WorksheetsKEVIN Zone- Preliminary Round
Total questions: 10
Worksheet time: 20mins
Elijah sold Joey his car and promised to deliver the car to Joey on October 01, 2018. On September 25, 2018, Elijah sold the same car to Alfred and he immediately possessed the car. As of October 24, 2018, Joey has not received the car from Elijah.
Which of the following statements is correct?
Joey can cancel the contract of sale between Elijah and Alfred because the contract of sale between him and Elijah was perfected first.
Elijah cannot be considered in delay because there was no demand yet from Joey.
Elijah is already on delay, even if there was no demand from Joey and he shall be liable for damages.
The sale is rescissible because of damage caused to Joey.
General Sources of Obligations:
I. Law
II. Contract
III. Delict
I and II
I only
I, II and III
None of the choices
Determine which of the following is incorrect.
Law is a rule of conduct, just and obligatory, laid down by proper authorities of a State
A lawful, voluntary, and bilateral act of saving one’s property or business from eminent danger where there is reimbursement necessary and useful expenses is known as Negotiorum Gestio.
Generally, the sources of obligations can be divided into two; law and contract namely.
None of the choices, all of the statements are correct
Three of the following are requisites of an obligation. Which is the exception?
Prestation
Efficient Cause
Delivery
Passive Subject
The Philippine Financial Reporting Standards (PFRSs) comprise:
I. Philippine Financial Reporting Standards
II. Philippine Accounting Standards
III. Interpretations adopted by the Philippine Interpretations Committee (PIC)
IV. Accounting Practice Statements and Implementation Guidance
I and II
I only
I, II, and III
I, II, III and IV
FRSC has members that serve as representatives from various agencies, sectors and professional associations. Which of the below organizations has 1 representative?
I. COA
II. PDIC
III. PICPA
Yes, Yes, No
No, No, No
Yes, No, Yes
Yes, No, No
S1: Equity is the residual amount of assets over liabilities.
S2: Physical form is a necessity for an item to be classified as an asset.
True, True
False, False
True, False
False, True
In which of the following powers of the state does the taxpayer receive a direct benefit?
Power of Taxation
Power of Eminent Domain
Police Power
Super Powers
Statement 1: Direct taxes are those taxes whereby the liability and burden pf the tax falls on the same person.
Statement 2: Indirect taxes are those taxes whereby the liability and burden falls upon two different person.
True, True
False, False
True, False
False, True
The amount to be reported as cash do not include the following, except:
I. Savings deposit with a negative balance
II. Time deposit for 3 months
III. Money order and Bank Drafts
I and II
III only
I, II and III
I only
