Accounting Reviewers PDF

FAR - ACCOUNTING PROCESS (101001 - 101052)
101001 - THERE ARE __________ BASIC STEPS IN THE

ACCOUNTING CYCLE, WHICH INCLUDES 2 PHASES KNOWN 10; RECORDING; SUMMARIZING
AS __________ AND __________.
1. ANALYZING THE TRANSACTION
2. JOURNALIZING
3. POSTING
4. UNADJUSTED TRIAL BALANCE
101002 - STEPS IN THE SUMMARIZING PHASE OF 5. ADJUSTING ENTRIES
ACCOUNTING CYCLE (7 ITEMS) 6. ADJUSTED TRIAL BALANCE
7. FINANCIAL STATEMENTS
8. CLOSING ENTRIES
9. POST-CLOSING TRIAL BALANCE
10. REVERSING ENTRIES
101003 - THIS IS WHERE THE ACCOUNTANT GATHERS
INFORMATION FROM SOURCE DOCUMENTS AND
ANALYZING THE TRANSACTION
DETERMINES THE IMPACT OF THE TRANSACTION ON THE
FINANCIAL POSITION.
101004 - THIS IS THE PROCESS OF RECORDING THE
JOURNALIZING
TRANSACTIONS IN THE APPROPRIATE JOURNALS.
101005 - IS A CHRONOLOGICAL RECORD OF TRANSACTIONS
JOURNAL
ALSO KNOWN AS THE BOOK OF ORIGINAL ENTRY.
101006 - IS A JOURNAL WHERE ALL TRANSACTIONS COULD
GENERAL JOURNAL
BE RECORDED.
101007 - ARE JOURNALS USED IN RECORDING LARGE
SPECIAL JOURNALS
NUMBERS OF LIKE TRANSACTIONS.
1. SALES JOURNAL
2. CASH RECEIPTS JOURNAL
101008 - USUAL EXAMPLES OF SPECIAL JOURNALS (4 ITEMS)
3. PURCHASES JOURNAL
4. CASH DISBURSEMENTS JOURNAL
101009 - IS A SPECIAL JOURNAL WHERE ONLY SALES OF
SALES JOURNAL
MERCHANDISE ON ACCOUNT ARE RECORDED.
101010 - IS A SPECIAL JOURNAL WHERE ALL TYPES OF CASH
CASH RECEIPTS JOURNAL
RECEIPTS ARE RECORDED.
101011 - IS A SPECIAL JOURNAL USED TO RECORD ALL
PURCHASES ON ACCOUNT OF MERCHANDISE, EQUIPMENT, PURCHASES JOURNAL
SUPPLIES, ETC.
101012 - IS A SPECIAL JOURNAL WHERE ALL PAYMENTS OF
CASH DISBURSEMENTS JOURNAL
CASH FOR ANY PURPOSE ARE RECORDED.
101013 - TYPES OF JOURNAL ENTRIES ACCORDING TO FORM 1. SIMPLE JOURNAL ENTRY
(2 ITEMS) 2. COMPOUND JOURNAL ENTRY
101014 - IS A TYPE OF JOURNAL ENTRY WHICH CONTAINS A
SIMPLE JOURNAL ENTRY
SINGLE DEBIT AND A SINGLE CREDIT ELEMENT.
101015 - IS A TYPE OF JOURNAL ENTRY WHICH HAS TWO OR
MORE ELEMENTS IN EITHER OR BOTH DEBIT AND CREDIT
COMPOUND JOURNAL ENTRY
SIDES AND OFTEN REPRESENTS TWO OR MORE
TRANSACTIONS.
101016 - ARE THE STORAGE UNITS OF ACCOUNTING
INFORMATION AND USED TO SUMMARIZE CHANGES IN
ACCOUNTS
ASSETS, LIABILITIES AND EQUITY INCLUDING INCOME AND
EXPENSES.
101017 - ARE THE STATEMENT OF FINANCIAL POSITION OR
SO CALLED PERMANENT ACCOUNTS. THESE ACCOUNTS ARE
REAL ACCOUNTS
NOT CLOSED AND CARRYOVER TO THE NEXT ACCOUNTING
PERIOD. (EX. CASH, AR AND PPE)
101018 - ARE THE INCOME STATEMENT OR TEMPORARY
CAPITAL ACCOUNTS. THESE ACCOUNTS ARE CLOSED AT
NOMINAL ACCOUNTS
THE END OF THE ACCOUNTING PERIOD. (EX. SALES AND
EXPENSES)
101019 - WHILE STILL UNADJUSTED, REPRESENTS A
COMBINATION OF REAL AND NOMINAL ACCOUNTS. (EX. MIXED ACCOUNT
PREPAID EXPENSES)
101020 - IS THE GENERAL LEDGER ACCOUNT THAT
SUMMARIZES THE DETAILED INFORMATION IN A SUBSIDIARY CONTROL ACCOUNT
LEDGER.
101021 - IS AN ACCOUNT THAT HOLDS TEMPORARILY
SUSPENSE ACCOUNT
CERTAIN INFORMATION PENDING FOR DISPOSITION.
101022 - HAS A COUNTERPART IN ANOTHER BOOK WITH IN
RECIPROCAL ACCOUNT
THE ENTITY OR IN ANOTHER LEDGER OR ANOTHER ENTITY.
101023 - IS THE PROCESS OF TRANSFERRING DATA FROM
THE JOURNAL TO THE APPROPRIATE ACCOUNTS IN THE
GENERAL LEDGER AND SUBSIDIARY LEDGER. THIS POSTING
PROCESS CLASSIFIES ALL ACCOUNTS THAT WERE
RECORDED IN THE JOURNALS.
101024 - INCLUDES ALL THE ACCOUNTS APPEARING ON THE
GENERAL LEDGER
FINANCIAL STATEMENTS.
101025 - AFFORDS ADDITIONAL DETAIL IN SUPPORT OF
SUBSIDIARY LEDGER
CERTAIN GENERAL LEDGER ACCOUNTS.
101026 - A LIST OF GENERAL LEDGER ACCOUNTS WITH
TRIAL BALANCE
THEIR RESPECTIVE DEBIT OR CREDIT BALANCE.
101027 - ARE JOURNAL ENTRIES MADE AT THE END OF AN
ACCOUNTING CYCLE TO UPDATE CERTAIN REVENUE AND
ADJUSTING ENTRIES
EXPENSE ACCOUNTS AND TO MAKE SURE YOU COMPLY
WITH THE MATCHING PRINCIPLE.
1. USUALLY REFER TO TRANSACTIONS THAT HAVE EFFECTS
ON MORE THAN ONE ACCOUNTING PERIOD;
101028 - CHARACTERISTICS OF ADJUSTING ENTRIES (3
2. INCLUDE AT LEAST 1 NOMINAL ACCOUNT AND 1 REAL
ITEMS)
ACCOUNT; AND
3. ARE GENERALLY NOT BASED ON SOURCE DOCUMENTS.
1. PREPAYMENTS
2. DEFERRALS
101029 - TYPICAL ADJUSTING ENTRY CLASSIFICATIONS (5 3. ACCRUED EXPENSES
ITEMS) 4. ACCRUED INCOME
5. ESTIMATES
6. ENDING INVENTORY
101030 - ARE EXPENSE ITEMS ALREADY PAID FOR BUT NOT
PREPAYMENTS
YET INCURRED.
101031 - METHODS OF INITIALLY RECORDING PREPAYMENTS 1. ASSET METHOD (DR. PREPAID EXPENSE; CR. CASH)
(2 ITEMS) 2. EXPENSE METHOD (DR. EXPENSE; CR. CASH)
101032 - PRO-FORMA ADJUSTING ENTRIES FOR
PREPAYMENTS WHEN THE ASSET METHOD WAS USED IN DR. EXPENSE - "EXPIRED PORTION"; CR. PREPAID EXPENSE
INTIALLY RECORDING THE TRANSACTION
101033 - PRO-FORMA ADJUSTING ENTRIES FOR
DR. PREPAID EXPENSE - "REMAINING PORTION"; CR.
PREPAYMENTS WHEN THE EXPENSE METHOD WAS USED IN
EXPENSE
INTIALLY RECORDING THE TRANSACTION
101034 - ARE INCOME ITEMS ALREADY COLLECTED IN CASH
DEFERRALS (DEFERRED INCOME)
BUT NOT YET EARNED.
101035 - METHODS OF INITIALLY RECORDING DEFERRALS (2 1. LIABILITY METHOD (DR. CASH; CR. UNEARNED INCOME)
ITEMS) 2. INCOME METHOD (DR. CASH; CR. INCOME)
101036 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS
WHEN LIABILITY METHOD WAS USED IN INITIALLY DR. UNEARNED INCOME; CR. INCOME - "EXPIRED PORTION"
RECORDING THE TRANSACTION
101037 - PRO-FORMA ADJUSTING ENTRY FOR DEFERRALS
DR. INCOME; CR. UNEARNED INCOME - "REMAINING
WHEN THE INCOME METHOD WAS USED IN INITIALLY
PORTION"
RECORDING THE TRANSACTION
101038 - OCCUR IN TRANSACTIONS WHERE EXPENSE HAS
ACCRUED EXPENSE
ALREADY BEEN INCURRED BUT NOT YET PAID FOR IN CASH.
101039 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED
DR. EXPENSE; CR. PAYABLE
EXPENSES
101040 - OCCUR IN TRANSACTIONS WHERE INCOME HAS
ACCRUED INCOME
BEEN ALREADY EARNED BUT NOT YET COLLECTED IN CASH.
101041 - PRO-FORMA ADJUSTING ENTRY FOR ACCRUED
DR. RECEIVABLE; CR. INCOME
INCOME
101042 - ARE ADJUSTING ENTRIES THAT DO NOT INVOLVE
ESTIMATES
CASH FLOWS.
101043 - COMMON EXAMPLES OF ESTIMATES THAT REQUIRE 1. PROVISION FOR DOUBTFUL ACCOUNTS
ADJUSTING ENTRIES (2 ITEMS) 2. DEPRECIATION
101044 - IS THE ESTIMATED AMOUNT OF BAD DEBT THAT
WILL ARISE FROM ACCOUNTS RECEIVABLE THAT HAVE BEEN PROVISION FOR DOUBTFUL ACCOUNTS
ISSUED BUT NOT YET COLLECTED.
101045 - IS THE SYSTEMATIC ALLOCATION OF THE COST OF
DEPRECIATION
A FIXED ASSET OVER ITS USEFUL LIFE.
101046 - IS AN ADJUSTMENT USED TO SET UP THE YEAR-END
COUNT OF THE INVENTORY. THIS ONLY APPLIES IF THE ENDING INVENTORY
PERIODIC INVENTORY SYSTEM IS USED.
101047 - IS THE MOST IMPORTANT PART OF THE
SUMMARIZING PHASE. THIS IS WHERE THE PROCESSED PREPARING THE FINANCIAL STATEMENTS.
INFORMATION IS COMMUNICATED TO USERS.
1. STATEMENT OF FINANCIAL POSITION
2. INCOME STATEMENT OR STATEMENT OF COMPREHENSIVE
INCOME
101048 - BASIC FINANCIAL STATEMENTS (5 ITEMS)
3. STATEMENT OF CHANGES IN EQUITY
4. STATEMENT OF CASH FLOWS
5. NOTES AND DISCLOSURES
101049 - ARE RECORDED AND POSTED FOR THE PURPOSE
OF CLOSING ALL NOMINAL OR TEMPORARY ACCOUNTS TO
THE INCOME SUMMARY ACCOUNT AND THE RESULTING NET CLOSING ENTRIES
INCOME OR LOSS IS AFTERWARDS CLOSED TO THE CAPITAL
OR RETAINED EARNINGS ACCOUNT.
101050 - ARE MADE AT THE BEGINNING OF THE NEW
ACCOUNTING PERIOD TO REVERSE CERTAIN ADJUSTING REVERSING ENTRIES
ENTRIES FROM THE PRECEDING ACCOUNTING PERIOD.
1. PREPAYMENTS WHEN EXPENSE METHOD IS USED
101051 - ADJUSTING ENTRIES THAT MAY BE REVERSED (4 2. DEFERRALS WHEN INCOME METHOD IS USED
ITEMS) 3. ACCRUED EXPENSE
4. ACCRUED INCOME
101052 - OPTIONAL STEPS IN THE ACCOUNTING CYCLE (2 1. ALL TRIAL BALANCES
ITEMS) 2. REVERSING ENTRIES
FAR - CONCEPTUAL FRAMEWORK (102001 - 101068)
102001 - THE PURPOSE OF _________ IS TO ASSIST THE IASB
IN DEVELOPING AND REVISING IFRSS THAT ARE BASED ON
CONSISTENT CONCEPTS, TO HELP PREPARERS TO DEVELOP
CONSISTENT ACCOUNTING POLICIES FOR AREAS THAT ARE CONCEPTUAL FRAMEWORK
NOT COVERED BY A STANDARD OR WHERE THERE IS
CHOICE OF ACCOUNTING POLICY, AND TO ASSIST ALL
PARTIES TO UNDERSTAND AND INTERPRET IFRS.
KAPAG ANG STANDARDS (IFRS AND IAS) AY NAGLALAMAN
NG RULES NA KONTRA SA SINASABI NG CONCEPTUAL
102002 - EXPLAIN: “THE FRAMEWORK IS NOT A STANDARD OF FRAMEWORK, MAS DAPAT SUNDIN ANG STANDARDS.
ITSELF.” GAGAMITIN LANG ANG CONCEPTUAL FRAMEWORK KAPAG
WALANG SPECIFIC NA RULES NA IBINIGAY ANG STANDARDS
NA APPLICABLE SA TRANSACTION.
102003 - THE MAIN OBJECTIVE OF __________ IS TO PROVIDE
THE FINANCIAL INFORMATION ABOUT THE REPORTING
ENTITY THAT IS USEFUL TO EXISTING AND POTENTIAL: GENERAL PURPOSE FINANCIAL REPORTS
INVESTORS, LENDERS, AND OTHER CREDITORS TO HELP
THEM MAKE VARIOUS DECISIONS.
102004 - MEANS THAT THE EVENTS SHOULD BE REFLECTED
IN THE REPORTS IN THE PERIODS WHEN THE EFFECTS OF
ACCRUAL ACCOUNTING
TRANSACTIONS OCCUR, REGARDLESS THE RELATED CASH
FLOWS.
1. CONTRIBUTE TO TRANSPARENCY
102005 - MISSION OF THE IASB IN DEVELOPING ACCOUNTING
2. STRENGTHEN ACCOUNTABILITY
STANDARDS (3 ITEMS)
3. CONTRIBUTE TO ECONOMIC EFFICIENCY
102006 - TYPES OF QUALITATIVE CHARACTERISTICS OF
1. FUNDAMENTAL QUALITATIVE CHARACTERISTICS
FINANCIAL INFORMATION UNDER THE CONCEPTUAL
2. ENHANCING QUALITATIVE CHARACTICS
FRAMEWORK (2 ITEMS)
102007 - ARE QUALITATIVE CHARACTERISTICS OF FINANCIAL
INFORMATION THAT ARE FOCUSED ON THE CONTENT OR FUNDAMENTAL QUALITATIVE CHARACTERISTICS
SUBSTANCE OF FINANCIAL INFORMATION.
102008 - ARE QUALITATIVE CHARACTERISTICS OF FINANCIAL
INFORMATION THAT ARE FOCUSED ON THE PRESENTATION ENHANCING QUALITATIVE CHARACTERISTICS
OR FORM OF REPORT OF FINANCIAL INFORMATION.
102009 - FUNDAMENTAL QUALITATIVE CHARACTERISTICS OF 1. RELEVANCE
FINANCIAL INFORMATION (2 ITEMS) 2. FAITHFUL REPRESENTATION
102010 - IS THE CAPABILITY OF FINANCIAL INFORMATION TO
RELEVANCE
MAKE A DIFFERENCE IN THE USERS' DECISIONS.
1. PREDICTIVE VALUE
102011 - ELEMENTS OF RELEVANCE (2 ITEMS)
2. CONFIRMATORY VALUE
102012 - HELPS USERS IN PREDICTING OR ANTICIPATING
PREDICTIVE VALUE
FUTURE OUTCOMES.
102013 - ENABLES USERS TO CHECK AND CONFIRM EARLIER
CONFIRMATORY VALUE
PREDICTIONS OR EVALUATIONS.
102014 - IS AN ASPECT OF RELEVANCE DEFINED AS THE
THRESHOLD ABOVE WHICH MISSING OR INCORRECT
MATERIALITY
INFORMATION IN FINANCIAL STATEMENTS IS CONSIDERED
TO HAVE AN IMPACT ON THE DECISION MAKING OF USERS.
102015 - REQUIRES THAT TRANSACTIONS AND EVENTS
SHOULD BE ACCOUNTED FOR IN A MANNER THAT
FAITHFUL REPRESENTATION
REPRESENT THEIR TRUE ECONOMIC SUBSTANCE RATHER
THAN THE MERE LEGAL FORM.
1. COMPLETENESS
102016 - COMPONENTS OF FAITHFUL REPRESENTATION (3
2. NEUTRALITY
ITEMS)
3. FREE FROM ERROR
102017 - DEALS WITH WHETHER ALL TRANSACTIONS AND
ACCOUNTS THAT SHOULD BE IN THE FINANCIAL COMPLETENESS
STATEMENTS ARE INCLUDED.
102018 - MEANS THAT INFORMATION CONTAINED IN THE
NEUTRALITY
FINANCIAL STATEMENTS MUST BE FREE FROM BIAS.
102019 - MEANS THERE ARE NO ERRORS AND
INACCURACIES IN THE DESCRIPTION OF THE PHENOMENON
FREE FROM ERROR
AND NO ERRORS MADE IN THE PROCESS BY WHICH THE
FINANCIAL INFORMATION WAS PRODUCED.
1. COMPARABILITY
102020 - ENHANCING QUALITATIVE CHARACTERISTICS OF 2. VERIFIABILITY
FINANCIAL INFORMATION (4 ITEMS) 3. TIMELINESS
4. UNDERSTANDABILITY
102021 - MEANS THAT INFORMATION SHOULD BE
COMPARABLE BETWEEN DIFFERENT ENTITIES OR TIME COMPARABILITY
PERIODS.
1. HORIZONTAL COMPARABILITY
102022 - TYPES OF COMPARABILITY (2 ITEMS)
2. DIMENSIONAL COMPARABILITY
102023 - IS A TYPE OF COMPARABILITY WHICH REFERS TO
THE COMPARISON WITHIN AN ENTITY FROM ONE PERIOD TO HORIZONTAL COMPARABILITY
THE NEXT.
102024 - IS A TYPE OF COMPARABILITY WHICH REFERS TO
THE COMPARISON BETWEEN TWO OR MORE ENTITIES IN DIMENSIONAL COMPARABILITY
THE SAME INDUSTRY.
102025 - MEANS THAT INDEPENDENT AND KNOWLEDGEABLE
OBSERVERS SHOULD BE ABLE TO VERIFY THE VERIFIABILITY
INFORMATION.
1. DIRECT VERIFICATION - E.G., COUNTING CASH ITEMS
102026 - TYPES OF VERIFICATION (2 ITEMS) 2. INDIRECT VERIFICATION - E.G., COMPUTING INVENTORY
USING FIFO
102027 - MEANS THAT INFORMATION SHOULD BE AVAILABLE
TIMELINESS
IN TIME TO INFLUENCE THE DECISIONS OF USERS.
102028 - MEANS THAT INFORMATION SHALL BE CLASSIFIED,
UNDERSTANDABILITY
PRESENTED CLEARLY AND CONSISELY.
102029 - IS A CONSTRAINT INCLUDED IN THE CONCEPTUAL
FRAMEWORK WHICH ASSERTS THAT THE BENEFIT OF THE
COST-BENEFIT CONSTRAINT
INFORMATION MUST BE GREATER THAN THE COST OF
PROVIDING IT.
102030 - IS THE SPAN OF TIME COVERED BY A SET OF
REPORTING PERIOD
102031 - (ALSO KNOWN AS PERIODICITY ASSUMPTION) IS AN
ACCOUNTING PRINCIPLE WHICH STATES THAT THE LIFE OF A TIME PERIOD ASSUMPTION
BUSINESS CAN BE DIVIDED INTO EQUAL TIME PERIODS.
102032 - IS AN ACCOUNTING PRINCIPLE THAT ASSUMES
THAT BUSINESS TRANSACTIONS OR EVENTS CAN BE
MEASURED AND EXPRESSED IN TERMS OF MONETARY MONETARY UNIT ASSUMPTION
UNITS AND THAT THE MONETARY UNITS ARE STABLE AND
DEPENDABLE.
102033 - IS AN ASSUMPTION THAT AN ENTITY WILL CONTINUE
TO OPERATE FOR THE FORESEEABLE FUTURE (USUALLY 12 GOING CONCERN
MONTHS AFTER THE REPORTING DATE).
102034 - IS AN ACCOUNTING PRINCIPLE THAT STATES THAT
ALL TRANSACTIONAL DATA ASSOCIATED WITH A SPECIFIC
ENTITY IS ASSUMED TO BE CLEARLY ATTRIBUTED TO THE
ECONOMIC ENTITY ASSUMPTION
ENTITY, AND DOES NOT INCLUDE OTHER TRANSACTIONAL
DATA ASSOCIATED WITH THE ENTITY'S OWNERS OR
BUSINESS PARTNERS.
102035 - IS AN ENTITY WHO MUST OR CHOOSES TO PREPARE
REPORTING ENTITY
1. SINGLE ENTITY
2. PORTION OF AN ENTITY (E.G., DIVISION)
102036 - TYPES OF REPORTING ENTITIES (3 ITEMS)
3. MORE THAN ONE ENTITIES (E.G., PARENT AND SUBSIDIARY
(IES))
1. CONSOLIDATED
102037 - TYPES OF FINANCIAL STATEMENTS ACCORDING TO
2. UNCONSOLIDATED
THE TYPE OF REPORTING ENTITY (3 ITEMS)
3. COMBINED
102038 - IS A TYPE OF FINANCIAL STATEMENT CREATED
WHEN A PARENT AND SUBSIDIARIES REPORT AS A SINGLE CONSOLIDATED FINANCIAL STATEMENT
ENTITY.
UNCONSOLIDATED FINANCIAL STATEMENT
WHEN A PARENT ALONE PROVIDES THE REPORT.
WHEN THE REPORTING ENTITY COMPRISES TWO OR MORE
COMBINED FINANCIAL STATEMENT
ENTITIES NOT LINKED BY PARENT-SUBSIDIARY
RELATIONSHIP.
1. ASSET
2. LIABILITY
102041 - BASIC ELEMENTS OF FINANCIAL STATEMENTS (5
3. EQUITY
ITEMS)
4. INCOME
5. EXPENSES
102042 - IS A PRESENT ECONOMIC RESOURCE CONTROLLED
ASSET
BY THE ENTITY AS A RESULT OF PAST EVENTS.
102043 - IS A PRESENT OBLIGATION OF THE ENTITY TO
TRANSFER AN ECONOMIC RESOURCE AS A RESULT OF PAST LIABILITY
EVENTS.
102044 - IS THE RESIDUAL INTEREST IN THE ASSETS OF THE
EQUITY
ENTITY AFTER DEDUCTING ALL ITS LIABILITIES.
102045 - IS COMPOSED OF INCREASES IN ASSETS OR
DECREASES IN LIABILITIES RESULTING IN INCREASES IN
INCOME
EQUITY OTHER THAN CONTRIBUTIONS FROM EQUITY
HOLDERS.
102046 - IS COMPOSED OF DECREASES IN ASSETS OR
INCREASES IN LIABILITIES RESULTING IN DECREASES IN EXPENSES
EQUITY OTHER THAN DISTRIBUTIONS TO EQUITY HOLDERS.
102047 - IS THE PROCESS OF INCORPORATING IN THE
BALANCE SHEET AN ITEM THAT MEETS THE DEFINITION OF RECOGNITION
AN ELEMENT AND SATISFIES THE REQUIRED CRITERIA.
1. IT IS PROBABLE THAT ANY FUTURE ECONOMIC BENEFIT
ASSOCIATED WITH THE ITEM WILL FLOW TO OR FROM THE
102048 - CRITERIA FOR RECOGNITION (2 ITEMS) ENTITY; AND
2. THE ITEM'S COST OR VALUE CAN BE MEASURED WITH
RELIABILITY.
102049 - MEANS REMOVAL OF AN ASSET OR LIABILITY FROM
THE STATEMENT OF FINANCIAL POSITION AND NORMALLY IT
DERECOGNITION
HAPPENS WHEN THE ITEM NO LONGER MEETS THE
DEFINITION OF AN ASSET OR A LIABILITY.
102050 - INVOLVES THE ASSIGNMENT OF MONETARY
AMOUNTS AT WHICH THE ELEMENTS OF FINANCIAL MEASUREMENT
STATEMENTS ARE TO BE RECOGNIZED OR REPORTED.
102051 - BASIC MEASUREMENT BASES IN THE CONCEPTUAL 1. HISTORICAL COST
FRAMEWORK (2 ITEMS) 2. CURRENT VALUE
102052 - IS A MEASUREMENT BASED ON THE TRANSACTION
PRICE AT THE TIME OF RECOGNITION OF THE ELEMENT (AN HISTORICAL COST
ENTRY PRICE).
102053 - IS A MEASUREMENT BASIS THAT IS UPDATED TO
CURRENT VALUE
REFLECT THE CONDITIONS AT THE MEASUREMENT DATE.
1. FAIR VALUE
102054 - TYPES OF CURRENT VALUE MEASUREMENT BASES 2. VALUE IN USE
(4 ITEMS) 3. CURRENT COST
4. FULFILLMENT VALUE
102055 - IS THE PRICE THAT WOULD BE RECEIVED TO SELL
AN ASSET OR PAID TO TRANSFER A LIABILITY IN AN
FAIR VALUE
ORDERLY TRANSACTION BETWEEN MARKET PARTICIPANTS
(AN EXIT PRICE).
102056 - IS THE PRESENT VALUE OF THE CASH FLOWS
EXPECTED TO BE DERIVED FROM THE USE AND ULTIMATE VALUE IN USE
DISPOSAL OF AN ASSET (AN EXIT PRICE).
102057 - IS THE COST OF REPLACING AN ASSET AT THIS TIME
CURRENT COST
(AN ENTRY PRICE)
102058 - IS THE PRESENT VALUE OF THE CASH EXPECTED
FULFILLMENT VALUE
TO BE TRANSFERRED FOR THE PAYMENT OF A LIABILITY.
102059 - IS THE PROCESS OF IDENTIFYING TRANSACTIONS
REVENUE RECOGNITION
TO BE RECORDED AS REVENUE IN AN ACCOUNTING PERIOD.
1. AT THE POINT OF SALE
102060 - METHODS OF RECOGNIZING REVENUE (3 ITEMS) 2. DURING PRODUCTION
3. AT THE END OF PRODUCTION
102061 - REQUIRES THAT REVENUES AND ANY RELATED
EXPENSES BE RECOGNIZED TOGETHER IN THE SAME MATCHING PRINCIPLE
REPORTING PERIOD.
1. SYSTEMATIC AND RATIONAL ALLOCATION (DEPRECIATION)
102062 - ACCEPTABLE BASES FOR THE RECOGNITION OF
2. CAUSE AND EFFECT ASSOCIATION (COST OF SALE)
EXPENSE (3 ITEMS)
3. IMMEDIATE RECOGNITION (R&D EXPENSE)
1. GROUP SIMILAR ITEMS AND SEPARATE DISSIMILAR ITEMS.
2. AGGREGATE INFORMATION, BUT DO NOT PROVIDE
102063 - REQUIREMENTS FOR EFFECTIVE COMMUNICATION
UNNECESSARY DETAIL.
OF INFORMATION IN THE FINANCIAL STATEMENTS (3 ITEMS)
3. AVOID EXCESSIVE AGGREGATION TO OBSCURE THE
INFORMATION.
102064 - CONCEPTS OF CAPITAL IN THE CONCEPTUAL 1. FINANCIAL CAPITAL
FRAMEWORK (2 ITEMS) 2. PHYSICAL CAPITAL
102065 - IS A CONCEPT OF CAPITAL SYNONYMOUS WITH THE
FINANCIAL CAPITAL
NET ASSETS OR EQUITY OF THE ENTITY.
102066 - IS A CONCEPT OF CAPITAL THAT REFERS TO THE
PRODUCTIVE CAPACITY OF THE ENTITY BASED ON, FOR PHYSICAL CAPITAL
EXAMPLE, UNITS OF OUTPUT PER DAY.
102067 - UNDER THE _________ THE PROFIT IS EARNED ONLY
WHEN THE AMOUNT OF THE NET ASSETS AT THE END OF
THE PERIOD IS GREATER THAN THE AMOUNT OF NET
FINANCIAL CAPITAL MAINTENANCE
ASSETS IN THE BEGINNING AFTER EXCLUDING
CONTRIBUTIONS FROM AND DISTRIBUTIONS TO EQUITY
HOLDERS (MANDATED BY STANDARDS).
102068 - UNDER THE _________ THE PROFIT IS EARNED IF
PHYSICAL PRODUCTIVE CAPACITY INCREASES DURING THE
PHYSICAL CAPITAL MAINTENANCE
PERIOD AFTER EXCLUDING THE MOVEMENTS WITH EQUITY
HOLDERS.
FAR - CASH & CASH EQUIVALENTS (103001 - STILL UNFINISHED)
103001 - IS THE STANDARD MEDIUM OF EXCHANGE IN
BUSINESS TRANSACTIONS. IT REFERS TO THE CURRENCY
MONEY
AND COINS WHICH ARE IN CIRCULATION AND LEGAL
TENDER.
103002 - (IN THE CONTEXT OF ACCOUNTING) INCLUDES
MONEY AND ANY OTHER NEGOTIABLE INSTRUMENT THAT IS
CASH
PAYABLE IN MONEY AND ACCEPTABLE BY THE BANK FOR
DEPOSIT AND IMMEDIATE CREDIT.
103003 - IS A DOCUMENT THAT ORDERS A BANK TO PAY A
SPECIFIC AMOUNT OF MONEY FROM THE PERSON'S CHECK (IF PAYABLE TO THE REPORTING ENTITY,
ACCOUNT TO THE PERSON IN WHOSE NAME THE SAME HAS GENERALLY INCLUDED IN THE BOOKS AS CASH)
BEEN ISSUED.
103004 - IS A CHECK DRAWN BY A BANK ON ITS OWN FUNDS BANK DRAFT (IF PAYABLE TO THE REPORTING ENTITY,
IN ANOTHER BANK. INCLUDED IN THE BOOKS AS CASH)
103005 - IS A PAPER DOCUMENT, SIMILAR TO A CHECK, USED
FOR MAKING PAYMENTS. IT IS PREPAID, SO IT IS ONLY MONEY ORDER (IF PAYABLE TO THE REPORTING ENTITY,
ISSUED AFTER A BUYER PAYS FOR THE SAME WITH CASH INCLUDED IN THE BOOKS AS CASH)
OR ANOTHER FORM OF GUARANTEED FUNDS.
103006 - IS A CHECK WRITTEN BY THE DRAWER (PAYOR) FOR
POSTDATED CHECK (IF PAYABLE TO THE REPORTING
A DATE IN THE FUTURE. IT MAY ONLY BE CASHED OR
ENTITY, NOT INCLUDED IN THE BOOKS AS CASH)
DEPOSITED ON OR AFTER THE DATE WRITTEN ON IT.
1. CASH ON HAND
103007 - CASH ITEMS INCLUDED IN THE ACCOUNTING BOOKS
2. CASH IN BANK
(3 ITEMS)
3. CASH FUND SET ASIDE FOR CURRENT PURPOSES
103008 - INCLUDES UNDEPOSITED CASH COLLECTIONS AND
CASH ON HAND
OTHER CASH ITEMS AWAITING DEPOSIT.
103009 - INCLUDES DEMAND DEPOSIT OR CHECKING
ACCOUNT AND SAVING DEPOSIT WHICH ARE UNRESTRICTED CASH IN BANK
AS TO WITHDRAWAL.
103010 - CASH OR NONCASH: PETTY CASH FUND CASH
103011 - CASH OR NONCASH: DIVIDEND FUND CASH
NONCASH (NONCURRENT ASSET - WHEN BONDS BECOME
103012 - CASH OR NONCASH: BOND SINKING FUND DUE WITHIN 12 MONTHS AFTER THE END OF THE
REPORTING PERIOD FUND BECOMES CURRENT ALSO)
103013 - CASH OR NONCASH: PAYROLL FUND CASH
103014 - CASH OR NONCASH: REVOLVING FUND CASH
103015 - CASH OR NONCASH: TAX FUND CASH
103016 - CASH OR NONCASH: FUND HELD FOR FUTURE
NONCASH (NONCURRENT ASSET - ALWAYS)
PLANT EXPANSION
103017 - CASH OR NONCASH: INTEREST FUND CASH
103018 - CASH OR NONCASH: PREFERENCE SHARE
NONCASH (NONCURRENT ASSET - ALWAYS)
REDEMPTION FUND
103019 - ARE SHORT-TERM AND HIGHLY LIQUID
INVESTMENTS THAT ARE READILY CONVERTIBLE INTO CASH
AND SO NEAR THEIR MATURITY THAT THEY PRESENT CASH EQUIVALENTS
INSIGNIFICANT RISK OF CHANGES IN VALUE BECAUSE OF
CHANGES IN INTEREST RATES.
ONLY HIGHLY LIQUID INVESTMENTS THAT ARE ACQUIRED
103020 - CRITERIA FOR AN ITEM TO QUALIFY AS CASH
THREE MONTHS BEFORE MATURITY CAN QUALIFY AS CASH
EQUIVALENT
EQUIVALENTS.
103021 - __________ CANNOT QUALIFY AS CASH
EQUIVALENTS BECAUSE _________ DO NOT HAVE A EQUITY SECURITIES; SHARES
MATURITY DATE.
103022 - _________ WITH SPECIFIED REDEMPTION DATE AND
ACQUIRED THREE MONTHS BEFORE REDEMPTION DATE CAN PREFERENCE SHARES
QUALIFY AS CASH EQUIVALENTS.
1. CASH AND CASH EQUIVALENTS (CURRENT)
103023 - CLASSIFICATIONS OF INVESTMENT OF EXCESS 2. SHORT-TERM FINANCIAL ASSETS OR TEMPORARY
CASH (3 ITEMS) INVESTMENTS (CURRENT)
3. LONG-TERM INVESTMENTS (NONCURRENT)
103024 - IF THE TERM IS MORE THAN THREE MONTHS BUT
SHORT-TERM FINANCIAL ASSETS OR TEMPORARY
WITHIN ONE YEAR, SUCH INVESTMENTS ARE CLASSIFIED AS
INVESTMENTS; CURRENT ASSETS
__________ AND PRESENTED SEPARATELY AS _________.
103025 - IF THE TERM IS MORE THAN ONE YEAR, SUCH
NONCURRENT OR LONG-TERM INVESTMENTS
INVESTMENTS ARE CLASSIFIED AS __________.
103026 - IF LONG-TERM INVESTMENTS BECOME DUE WITHIN
ONE YEAR FROM THE END OF THE REPORTING PERIOD, CURRENT OR TEMPORARY INVESTMENTS.
THEY ARE RECLASSIFIED AS _________.
103027 - MEASUREMENT OF CASH (IN GENERAL) FACE VALUE
103028 - MEASUREMENT OF CASH IN FOREIGN CURRENCY CURRENT EXCHANGE RATE
103029 - MEASUREMENT OF CASH HELD BY A BANK OR
FINANCIAL INSTITUTION UNDER BANKRUPTCY OR FINANCIAL ESTIMATED REALIZABLE VALUE
DIFFICULTY
103030 - DEPOSITS IN FOREIGN BANK WHICH ARE SUBJECT
TO FOREIGN EXCHANGE RESTRICTION, IF MATERIAL,
NONCURRENT ASSETS
SHOULD BE CLASSIFIED SEPARATELY AMONG __________
AND THE RESTRICTION CLEARLY INDICATED.
103031 - CLASSIFICATION OF CASH FUND RELATED TO A CLASSIFICATION SHOULD BE PARALLEL WITH SUCH
LIABILITY RELATED LIABILITY.
103032 - CLASSIFICATION OF CASH FUND SET ASIDE FOR SUCH FUND SHOULD BE CLASSIFIED AS NONCURRENT
THE ACQUISITION OF A NONCURRENT ASSET REGARDLESS OF THE YEAR OF DISBURSEMENT.
103033 - OCCURS WHEN THE CASH IN A BANK ACCOUNT HAS
A CREDIT BALANCE RESULTING FROM THE ISSUANCE OF OVERDRAFT
CHECKS IN EXCESS OF DEPOSITS.
GR: CURRENT LIABILITY AND SHOULD NOT BE OFFSET
AGAINST OTHER BANK ACCOUNTS WITH DEBIT BALANCES;
XPN1: IF THERE ARE OTHER ACCOUNTS IN THE SAME BANK
103034 - CLASSIFICATION OF BANK OVERDRAFT AS THE ACCOUNT WITH THE CREDIT BALANCE, OFFSETTING
WITH SUCH OTHER ACCOUNTS IS ALLOWED.
XPN2: IF THE AMOUNT IS IMMATERIAL, OFFSETTING IS
ALLOWED.
103035 - GENERALLY TAKES THE FORM OF MINIMUM
CHECKING OR DEMAND DEPOSIT ACCOUNT BALANCE THAT
COMPENSATING BALANCE
MUST BE MAINTAINED IN CONNECTION WITH A BORROWING
ARRANGEMENT WITH A BANK.
1. IF NOT LEGALLY RESTRICTED (INFORMAL) - PART OF CASH
2. IF LEGALLY RESTRICTED (FORMAL) - CURRENT OR
103036 - CLASSIFICATION OF COMPENSATING BALANCE (2
NONCURRENT DEPENDING ON THE TERM OF THE RELATED
ITEMS)
LOAN.
RULE IF THE PROBLEM IS SILENT: UNRESTRICTED
103037 - IS A CHECK THAT IS MERELY DRAWN AND
RECORDED BUT NOT GIVEN TO THE PAYEE BEFORE THE
END OF REPORTING PERIOD.
DR. CASH IN BANK; CR. EXPENSE OR LIABILITY (THE ENTRY
103038 - ADJUSTMENT REQUIRED FOR UNDELIVERED OR MADE UPON ISSUANCE OF SAID CHECK SHOULD BE
UNRELEASED CHECKS REVERSED BECAUSE IN ESSENCE, NO PAYMENT HAS
REALLY BEEN MADE.)
103039 - IS A CHECK DRAWN, RECORDED AND ALREADY
GIVEN TO THE PAYEE BUT IT BEARS A DATE SUBSEQUENT POSTDATED CHECK DELIVERED
TO THE END OF REPORTING PERIOD.
DR. CASH IN BANK; CR. EXPENSE OR LIABILITY (THE ENTRY
103040 - ADJUSTMENT REQUIRED FOR POSTDATED CHECKS MADE UPON ISSUANCE OF SAID CHECK SHOULD BE
DELIVERED REVERSED BECAUSE IN ESSENCE, NO PAYMENT HAS
REALLY BEEN MADE.)
103041 - IS A CHECK NOT ENCASHED BY THE PAYEE WITHIN
STALE CHECK OR CHECK LONG OUTSTANDING
A RELATIVELY LONG PERIOD OF TIME.
103042 - IN BANKING PRACTICE, A CHECK BECOMES STALE IF
NOT ENCASHED WITHIN __________ FROM THE TIME OF 6 MONTHS
ISSUANCE.
1. IF THE AMOUNT IS MATERIAL - DR. CASH IN BANK; CR.
103043 - ADJUSTMENT REQUIRED FOR ISSUED CHECKS THAT ACCOUNTS PAYABLE OR APPROPRIATE ACCOUNT
BECAME STALE 2. IF THE AMOUNT IS IMMATERIAL - DR. CASH IN BANK; CR.
MISCELLANEOUS INCOME
1. INITIAL ENTRY (DR. CASH SHORT OR OVER; CR. CASH)
2. IF THE CASHIER OR CASH CUSTODIAN IS HELD
RESPONSIBLE FOR THE CASH SHORTAGE (DR. DUE FROM
103044 - JOURNAL ENTRIES FOR CASH SHORTAGE (3 ITEMS) CASHIER; CR. CASH SHORT OR OVER)
3. IF REASONABLE EFFORTS FAIL TO DISCLOSE THE CAUSE
OF THE SHORTAGE (DR. LOSS FROM CASH SHORTAGE; CR.
CASH SHORT OR OVER)
1. INITIAL ENTRY (DR. CASH; CR. CASH SHORT OR OVER)
2. IF THERE IS NO CLAIM ON THE OVERAGE (DR. CASH
SHORT OR OVER; CR. MISCELLANEOUS INCOME)
103045 - JOURNAL ENTRIES FOR CASH OVERAGE (3 ITEMS)
3. IF THE CASH OVERAGE IS PROPERLY FOUND TO BE THE
MONEY OF THE CASHIER (DR. CASH SHORT OR OVER; CR.
PAYABLE TO CASHIER)
103046 - IS A SYSTEM OF CONTROL OF CASH WHICH
REQUIRES THAT ALL CASH RECEIPTS SHOULD BE
IMPREST SYSTEM
DEPOSITED INTACT AND ALL CASH DISBURSEMENTS
SHOULD BE MADE BY MEANS OF CHECK.
