 / 1 pts
Question 41
Correct!
A limitation on the scope of the audit.
1 / 1 pts
Question 42
This method enables the auditor to direct his efforts towards the
items he considers would potentially contain the greater monetary
error.
1 / 1 pts
Question 43
Correct!
Combining negative and positive peso error items
0 / 1 pts
Question 44
You Answered
An experienced auditor who has worked with the client in the past
can understand the procedures performed and the evidence
obtained.
Correct Answer
An experienced auditor who has no previous connection with the
audit can understand the procedures performed and the evidence
obtained.
0 / 1 pts
Question 45
Using statistical sampling to assist in verifying the year-end
accounts payable balance, an auditor has accumulated the
following data:
Balance Determined
Number of Accounts Book Balance by the Auditor
P6,025,000
P5,125,000
1 / 1 pts
Question 46
In performing test of controls, which of the following items cannot
be replaced with another sample (i.e., replacement sample)?
Unused documents
0 / 1 pts
Question 47
Correct Answer
Preceding the opinion paragraph and referred to in both the scope
and opinion paragraphs of the auditor's report.
You Answered
Following the opinion paragraph and referred to only in the scope
paragraph of the auditor's report.
1 / 1 pts
Question 48
Non-assurance engagement
Correct!
Reasonable assurance engagement
1 / 1 pts
Question 49
An auditor concludes that there is substantial doubt about an
entity’s ability to continue as a going concern during the next fiscal
year and the situation has not been adequately disclosed in the
entity’s financial statements. In this situation, what type of opinion
should the auditor issue?
a disclaimer of opinion
1 / 1 pts
Question 50
Correct!
Assess the importance of the omitted procedures to Ballada's
present ability to support the opinion.
0 / 1 pts
Question 51
NESCIENCE IGNORANCE Co. has the following liabilities as of
December 31, 20x1.
1,860,000
1,872,000
1 / 1 pts
Question 52
4,200,000
200,000
Correct!
4,000,000
0 / 1 pts
Question 53
OBFUSCATE DARKEN Co. has the following liabilities as of
December 31, 20x1.
1,740,000
1 / 1 pts
Question 54
Axe Company’s directors decided on November 1, 2018 to
restructure the entity’s operations as follows:
₱1,480,000
Correct! ₱1,180,000
₱1,500,000
1 / 1 pts
Question 55
4,200,000
Correct!
0
200,000
4,000,000
0 / 4 pts
Question 56
JUNE 30 DEC.31
2022 - ₱3.20
Questions:
Answer 1:
Answer 2:
Correct Answer O - 95,200; P - 8,000
Answer 3:
Answer 4:
2 / 4 pts
Question 57
Wade total sales for 2018 were ₱2,000,000 from recorded music
Wade total sales for 2018 were ₱2,000,000 from recorded music
and sheet music. Replacement parts and labor for warranty work
totaled ₱164,000 during 2018. A total of 6,500 AM/FM radio used
in the premium program was purchased during the year and there
were 1,200,000 coupons redeemed in 2018.
Based on the above and the result of your audit, determine the
amounts that will be shown on the 2018 financial statements for
the following:
equipment [ Select ]
Answer 2:
Answer 3:
Correct! ₱56,950
Answer 4:
Correct! ₱23,800
4 / 4 pts
Question 58
Total ₱20,948,000
Transactions in 2016:
Questions:
Correct! ₱2,310,000
Answer 2:
Correct! ₱1,839,600
Answer 3:
Correct! ₱16,552,000
Answer 4:
Correct! ₱24,501,600
2 / 4 pts
Question 59
₱
Total
16,260,000
Total
16,260,000
₱
Total Shareholders' Equity
16,216,000
Transactions in 2016:
August 15,
₱650,000
2016
Questions:
Answer 1:
Answer 2:
Correct! ₱844,500
Answer 3:
Answer 4:
Correct! ₱17,929,600
4 / 4 pts
Question 60
(b) 40,000 stocks of ₱30 par value ordinary stocks were sold
for ₱1,560,000.
Answer 1:
Correct! 933,420
Answer 2:
Correct! 285,300
Answer 3:
Correct! 402,900
Answer 4:
Correct! 2,607,420
4 / 4 pts
Question 61
Current liabilities:
Interest payable ?
Noncurrent liability:
Answer 1:
Correct! ₱1,485,000
Answer 2:
Correct! ₱755,000
Answer 3:
Correct! ₱3,238,750
Answer 4:
Correct! ₱5,000,000
3 / 3 pts
Question 62
The shareholders equity section of WUHAN CORPORATION’s
statement of financial position as of December 31, 2009, is as
follows:
Share premium
275,000
Total paid in
capital
₱962,500
Total retained
earnings
917,500
Answer 1:
Correct! ₱937,500
Answer 2:
Correct! ₱721,25O
Answer 3:
Correct! ₱2,283,750
3 / 3 pts
Question 63
The ledger of NO REPLY Co. in 20x1 includes the following:
Additional information:
Answer 1:
Correct! 2,600,000
Answer 2:
Correct! 1,600,000
Answer 3:
Correct! 5,500,000
3 / 3 pts
Question 64
Questions:
Answer 1:
Correct! ₱618,000
Answer 2:
Correct! ₱515,000
Answer 3:
Correct! ₱379,474
2 / 6 pts
Question 65
You were able to gather the following in connection with your audit
of the Tuguegarao Corporation’s financial statements as of and for
the period ended December 31, 2021:
ASSETS
Prepayments 50,000
Land 900,000
Building 600,000
TOTAL ₱3,435,000
TOTAL ₱3,435,000
Audit findings:
Answer 1:
Answer 2:
Answer 3:
Correct! 2,040,000
Answer 4:
Correct! 82,000
Answer 5:
Answer 6:
1 / 6 pts
Question 66
Bank – P1,400
Revenue – P350,000
Non-current assets:
Questions:
1. Net profit (loss) for the year ended March 31, 2021
[ Select ]
6. Basic loss per share for Marvel for the year ended March 31,
2021 [ Select ]
Answer 1:
Answer 2:
You Answered ₱55.1M
Answer 3:
Answer 4:
Correct! ₱32.77M
Answer 5:
Answer 6: