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Jaypaul Ocampo Acidera, CPA 2016



J. O. A.
D , except:

J. O. A.

J. O. A.

,RSA: The Review School ofAcccittintartcy _ Page 5 of

A 41. Watered stock is share of stock i ssued by a corporatiori for a consideration less than its par or issued
. value of for a consideration in any form other
, than cash, valued in excess of its par value. In this regard-
a. The agreement that it shall be paid for less than its par value is fl1ega a nd void and cannot '.
be enforced . .
b. The issue itself is void; '
c. The subscriber shall not be liable for full par value;
d. Ansvver not given '
- 42. Corporate dissolution may take place by voluntary inagtion which-will - result in the cessation of its corporate '
- powers and the corporation shall be deemed dissolved. Such voluntary inaction may result from- -
a. Inaction of the corporation through its failure to formally organized and Commence with the ,
transaction or its business or the cqnstruction of its work ,within two (2) years from the date
of its incorporation; , ,
.b Failure of the corporation to submit the ann,iLial reports required by the S.E.C. for a period
of five(,) years; -
c. Mergerof consolidation with respect to absorbed corporation. '
' d. Norte of the above
B -
41 One of the following is a ground for the suspension or revocation of the certificate of incorporation by
the S.E. C, .
'a. If the corporation fails to commence and start to operate and the failure is due to cause beyond
its control . -
b. If the corporation has commenced its business transaction and afterwards ceased operations
, continuously for a period of at least 5 years',
c, If the .corporation has commenced its operations and subsequently become continuously
inoperative for two '9;ears.
d, None of the above '

B -
44. The following are corporate acts in which a stockholder of a corporation shall have the right to dissent and
demand payment Of the fair value of his shares of stock, except One-

a. In case of an amendment , to the articles of incorporation which has the effect of changing or
restricting the rights of any stockholder. z
b. In case of incurring, creating or increasing bonded debts.
- C. In case of merger or consolidation;
d. In case of sale, lease, mortgage or other disposal of all or any corporate assets.
45. Which of the following statements is riot Correct- , ,
ITEM a. In case of merger or consolidation; ,
. b. In case of incurring, creating or increasing bonded,debts;
- C. In case of sale, lease, mortgage or other disposal of all, corporate assets; , .
d. In case' of an amendment of articles of incorporation which in effect of changing, restricting the
rights of any stockholder. .

D ,46. Subscriber Glow has a total 1,000 delinquent shares at P10 par value, to be sold at public auction sale. Total
amount recoverable includes: total amount of the delinquent shares P10,000 and total expenses of the sale P
5,000. Who will be declared the highest bidder among the following bidders in the public sale-
a. M, who is willing to pay the p15,000 at 920 shares;
b. A, who is willing to pay the ,PI 5,000 at 950 shares; , .
'N, who is willing to pay the P15,000 at 970 shares; . .
d. G, who is willing to pay the P15,000 at 900 shares. ,
C 47. The following are ways of enforcing payment of unpaid subscription, which is the exception -
- a. Filing a court action to recover unpaid subscription;, ,
b. Sale at ptiblic auction of delinquent stocks;,' , .
c. Denying delinquent stock cash dividend;

d. Denying delinquent stock the right to vote and voted upon. .,

B - 48. A corporate doctrine which the stockholders are not personally l'table for corporate debts-
a. Piercing the veil of corporate fiction; c. Trust fund doctrine; ,
d. , Corporate opportunity.
b. Separate legal entity;
49. A stockholder who does not approve the action taken by the Board of Directors in proposing to amend the
articles of incorporation is not allowed to withdraw from the corporation in one of the following instances-
- a. Creating incurring, increasing or decreasing any bond
a. bond ndebtedness;
b. Shortening,br prolonging corporate existence;
c. Investing of -corporate funds in another corpor a tion;
d. Merger or, consolidation.
C , 50. Which of the following statement is not correct- ,
a The sale of delinquent stock at public auction can be stopped if the board of directors stop the

sale for valid reasons;

b. Payment of unpaid suLlscriptiorn .niay not be enforced by applying cash dividends to delinquent -
c. In delinquency sale at public auction the highest bidder is one who offers topay the full amount
* of the balance of the subscription plus interest and expenses of the sale for the highest number
of shares; -
d. 'file board of directors Sksiall order, by resolution the sale of the Oelinquent stock specifying the
amount die .plus accrued interest, the place', time and date of the sale, , J. O. A.

BUSINESS LAW QUIZ on Corporation ,
43 30 \

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