103047 - METHODS OF HANDLING THE PETTY CASH FUND (2 1. IMPREST FUND SYSTEM
ITEMS) 2. FLUCTUATING FUND SYSTEM
1. ESTABLISHMENT OF THE FUND (DR. PETTY CASH FUND;
CR. CASH IN BANK)
2. PAYMENT OF EXPENSES OUT OF THE FUND
(MEMORANDUM ENTRY IN THE PETTY CASH JOURNAL)
3. REPLENISHMENT OF PETTY CASH PAYMENTS (DR.
103048 - JOURNAL ENTRIES FOR HANDLING THE PETTY CASH EXPENSES; CR. CASH IN BANK)
UNDER IMPREST FUND SYSTEM (6 ITEMS) 4. ADJUSTING ENTRY IF NO REPLENISHMENT IS MADE AT
YRAR-END (DR. EXPENSES; CR. CASH IN BANK)
5. INCREASE IN FUND (DR. PETTY CASH FUND; CR. CASH IN
BANK)
6. DECREASE IN FUND (DR. CASH IN BANK; CR. PETTY CASH
FUND)
1. ESTABLISHMENT OF THE FUND (DR. PETTY CASH FUND;
CR. CASH IN BANK)
2. PAYMENT OF EXPENSES OUT OF THE PETTY CASH FUND
(DR. EXPENSES; CR. PETTY CASH FUND)
103049 - JOURNAL ENTRIES FOR HANDLING THE PETTY CASH 3. REPLENISHMENT OR INCREASE OF THE FUND (DR. PETTY
FUND UNDER THE FLUCTUATING FUND SYSTEM (5 ITEMS) CASH FUND; CR. CASH IN BANK)
4. ADJUSTING ENTRY IF NO REPLENISHMENT IS MADE AT
YEAR-END (NO ENTRY REQUIRED)
5. DECREASE OF THE FUND (DR. CASH IN BANK; CR. PETTY
CASH FUND)
103050 - IS THE CURRENT ACCOUNT OR CHECKING
ACCOUNT OR COMMERCIAL DEPOSIT WHERE DEPOSITS ARE
COVERED BY DEPOSIT SLIPS AND WHERE FUNDS ARE DEMAND DEPOSIT
WITHDRAWABLE ON DEMAND BY DRAWING CHECKS
AGAINST THE BANK.
103051 - IN A ________, THE DEPOSITOR IS GIVEN A
PASSBOOK UPON INITIAL DEPOSIT. THE PASSBOOK IS
SAVINGS DEPOSIT
REQUIRED WHEN MAKING DEPOSITS AND WITHDRAWALS.
THIS TYPE OF BANK DEPOSIT IS INTEREST BEARING.
103052 - IS A BANK DEPOSIT EVIDENCED BY A FORMAL
AGREEMENT CALLED CERTIFICATE OF DEPOSIT. IT IS
INTEREST BEARING AND MAY BE PRETERMINATED OR TIME DEPOSIT
WITHDRAWN ON DEMAND OR AFTER A CERTAIN PERIOD OF
TIME AGREED UPON.
103053 - JOURNAL ENTRY USED TO RECORD COLLECTION OF DR. CASH OR CASH IN BANK; CR. ACCOUNTS RECEIVABLE
CASH IN THE BOOKS OF THE REPORTING ENTITY OR ANY OTHER APPROPRIATE ACCOUNT
103054 - JOURNAL ENTRY USED BY THE BANK TO RECORD
COLLECTION OF CASH BY THE REPORTING ENTITY AND DR. CASH; CR. BANK ACCOUNT OF REPORTING ENTITY
SUBSEQUENT DEPOSIT TO THE BANK
103055 - JOURNAL ENTRY USED TO RECORD
DR. EXPENSES OR ANY OTHER APPROPRIATE ACCOUNT; CR.
DISBURSEMENTS OF CASH IN THE BOOKS OF THE
CASH OR CASH IN BANK
REPORTING ENTITY
103056 - JOURNAL ENTRY USED BY THE BANK TO RECORD DR. BANK ACCOUNT OF REPORTING ENTITY; CR. CASH IN
WITHDRAWALS OF CASH BY THE REPORTING ENTITY BANK
103057 - IS A STATEMENT WHICH BRINGS INTO AGREEMENT
THE CASH BALANCE PER BOOK AND CASH BALANCE PER BANK RECONCILIATION
BANK.
103058 - IS A MONTHLY REPORT OF THE BANK TO THE
DEPOSITOR SHOWING DATA ABOUT THE TRANSACTIONS OF
THE REPORTING ENTITY WITH THE BANK DURING THE BANK STATEMENT
PERIOD AND THE BEGINNING AND ENDING BALANCES OF ITS
BANK ACCOUNT.
103059 - ARE THE CHECKS (ATTACHED TO THE BANK
STATEMENT UPON RECEIPT) ISSUED BY THE DEPOSITOR CANCELLED CHECKS
AND PAID BY THE BANK DURING THE MONTH.
1. CREDIT MEMOS
103060 - BOOK RECONCILING ITEMS (3 ITEMS) 2. DEBIT MEMOS
3. ERRORS
1. DEPOSITS IN TRANSIT
103061 - BANK RECONCILING ITEMS (3 ITEMS) 2. OUTSTANDING CHECKS
3. ERRORS
103062 - REFER TO ITEMS NOT REPRESENTING DEPOSITS
CREDITED BY THE BANK TO THE ACCOUNT OF THE
CREDIT MEMOS
DEPOSITOR BUT NOT YET RECORDED BY THE DEPOSITOR
AS CASH RECEIPTS.
1. NOTES RECEIVABLE COLLECTED BY BANK IN FAVOR OF
THE DEPOSITOR
103063 - EXAMPLES OF CREDIT MEMOS (3 ITEMS) 2. PROCEEDS OF BANK LOAN
3. MATURED TIME DEPOSITS TRANSFERRED BY THE BANK
TO THE CURRENT ACCOUNT OF THE DEPOSITOR
103064 - REFER TO ITEMS NOT REPRESENTING CHECKS PAID
BY BANK WHICH ARE CHARGED OR DEBITED BY THE BANK
DEBIT MEMOS
TO THE ACCOUNT OF THE DEPOSITOR BUT NOT YET
RECORDED BY THE DEPOSITOR AS CASH DISBURSEMENTS.
1. NSF CHECKS OR DAIF CHECKS
2. TECHNICALLY DEFECTIVE CHECKS
103065 - EXAMPLES OF DEBIT MEMOS (3 ITEMS)
3. BANK SERVICE CHARGES
4. REDUCTION OF LOAN
103066 - ARE CHECKS DEPOSITED BUT NOT RETURNED BY NSF (NO SUFFICIENT FUND) OR DAIF (DRAWN AGAINST
THE BANK BECAUSE OF INSUFFICIENCY OF FUND. INSUFFICIENT FUND) CHECKS
103067 - ARE COLLECTIONS ALREADY RECORDED BY THE
DEPOSITOR AS CASH RECEIPTS BUT NOT YET REFLECTED DEPOSITS IN TRANSIT
ON THE BANK STATEMENT.
103068 - ARE CHECKS ALREADY RECORDED BY THE
DEPOSITOR AS CASH DISBURSEMENTS BUT NOT YET OUTSTANDING CHECKS
REFLECTED ON THE BANK STATEMENT.
103069 - IS A CHECK WHERE THE BANK HAS STAMPED ON ITS
FACE THE WORD "ACCEPTED" OR "CERTIFIED" INDICATING CERTIFIED CHECKS
SUFFICIENCY OF FUND.
CERTIFIED CHECKS SHOULD BE DEDUCTED FROM THE
TOTAL OUTSTANDING CHECKS (IF INCLUDED THEREIN)
103070 - ACCOUNTING TREATMENT FOR CERTIFIED CHECKS
BECAUSE THEY ARE NO LONGER OUTSTANDING FOR BANK
RECONCILIATION PURPOSES.
1. ADJUSTED BALANCE METHOD
103071 - FORMS OF BANK RECONCILIATION (3 ITEMS) 2. BANK TO BOOK METHOD
3. BOOK TO BANK METHOD
103072 - IS A FORM OF BANK RECONCILIATION WHERE THE
BOOK BALANCE AND THE BANK BALANCE ARE BROUGHT TO
ADJUSTED BALANCE METHOD
A CURRENT CASH BALANCE THAT MUST APPEAR ON THE
BALANCE SHEET.
BOOK BALANCE IS RECONCILED WITH THE BANK BALANCE
BOOK TO BANK METHOD
OR THE BOOK BALANCE IS ADJUSTED TO EQUAL THE BANK
BALANCE.
BANK BALANCE IS RECONCILED WITH THE BOOK BALANCE
BANK TO BOOK METHOD
OR THE BANK BALANCE IS ADJUSTED TO EQUAL THE BOOK
BALANCE.
103075 - FORMULA TO COMPUTE FOR THE ADJUSTED BOOK
BOOK BALANCE + CREDIT MEMOS - DEBIT MEMOS ± EFFECT
BALANCE UNDER THE ADJUSTED BALANCE METHOD OF
OF ERRORS = ADJUSTED BOOK BALANCE
BANK RECONCILIATION
103076 - FORMULA TO COMPUTE FOR THE ADJUSTED BANK
BANK BALANCE + DEPOSITS IN TRANSIT - OUTSTANDING
BALANCE UNDER THE ADJUSTED BALANCE METHOD OF
CHECKS ± EFFECT OF ERRORS = ADJUSTED BANK BALANCE
BANK RECONCILIATION
BOOK BALANCE + CREDIT MEMOS + OUTSTANDING CHECKS -
103077 - FORMULA USED UNDER THE BOOK TO BANK
DEBIT MEMOS - DEPOSITS IN TRANSIT ± EFFECT OF ERRORS
METHOD OF BANK RECONCILIATION
= BANK BALANCE
BANK BALANCE + DEPOSITS IN TRANSIT + DEBIT MEMOS -
103078 - FORMULA USED UNDER THE BANK TO BOOK
OUTSTANDING CHECKS - CREDIT MEMOS ± EFFECT OF
METHOD OF BANK RECONCILIATION
ERRORS = BOOK BALANCE
TO CONTINUE CASH AND CASH EQUIVALENTS
AFAR - PARTNERSHIP FORMATION (201001 - 201020)
201001 - BY THE CONTRACT OF __________, TWO OR MORE
PERSONS BIND THEMSELVES TO CONTRIBUTE MONEY,
PARTNERSHIP
PROPERTY OR INDUSTRY TO A COMMON FUND WITH THE
INTENTION OF DIVIDING THE PROFITS AMONG THEMSELVES.
