INTEGRATED

ACCOUNTING 2
TRANSLATE THE
FOLLOWING
LATIN TERMS
DO UT
DES
ANSWER

I give THAt YOU

MAY give
stipulation
pour atrui
for the benefit
of 3rd person
Which of the following is demand necessary to
make the debtor in delay in the performance of his
obligation?
a.When the time of performance is of the essence
b.When the time of performance has been
stipulated
c.When the law so provides
d.When demand would be useless
ANSWER

B
A defective contract where damage
or lesion is essential is
a.Rescissible c. Unenforceable
b.Voidable d. Void
ANSWER

A
A defective contract because it is
entered into in the name of another
without or in excess of authority, or it is
verbal is
a.Unenforceable c. Void
b.Voidable d. Rescissible
ANSWER

A
Anmony advertised in the newspaper his parcel of land
wanting to sell the same for P1M. Boy personally went to
the former with cash in hand to buy the subject parcel of
land. In this case,
a.Anmony cannot anymore reject Boy as buyer of his land
b.Anmony can still reject Boy as an offered in the purchase
of land
c.Anmony can reject the offer of Boy unless he properly
consigns with the court his payment for the land
d.Anmony cannot evade his obligation as seller to Boy
ANSWER

B
The following even if not in public instrument
are valid, binding and enforceable except
a.Negotiable instruments
b.Sale of land, either by the owner or agent with
written authority
c.Agency, pledge, mortgage
d.Partnership contract wherein immovables are
contributed
ANSWER

D
With written authority from his principal,
the agent sold verbally the land of the
principal. The sale is
a.Rescissible
b. voidable
c. unenforceable
d. Void
ANSWER

C
A, agent of P, in excess of authority, entered
into a contract in the name of P with X who
knew of the lack of authority and P did not ratify
the contract. The contract is
a.Rescissible
b. voidable
c. unenforceable
d. Void
ANSWER

D
Liability for damages in the
performance of an obligation arises
from the following, except
a.Negligence c. Delay
b.Acts or omissions
punished by law d. Fraud
ANSWER

B
I.Contracts must bind both contracting parties and its
validity or compliance cannot be left to the will of one of
them. This is the principle of relativity of contracts.
I I . Cont ract s are perf ect ed by mere consent o f t h e
contracting parties. This is the principle of obligatory force
of contracts.
a.Only I is correct.
b.Only II is correct.
c.Both I and II are correct.
d.Neither I nor II is correct.
ANSWER

D
The principle by which contracting
parties are equal in the eyes of law
a.Autonomy of contracts
b.Mutuality of contracts
c.Relativity of contracts
d.Consensuality of contracts
ANSWER

B
There is no contract unless the following requisites
concur:
I. Consent of the contracting parties
II. Object certain which is the subject matter of the
contract
III. Cause of the obligation which is established.
IV Delivery
A. I and II only C. I, II and III
B. I, II and IV only D. I, III and IV only
ANSWER

C
Sale; lease of thing; partnership are
examples of what classification of
contract according to cause:
A. Onerous C. Gratuitous
B. Remuneratory D. Bilateral
ANSWER

A
Commodatum; pure donation; guaranty or suretyship
unless there is a stipulation to the contrary; mortgage
given by a third person to secure an obligation of a
debtor unless a consideration is paid for such
mortgage are examples of what classification of
contract according to cause:
A. Onerous C. Gratuitous
B. Remuneratory D. Bilateral
ANSWER

C
An insane entered into contract with a
minor.
A. The contract is unenforceable.
B. The contract is voidable
C. The contract is rescissible
D. The contract is void.
ANSWER

A
The following cannot give consent to a
contract. Which is the exception?
A. Un-emancipated minors
B Deaf-mute who does not know how to
write.
C. Insane person during his lucid interval.
D. Person under civil interdiction.
ANSWER

C
The following are real contracts. Which is
not?
A. Contract of donation
B. Contract of guaranty
C. Contract of deposit
D. Contract of loan
ANSWER

B
Choose the contract which is voidable:
A. Those undertaken in fraud of creditors where the
latter cannot in any manner collect his
credit.
B. Those where consent of one contracting party was
vitiated by violence or mistake.
C. Those whose object is outside the commerce of
man.
D. Those where both contracting parties cannot give
consent.
ANSWER

B
Which statements is correct?
A. Condonation is generally gratuitous.
B. Condonation is gratiuitous.
C. Condonation is onerous.
D. Condonation is essentially
gratuitous.
ANSWER

D
To cancel a contract and restore the
parties to their original positions before
the contract, the parties should execute
a
a.Novation c. Rescission
b.Release d. Revocation
ANSWER

C
A seventeen-year old second year accountancy
student entered into a contract of lease with his
professor involving accounting book for a period
of one semester. The contract between them
is:
a.Valid c. void
b.Voidable d. unenforceable
 WHAT NAME WAAS
GIVEN TO THE
HISTORIC MONUMENT
FOUND IN MT. SAMAT IN
BATAAN?
ANSWER

DAMBANA NG
KAGITINGAN
ANSWER

A
Which of these contracts is not subject
to ratification?
a.Rescissible contract
b.Void contract
c.Voidable contract
d.Unenforceable contract
ANSWER

B
The statute of frauds
a.Prevents the use of oral evidence to
contradict the terms of a written contract
b.Applies to all contracts having consideration
valued at P500 or more.
c.Requires the independent promise to pay the
debt of another to be in writing.
d.Applies to all real estate leases.
ANSWER

C
In which of these cases will the Statute of Frauds not apply?
a.An oral mutual promise to marry, not to compel marriage
but only to recover damages
b.O orally conveys to L a piece of land for the benefits or
services already rendered
c.An oral contract of lease of real property for twelve
months
d.An oral contract of lease involving a car for 5 years
e.All of the above
ANSWER

E
The mere liberality of the benefactor is
the cause in:
a.Onerous contract
b.Contract of pure beneficence
c.Remunetory contract
d.None of the above
ANSWER

B
Boy Tigas entered into a contract of sale
wherein Boy Tigas will bought a knife with
Jun for P3,000. However Boy Tigas bought
the knife to kill karding his mortal enemy. The
contract between Boy Tigas and Jun is:
a. Valid d. Void
b. Rescissible e. Unenforceable
c. Voidable
ANSWER

A
If the contact stated the diligence which is to be observed in
the performance of the obligations
Statement 1- that which is expected of a good father of a
family shall be required
Statement 2- that which is required by law shall be
observed
A.Both statement are true
B.Both statement are false
C.Statement 1 is true
D.Statement 2 is true
ANSWER

B
The principle of autonomy is:
A. Mutuality of contract
B. Liberty of contract
C. Relativity of contract
D. Statue of liberty
ANSWER

B
The contract must bind both contracting
parties
A.Consensuality of contract
B. Obligatoriness of contract
C .Mutuality of contract
D. Relativity of contract
ANSWER

C
 T h e f o l l o w i n g i n s t a n c e s w i l l r e n d e r a n o ff e r
ineffective before acceptance is conveyed. Which
one will not? When one of the parties
A. Is civilly interdicted
B. Becomes insane
C. Becomes insolvent
D. Is placed under a hypnotic spell
ANSWER

D
 Characteristic of void contracts, except
A. Defense of illegality cannot be waived
B. Cannot be ratified
C. Action for declaration of inexistense
does not prescribe
D. The inexistence can be assailed by
third person
ANSWER

D
Republic Act No. 9160 dated March 8,
2002, is also known as:
a.General Banking Law
b.Intellectual Property Law
c.Anti-Money Laundering Act
d.Secrecy of Bank Deposits and Unclaimed
Balances Law
ANSWER

C
Unless ratified, suits will not
prosper if the contract is
A. Rescissible
B. Unenforceable
C. Voidable
D. Void
ANSWER

B
Acceptance of an offer made by letter or
telegram shall bind the offeror. From the time
the
A. Offeree accepted the offer
B. Offeree sent his letter or telegram
C. Acceptance came to the knowledge of the
offeror
D. Offeror made the offer
ANSWER

C
 what was the
famous slogan
of pres. Estrada?
ANSWER

erap para
sa mahirap
Contracts are generally effective only between
the parties, their assigns and their heirs
A. Consensuality of contract
B. Mutuality of contract
C. Simplicity of contract
D. Relativity of contract
ANSWER

D
A clause providing that the mortgagee will
automatically own the property mortgaged if the
debt is not paid at maturity is

A. Dacion en pago
B. Pactum Commissorium
C. Payment by cession
D. Upset price
ANSWER

B
The conception of a contract is when
A. When there is meeting of the minds
B. When negotiations are in progress
C. When the contract is executed
D. When the parties come to an
agreement
ANSWER

B
The point where the parties have
performed their respective obligations
and the contract is Terminated
A. Preparation C. Perfection
B. Conception D. Consummation
ANSWER

D
When there is concurrence of offer and
acceptance, there is
A. Payment C. Consent
B. Consignation D.Tender of payment
ANSWER

C
60.A corporation cannot be an incorporator in the
Philippines because only natural persons may
become incorporators, except
a. United Nations agencies operating in the
Philippines.
b. Cooperative as incorporator of a rural bank.
c. Eleemosynary corporations.
d. Charitable organizations incorporated under
Philippine laws.
ANSWER

B
TO HONOR STO. NINO,
CEBU'S RELIGIOUS
C E L E B R AT I O N I S
CALLED
ANSWER

SINULOG
The following are the exceptions to the mandate of Section 2 of the Law on
Secrecy of Bank Deposits, as amended, which declares bank deposits to be
"absolutely confidential". Which of the following is not included among those
exceptions?
a.In an examination made in the course of a special or general examination of a
bank that is specifically authorized by the Monetary Board after being satisfied
that there is reasonable ground to believe that a bank fraud or serious
irregularity has been or is being committed and that it is necessary to look into
the deposit to establish such fraud or irregularity
b.In an examination made by an independent auditor hired by the bank to
conduct its regular audit provided that the examination is for audit purposes
only and the results thereof shall be for the exclusive use of the bank.
c.Upon oral permission of the depositor.
d.In cases of impeachment
ANSWER

C
Securities and Exchange Commission (SEC) Memorandum Circular
(MC) No. 4 amended SEC MC No. 19 which prescribes the deadline
for submitting the Anti-Money Laundering (AML) Compliance Forms
by Financing and Lending Companies. Under the amended section
3, these compliance forms shall be filled out by covered institution
and be submitted to SEC on or before June 1, 2015 and every how
many years thereafter?
a.2
b.3
c.5
d.6
ANSWER

B
The Governor shall be the chief executive officer of the Bangko Sentral and his
powers and duties includes the following except:
a.Request from government offices and instrumentalities, or government-owned
or controlled corporations, any data which it may require for the proper
discharge of its functions and responsibilities.
b.Exercise such other powers as may be vested in him by the Monetary Board
c.Appoint and fix the remunerations and other emoluments of personnel below
the rank of a department head in accordance with the position and
compensation plans approved by the Monetary Board, as well as to impose
disciplinary measures upon personnel of the Bangko Sentral, subject to the
provisions of Section 15(c) of this Act: Provided, That removal of personnel shall
be with the approval of the Monetary Board
d.execute and administer the policies and measures approved by the Monetary
Board
ANSWER

A
It is the state's power to take away private
property for public purposes upon payment
of just compensation, which is governed by
special law:
a. Escheat c. Eminent Domain
b. Expropriation d. Police Power
ANSWER

C
It refers to the financial condition of a debtor that is
generally unable to pay its or his liabilities as they fall due in
the ordinary course of business or has liabilities that are
greater than its or his assets.
a.Insolvent
b.Insolvency
c.Voluntary Insolvency
d.Involuntary Insolvency
ANSWER

B
It is known as the Financial Rehabilitation
and Insolvency Act of 2010 or FRIA.
a.R.A. 10142
b.R.A. 11024
c.R.A. 11042
d.R.A. 10124
ANSWER

A
WHERE DID RIZAL
WROTE HIS LAST
P O E M , M I U LT I M O
ADIOS?
ANSWER

FORT
SANTIAGO
END