1. SEPARATE LEGAL PERSONALITY
2. EASE OF FORMATION
3. CO-OWNERSHIP OF PARTNERSHIP PROPERTY AND
201002 - CHARACTERISTICS OF A PARTNERSHIP AS A FORM
PROFITS
OF BUSINESS ORGANIZATION (6 ITEMS)
4. LIMITED LIFE
5. MUTUAL AGENCY
6. UNLIMITED LIABILITY
201003 - IS A CHARACTERISTIC OF PARTNERSHIPS WHICH
REFERS TO THE FACT THAT A PARTNERSHIP MAY ACQUIRE
SEPARATE LEGAL PERSONALITY
PROPERTY IN ITS OWN NAME AND MAY ENTER INTO
CONTRACTS.
REFERS TO THE FACT THAT THE FORMATION OF A
EASE OF FORMATION
PARTNERSHIP DOES NOT REQUIRE AS MANY FORMALITUES
AS A CORPORATION.
REFERS TO THE FACT THAT EACH PARTNER HAS A
CO-OWNERSHIP OF PARTNERSHIP PROPERTY AND PROFITS
PROPRIETARY INTEREST IN THE ASSETS AND PROFITS OF
THE PARTNERSHIP.
201006 - IS A CHARACTERISTIC OF PARTNERSHIP WHICH
REFERS TO THE FACT THAT ANY CHANGE IN THE
AGREEMENT OF THE PARTNERS TERMINATES THE
LIMITED LIFE
PARTNERSHIP. A PARTNERSHIP MAY ALSO EXPIRE DUE TO
CHANGES IN THE RELATIONSHIP OF THE PARTNERS (DEATH,
WITHDRAWAL, ETC.).
201007 - IS CHARACTERISTIC OF PARTNERSHIPS WHICH
REFERS TO THE FACT THAT EACH PARTNER HAS AN EQUAL
RIGHT TO ACT FOR THE PARTNERSHIP AND TO ENTER INTO MUTUAL AGENCY
CONTRACTS BINDING UPON IT, AS LONG AS HE ACTS WITHIN
THE NORMAL SCOPE OF BUSINESS OPERATIONS.
REFERS TO THE FACT THAT EACH PARTNER MAY BE HELD
UNLIMITED LIABILITY
PERSONALLY LIABLE FOR ALL THE DEBTS OF THE
PARTNERSHIP.
1. CAPITAL ACCOUNTS
201009 - PARTNER'S LEDGER ACCOUNTS (3 ITEMS) 2. DRAWING OR PERSONAL ACCOUNTS
3. ACCOUNTS FOR LOANS TO OR FROM PARTNERS
1. ORIGINAL INVESTMENT
201010 - TRANSACTIONS WHERE A PARTNER'S CAPITAL 2. ADDITIONAL INVESTMENT
ACCOUNT IS CREDITED FOR (3 ITEMS) 3. PARTNER'S SHARE OF THE PROFITS (AFTER BEING
CLOSED TO THE DRAWING ACCOUNT)
1. PERMANENT WITHDRAWAL OF CAPITAL
2. DEBIT BALANCE OF THE DRAWING ACCOUNT AT THE END
201011 - TRANSACTIONS WHERE A PARTNER'S CAPITAL
OF THE PERIOD
ACCOUNT IS DEBITED FOR (3 ITEMS)
3. PARTNER'S SHARE IN THE LOSSES (AFTER BEING CLOSED
TO THE DRAWING ACCOUNT)
1. PARTNERSHIP OBLIGATIONS ASSUMED OR PAID BY A
PARTNER
201012 - TRANSACTIONS WHERE A PARTNER'S DRAWING 2. PERSONAL FUNDS OR CLAIMS OF PARTNER COLLECTED
ACCOUNT IS CREDITED FOR (3 ITEMS) AND RETAINED BY THE PARTNERSHIP
3. PERIODIC PARTNER'S SALARIES DEPENDING ON
AGREEMENT BY THE PARTNERS
1. WITHDRAWAL OF ASSETS BY THE PARTNERS IN
ANTICIPATION OF NET INCOME (TEMPORARY WITHDRAWALS)
201013 - TRANSACTIONS WHERE A PARTNER'S DRAWING 2. PARTNER'S PERSONAL INDEBTEDNESS PAID OR ASSUMED
ACCOUNT IS DEBITED FOR (3 ITEMS) BY THE PARTNERSHIP
3. FUNDS OR CLAIMS OF PARTNERSHIP COLLECTED AND
RETAINED BY THE PARTNER
IN ORDER OF PRIORITY:
201014 - RULE ON THE VALUATION OF ASSETS CONTRIBUTED 1. AGREED VALUE
BY PARTNERS 2. FAIR MARKET VALUE/APPRAISAL VALUE
NOTE: ASSESSED VALUE IS NEVER USED
IF THE PROBLEM IS SILENT, THE PARTNERSHIP WILL NOT
201015 - RULE ON THE ASSUMPTION OF S PARTNER'S ASSUME SUCH LIABILITY. ASSUMPTION MUST BE EXPRESSLY
PERSONAL LIABILITY BY THE PARTNERSHIP STATED IN THE PROBLEM BEFORE SUCH LIABILITY IS
RECORDED IN THE PARTNERSHIP BOOKS.
CONTRIBUTED ASSETS - LIABILITIES ASSUMED BY THE
201016 - FORMULA FOR CONTRIBUTED CAPITAL
PARTNERSHIP = CONTRIBUTED CAPITAL
201017 - IS THE AMOUNT OF CAPITAL OF EACH PARTNER
INITIAL CAPITAL CREDIT
AFTER FORMATION.
201018 - RULE ON THE AMOUNT OF INITIAL CAPITAL CREDIT
1. AGREED CAPITAL (USING THE RATIO AGREED UPON)
TO BE RECEIVED BY A PARTNER
2. CONTRIBUTED CAPITAL
201019 - IS A METHOD USED WHEN PARTNERS AGREE ON
CAPITAL INTERESTS THAT ARE NOT EQUAL TO THEIR NET
ASSETS. THIS METHOD DOES NOT RECOGNIZE ANY
BONUS METHOD
ADDITIONAL GOODWILL NOR REVALUE ANY OF THE
CONTRIBUTED ASSETS BUT REFERS TO THE MERE
TRANSFER OF CAPITAL BETWEEN PARTNERS.
201020 - IS AN INTANGIBLE ASSET RECORDED ONLY AS A
RESULT OF AN ACQUISITION MADE BY A REPORTING ENTITY GOODWILL
(BUSINESS COMBINATION).
AFAR - PARTNERSHIP FORMATION (202001 - 202017)
202001 - METHOD OF DIVISION OF PARTNERSHIP PROFITS 1. METHOD AS STIPULATED BY THE PARTNERS
AND LOSSES 2. IN PROPORTION TO THE ORIGINAL CAPITAL
CONTRIBUTION OF THE PARTNERS
202002 - IS THE RATIO IN WHICH PARTNERSHIP PROFITS AND
PROFIT AND LOSS RATIO (OR P/L RATIO)
LOSSES ARE DIVIDED
1. EQUALLY
2. UNEQUAL OR ARBITRARY RATIO
3. RATIO OF PARTNERS' CAPITAL ACCOUNT BALANCES ON A
PARTICULAR DATE
202003 - POSSIBLE METHODS OF DIVIDING NET INCOME OR
4. RATIO OF THE PARTNERS' AVERAGE CAPITAL ACCOUNT
LOSS AMONG PARTNERS (6 ITEMS)
BALANCES DURING THE YEAR
5. INTEREST
6. SALARIES
7. BONUS
202004 - FORMULA FOR SIMPLE AVERAGE CAPITAL BALANCE SIMPLE AVERAGE CAPITAL BALANCE = (BEGINNING CAPITAL
OF A PARTNER BALANCE + ENDING CAPITAL BALANCE) / 2
WEIGHTED AVERAGE CAPITAL BALANCE = SUMMATION OF
202005 - FORMULA FOR WEIGHTED AVERAGE CAPITAL (CAPITAL BALANCE AT EACH DATE OF PARTNER
BALANCE INVESTMENT OR WITHDRAWAL * FRACTION OF THE YEAR
UNCHANGED)
202006 - IS A SCHEDULE USED TO COMPUTE THE
PROFIT DISTRIBUTION SCHEDULE OR PROFIT DISTRIBUTION
DISTRIBUTION OF NET INCOME OR LOSS TO THE PARTNERS
TABLE
ACCORDING TO THEIR AGREEMENT.
202007 - IS AN INSTRUMENT OF DISTRIBUTING PROFITS TO
INTEREST
PARTNERS USED TO ENCOURAGE CAPITAL INVESTMENTS.
PARTNERS FOR THE SERVICES THEY RENDER FOR THE SALARY
PARTNERSHIP.
MANAGING PARTNERS EQUAL TO A SPECIFIED PERCENTAGE BONUS
OF INCOME.
1. BONUS AS PERCENTAGE OF NET INCOME
2. BONUS AS PERCENTAGE OF NET INCOME AFTER
SALARIES
202010 - FORMS OF BONUS THAT MAY BE ALLOWED TO
3. BONUS AS PERCENTAGE OF NET INCOME AFTER
MANAGING PARTNERS (4 ITEMS)
INTEREST
4. BONUS AS PERCENTAGE OF NET INCOME AFTER BONUS
5. COMBINATION OF ANY OF ITEMS 2-4
202011 - FORMULA FOR BONUS AS A PERCENTAGE OF NET
BONUS = BONUS RATE * (NET INCOME)
INCOME
BONUS = BONUS RATE * (NET INCOME - SALARIES)
INCOME AFTER SALARIES
BONUS = BONUS RATE * (NET INCOME - INTEREST)
INCOME AFTER INTEREST
BONUS = BONUS RATE * (NET INCOME - BONUS)
INCOME AFTER BONUS
202015 - IS A PHRASE THAT MEANS NO FURTHER
DISTRIBUTION OF PROFITS USING INTEREST, SALARY OR
UP TO THE EXTENT OF RANKING ONLY
BONUS SHALL BE MADE IF THE VALUE OF REMAINING NET
INCOME GOES BELOW ZERO.
1. ADJUST ALL ASSETS AND LIABILITIES TO REFLECT THEIR
FAIR VALUES.
2. RECORD ANY UNRECORDED ASSETS OR LIABILITIES, IF
202016 - PROCEDURE TO BE MADE IF THERE IS A CHANGE IN
ANY.
THE PROFIT AND LOSS RATIO OF THE PARTNERS
3. THESE SHOULD BE MADE TO THE PARTNERS' CAPITAL
ACCOUNT IN ACCORDANCE WITH THEIR OLD PROFIT AND
LOSS RATIO.
1. DETERMINE THE CORRECT NET INCOME OR LOSS OF THE
PRIOR PERIOD.
2. COMPUTE THE PROPER SHARE OF EACH PARTNER USING
THE PROFIT AND LOSS RATIO IN THE YEAR IN WHICH THE
202017 - PROCEDURE TO BE MADE TO CORRECT ERROR OCCURRED.
PARTNERSHIP NET INCOME OR LOSS OF PRIOR PERIOD 3. COMPUTE THE DIFFERENCE BETWEEN THE SHARE IN THE
PROFIT THAT EACH PARTNER ACTUALLY RECEIVED AND THE
SHARE EACH WOULD HAVE RECEIVED FROM NO. 2.
4. ADJUST THE PARTNERS' CAPITAL ACCOUNTS BY THE
AMOUNT IN NO. 3.
COST
COST OBJECT OR COST UNIT
COST ACCOUNTANT
COST ANALYSIS
RESPONSIBILITY CENTER
COST CENTER
MANAGEMENT ACCOUNTING
FINANCIAL ACCOUNTING
COST CLASSIFICATION
COST OBJECTIVE
STOCK VALUATION
STOCK VALUATION
STOCK VALUATION
DECISION MAKING
DECISION MAKING
CONTROL PURPOSES
CONTROL PURPOSES
MANUFACTURING COSTS
1. DIRECT MATERIALS COST 2. DIRECT LABOR COST 3. OVERHEAD COST
DIRECT EXPENSES
MATERIAL
DIRECT MATERIALS
INDIRECT MATERIALS
LABOR
DIRECT LABOR
INDIRECT LABOR
OVERHEAD COST
NON-MANUFACTURING COSTS
ADMINISTRATIVE COST
SELLING COST
DISTRIBUTION COST
FINANCE COST
RESEARCH & DEVELOPMENT COSTS
COST BEHAVIOR
VARIABLE COSTS
SEMI-VARIABLE COSTS
FIXED COSTS
SEMI-FIXED COSTS OR STEPPED COSTS
CURVILINEAR COSTS
DIRECT COSTS
INDIRECT COSTS
PRIME COST
CONVERSION COST
CONTROLLABLE COST
NON-CONTROLLABLE COST
NORMAL COSTS
ABNORMAL COSTS
HISTORICAL COSTS
PREDETERMINED COSTS
PRODUCT COSTS
PERIOD COSTS
SUNK COSTS
MARGINAL COST
OPPORTUNITY COST
DIFFERENTIAL COST/INCREMENTAL COST
IMPUTED COST
REPLACEMENT COST
STANDARD COST
BUDGETED COST
COST ESTIMATION
Y = A + BX OR TOTAL COST = FIXED COST + (VARIABLE COST PER UNIT * NUMBER OF UNITS MANUFACTURED OR OUPUT LEVEL)
HIGH-LOW METHOD
INCREMENTAL VARIABLE COST = COST AT HIGH ACTIVITY LEVEL - COST AT LOW ACTIVITY LEVEL
INCREMENTAL OUTPUT IN UNITS = UNITS AT HIGH ACTIVITY LEVEL - UNITS AT LOW ACTIVITY LEVEL
UNIT VARIABLE COST = INCREMENTAL VARIABLE COST / INCREMENTAL OUTPUT IN UNITS
ACCOUNT ANALYSIS METHOD
ENGINEERING METHOD
VISUAL FIT OR SCATTER GRAPH METHOD
REGRESSION ANALYSIS
EY = NA + BEX EXY = EXA + BEX^2
CORRELATION
COEFFICIENT OF CORRELATION
PERFECT CORRELATION
HIGH CORRELATION
SPURIOUS OR NONSENSE CORRELATION
COEFFICIENT OF DETERMINATION
COEFFICIENT OF DETERMINATION = COEFFICIENT OF CORRELATION^2
BUFFER INVENTORIES
ANTICIPATION INVENTORY
APPRECIATION INVENTORY
MINIMUM STOCK LEVEL
MINIMUM STOCK LEVEL = REORDER LEVEL - (NORMAL CONSUMPTION * NORMAL REORDER POINT)
STOCK OUT
MAXIMUM STOCK LEVEL
MAXIMUM STOCK LEVEL = REORDER LEVEL + REORDER QUANTITY - (MINIMUM CONSUMPTION * MINIMUM REORDER POINT)
REORDER LEVEL
REORDER LEVEL = MAXIMUM CONSUMPTION * MAXIMUM REORDER PERIOD
REORDER QUANTITY
REORDER QUANTITY = MAXIMUM STOCK LEVEL - REORDER LEVEL + (MINIMUM USAGE * MINIMUM REORDER PERIOD)
1. PURCHASE COST 2. CARRYING OR HOLDING COST 3. ORDERING AND PROCUREMENT COSTS
PURCHASE COST
PURCHASE COST = ACQUISITION PRICE PER UNIT * NUMBER OF UNITS
CARRYING OR HOLDING COST
CARRYING COST = HANDLING COST PER UNIT PER ANNUM * AVERAGE STOCK QUANTITY ; WHERE AVERAGE STOCK QUANTITY =
ORDERING AND PROCUREMENT COSTS
STOCK OUT COSTS
ORDERING COST = NUMBER OF ORDERS MADE PER YEAR * COST PER ORDER; WHERE NUMBER OF ORDERS PER YEAR = ANNUAL DEMAND / NUMBER OF UNITS ORDERED EACH TIME
ECONOMIC ORDER QUANTITY (EOQ) MODEL
EOQ = SQ. ROOT OF [(2 * ANNUAL DEMAND * ORDERING COST) / CARRYING COST]
ECONOMIC BATCH QUANTITY
1. ABC SYSTEM OR PARETO ANALYSIS
2. PERIODIC ORDER SYSTEM
3. CONTINUOUS REVIEW SYSTEM
ABC SYSTEM OR PARETO ANALYSIS
PERIODIC ORDER SYSTEM
CONTINUOUS REVIEW SYSTEM
1. FIRST IN FIRST OUT (FIFO)
2. LAST IN FIRST OUT (LIFO) - OBSOLETE
3. WEIGHTED AVERAGE METHOD (WAM)
4. STANDARD COSTING
5. REPLACEMENT COSTING
FIRST IN FIRST OUT (FIFO)
LAST IN FIRST OUT (LIFO)
WEIGTED AVERAGE METHOD (WAM)
STANDARD COSTING
REPLACEMENT COSTING
SALARY IS PAID ON A FIXED BASIS, WHILE WAGES ARE PAID ON A PER HOUR BASIS.
BASIC SALARY OR WAGES
1. FIXED RATE OR FIXED SALARY PER MONTH OR PER ANNUM
2. PIECE RATE OR PIECE WORK
FIXED RATE OR FIXED SALARY PER MONTH OR PER ANNUM
PIECE RATE OR PIECE WORK
STRAIGHT PIECE RATE
EARNINGS = OUTPUT IN UNITS * BASIC RATE PER UNIT
STRAIGHT PIECE RATE WITH A GUARANTEED MINIMUM PAY
DIFFERENTIAL PIECE RATE
FLAT TIME RAIT
MEASURED DAY RATE
OVERTIME PREMIUM
INDIRECT LABOR
SHIFT PREMIUM
BONUS PAYMENTS
IDLE TIME
IDLE TIME RATIO = IDLE TIME / TOTAL HOURS WORKED
LABOR TURNOVER
LABOR TURNOVER = REPLACEMENT / AVERAGE NUMBER OF EMPLOYEES IN A PERIOD
REPLACEMENT COSTS
PREVENTIVE COSTS
PERSONNEL DEPARTMENT
PRODUCTION PLANNING DEPARTMENT
TIME KEEPING DEPARTMENT
CLOCK CARD
JOB CARD
TIME SHEET
WAGES DEPARTMENT
COST ACCOUNTING DEPARTMENT
OVERHEAD ANALYSIS
ABSORPTION COSTING
SERVICE COST CENTERS OR DEPARTMENTS
1. STOCK VALUATION
2. PRODUCT PRICING
3. DECISION MAKING
MACHINE TIME OR NUMBER OF HOURS SPENT
VALUE OF ASSETS AND EXPOSURE TO RISK
SIZE OF THE SPACE OCCUPIED (FLOOR AREA)
NUMBER OF EMPLOYEES
NUMBER OF PEOPLE
NUMBER OF REQUESTS
NUMBER OF HOURS SPENT
ALLOCATION OF OVERHEADS
APPORTIONMENT OF OVERHEADS
1. DIRECT METHOD
2. ALGEBRAIC APPROACH
3. ELIMINATION METHOD OR STEPWISE METHOD
DIRECT METHOD
ALGEBRAIC METHOD
ELIMINATION METHOD OR STEPWISE METHOD
OVER ABSORPTION
UNDER ABSORPTION
ACTIVITY BASED COSTING (ABC)
COST POOL
NUMBER OF MACHINE OPERATIONS
QUANTITY OR WEIGHT OF MATERIALS HANDLED
NUMBER OF BATCHES OF MATERIALS RECEIVED
NUMBER OF JOBS OR MATERIALS PLANNED
NUMBER OF CUSTOMERS OR ORDERS RECEIVED
NUMBER OF JOBS RAN
1. PURCHASE OF RAW MATERIALS
2. CONVERSION OF RAW MATERIALS INTO FINISHED GOODS
MAIN ACTIVITIES3.OF
SALE
A MANUFACTURING
OF THE FINISHEDCONCERN
GOODS (3 ITEMS)
1. DIRECT MATERIALS
2. DIRECT LABOR
ELEMENTS OF PRODUCTION
3. FACTORY OVERHEAD
COST (3 ITEMS)
1. ACTUAL
2. NORMAL
COSTING SYSTEMS
3. STANDARD
(3 ITEMS)
IS A COSTING SYSTEM
ACTUALWHERE
COST SYSTEM
ALL PRODUCTION COSTS ARE MEASURED AT ACTUAL COSTS.
IS A COSTING SYSTEM
NORMALWHERE
COST DIRECT
SYSTEMMATERIALS AND DIRECT LABOR ARE MEASURED AT ACTUAL COSTS WHILE FACTORY OVERHEAD IS MEASURED USING A PREDETERMINED RATE (APPLIED).
IS A COSTING SYSTEM
STANDARD
WHERE
COST
ALL
SYSTEM
PRODUCTION COSTS ARE MEASURED AT STANDARD COSTS
1. FORMS
2. EQUIPMENT
3. PROCEDURES
COMPONENTS OF
4. PEOPLE
AN ACCOUNTING SYSTEM (3 ITEMS)
ARE THE DOCUMENTS
FORMSON WHICH DATA IS RECORDED (E.G., INVOICES, CHECKS, JOURNALS, ETC.).
CONSISTS OF DEVICES
EQUIPMENT
AND MACHINES SUCH AS PENS, FILE CABINETS, ADDING MACHINES, CASH REGISTERS AND COMPUTERS.
ARE SERIES OF PROCEDURES
OPERATIONS OR STEPS THAT MUST BE PERFORMED TO COMPLETE A TASK.
IS A LISTING OF CHART
ALL ACCOUNTS
OF ACCOUNTS
USED IN THE GENERAL LEDGER OF AN ORGANIZATION.
IS AN ACCOUNTCONTROL
USED TO RECORD
ACCOUNTTHE BALANCES ON A NUMBER OF SUBSIDIARY ACCOUNTS AND TO PROVIDE A CROSS-CHECK ON THEM.
IS ONE OF THE MEANS
VOUCHER
OF SYSTEM
ESTABLISHING INTERNAL CONTROL OVER THE EXPENDITURES OF THE BUSINESS. UNDER IT, DIFFERENT PERSONS ARE RESPONSIBLE FOR AUTHORIZING THE EXPENDITURE, RECEIVING THE ASSETS OR SERVICES, PREPARING AND SIGNING THE CHECKS.
IS A FORM OR DOCUMENT
VOUCHER WHICH CONTAINS A DESCRIPTION OF TRANSACTION INVOLVING THE PAYMENT OF CASH IMMEDIATELY OR IN THE FUTURE, AND THE AUTHORIZATION TO MAKE THE PAYMENT AND TO JOURNALIZE THE TRANSACTION.
1. PAID VOUCHERS FILE
FILES KEPT FOR2.THE
UNPAID
VOUCHERS
VOUCHERS
(2 ITEMS)
FILE
ARE VOUCHERSPAID
USUALLY
VOUCHERS
FILED IN NUMERICAL ORDER.
ARE VOUCHERSUNPAID
FILED PREFERABLY
VOUCHERS ACCORDING TO THE DATE ON WHICH THE DISCOUNT PERIOD ENDS OR PAYMENT IS DUE.
IS A COLUMNARVOUCHER
SPECIAL JOURNAL
REGISTER
OR BOOK OF ORIGINAL ENTRY IN WHICH EVERY VOUCHER AND ITS DISTRIBUTION ARE RECORDED.
IS THE BASIS OFINVOICE
PREPARING
OR OTHER
A VOUCHER.
BUSINESS DOCUMENT
IS THE BASIS OFOR
VOUCHER
MAKING AN ENTRY IN THE VOUCHER REGISTER.
IS REPLACED BYPURCHASES
THE VOUCHER
JOURNAL
REGISTER UNDER THE VOUCHER SYSTEM.
IS A RECORD OFCHECK
ALL CHECKS
REGISTER
ISSUED.
IS REPLACED BYCASH
THE CHECK
PAYMENTS
REGISTER
JOURNAL
UNDER THE VOUCHER SYSTEM.
CONTROL ACCOUNT
MATERIALS
: MATERIALS,
LEDGER SUBSIDIARY
CARDS (PERPETUAL
LEDGER OR
INVENTORY)
RECORD : __________
CONTROL ACCOUNT
EXPENSE
: FACTORY
LEDGER
OVERHEAD,
OR DEPARTMENT
SUBSIDIARY
EXPENSE
LEDGER
SHEET
OR RECORD
ANALYSIS: __________
- COST SHEETS (JOB ORDER COSTING)
CONTROL ACCOUNT
- PRODUCTION
: WORK-IN-PROCESS,
REPORT (PROCESS
SUBSIDIARY
COSTING)
LEDGER OR RECORD : __________
CONTROL ACCOUNT
FINISHED
: FINISHED
GOODSGOODS,
LEDGERSUBSIDIARY
CARDS LEDGER OR RECORD : __________
CONTROL ACCOUNT
PLANT
: MACHINERY
LEDGERS AND EQUIPMENT, SUBSIDIARY LEDGER OR RECORD : __________
JOURNAL ENTRY
DR.
FOR
MATERIALS;
PURCHASE CR.
OFVOUCHERS
RAW MATERIALS
PAYABLE
JOURNAL ENTRY
DR.
FOR
VOUCHERS
PURCHASE
PAYABLE;
RETURNSCR.
AND
MATERIALS
ALLOWANCES
JOURNAL ENTRY
DR.
FOR
VOUCHERS
PAYMENTPAYABLE;
OF ACCOUNTS
CR. MATERIALS,
WITH DISCOUNT
CASH
JOURNAL ENTRY
DR.
FOR
MATERIALS;
FREIGHT-IN
CR.
FOR
VOUCHERS
RAW MATERIALS
PAYABLE
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
ISSUANCE OF DIRECT
CONTROL
MATERIALS
- DIRECT
TO MATERIALS;
PRODUCTION CR. MATERIALS
JOURNAL ENTRY
DR.
FOR
FACTORY
ISSUANCE
OVERHEAD
OF INDIRECT
CONTROL;
MATERIALS
CR. MATERIALS
TO PRODUCTION
JOURNAL ENTRY
DR.
FOR
MATERIALS;
EXCESS RAW
CR. MATERIALS
WORK-IN-PROCESS
RETURNED
CONTROL
TO STORE
- DIRECT
ROOMMATERIALS
FROM PRODUCTION
JOURNAL ENTRY
DR.
FOR
PAYROLL;
PAYROLLCR.
ASSEMBLY
WITHHOLDING TAX PAYABLE, SSS AND MEDICARE PREMIUMS PAYABLE, VOUCHERS PAYABLE
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
PAYROLL ACCOUNT
CONTROL
DISTRIBUTION
- DIRECT LABOR, FACTORY OVERHEAD CONTROL, SELLING EXPENSES CONTROL, ADMINISTRATIVE EXPENSES CONTROL; CR. PAYROLL
TREATMENT FOR
OVERTIME
OVERTIME
PREMIUM
PREMIUM
IS IF
CHARGED
THE JOB TO
IS TAKEN
PRODUCT
AS A(DR.
RUSHWORK-IN-PROCESS;
ORDER WITH THE CR.
KNOWLEDGE
PAYROLL) THAT OVERTIME WILL BE NECESSARY
TREATMENT FOR
OVERTIME
OVERTIME
PREMIUM
PREMIUM
IS WHEN
CHARGED
THE TO
REGULAR
FACTORY
ORDERS
OVERHEAD
CANNOT
CONTROL
BE COMPLETED
ACCOUNTWITHIN
(DR. FACTORY
REGULAROVERHEAD
WORKING CONTROL;
HOURS CR. PAYROLL)
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
APPLIED FACTORY
CONTROL
OVERHEAD
- FACTORY OVERHEAD; CR. APPLIED FACTORY OVERHEAD
JOURNAL ENTRY
DR.
FOR
FACTORY
ACTUALOVERHEAD
FACTORY OVERHEAD
CONTROL; CR. VOUCHERS PAYABLE
JOURNAL ENTRY
DR.
FOR
FINISHED
COST OFGOODS;
COMPLETED
CR. WORK-IN-PROCESS
GOODS FOR THE PERIOD
CONTROL
JOURNAL ENTRY
DR.
FOR
ACCOUNTS
SALES OFRECEIVABLE;
GOODS ON ACCOUNT
CR. SALES
JOURNAL ENTRY
DR.
FOR
COST
RECOGNITION
OF GOODS OF
SOLD;
COST
CR.OF
FINISHED
GOODS GOODS
SOLD
JOURNAL ENTRY
DR.
FOR
APPLIED
CLOSING
FACTORY
OF OVERHEAD
OVERHEAD,
ACCOUNTS
UNDER-APPLIED FACTORY OVERHEAD (BALANCING FIGURE); CR. FACTORY OVERHEAD CONTROL, OVER-APPLIED FACTORY OVERHEAD (BALANCING FIGURE)
JOURNAL ENTRY
DR.
FOR
COST
CLOSING
OF GOODS
OF UNDER-APPLIED
SOLD; CR. UNDER-APPLIED
FACTORY OVERHEAD
FACTORY OVERHEAD
JOURNAL ENTRY
DR.
FOR
OVER-APPLIED
CLOSING OF FACTORY
OVER-APPLIED
OVERHEAD;
FACTORY
CR.OVERHEAD
COST OF GOODS SOLD
RULE IF OVER- OR
THEUNDER-APPLICATION
OVER- OR UNDER-APPLICATION
OF FACTORYSHOULD
OVERHEAD
BE CLOSED
IS MATERIAL
NOT ONLY TO THE COST OF GOODS SOLD BUT ALSO TO FINISHED GOODS AND WORK-IN-PROCESS IN PROPORTION TO THEIR BALANCES BEFORE THE CLOSING OF OVER- OR UNDER-APPLICATION OF FACTORY OVERHEAD.
1. JOB ORDER COSTING
SYSTEMS USED2.INPROCESS
THE ACCUMULATION
COSTING OF COSTS (2 ITEMS)
IS A SYSTEM USED
JOBIN
ORDER
ACCUMULATION
COSTING OF COSTS WHERE EACH JOB IS TRATED AS AN ACCOUNTING UNIT IN WHICH MATERIALS, LABOR AND FACTORY OVERHEAD COSTS ARE ASSIGNED BY MEANS OF JOB ORDER NUMBERS (USUALLY USED BY LOW VOLUME, HIGH VARIETY MANUFACTURING COMPANIES).
IS A DOCUMENTJOB
WHERE
COST
THE
SHEET
COST OF EACH ORDER FOR A GIVEN CUSTOMER OR THE COST OF EACH LOT TO BE PLACED IN STOCK IS RECORDED.
1. PREVENTION COSTS
2. APPRAISAL COSTS
CLASSIFICATIONS
3. FAILURE
OF QUALITY
COSTS
COSTS (3 ITEMS)
ARE COSTS INCURRED
PREVENTION
TO PREVENT
COSTS PRODUCT FAILURE.
ARE COSTS INCURRED
APPRAISAL
IN ORDER
COSTSTO DETECT PRODUCT FAILURE.
ARE COSTS INCURRED
FAILUREWHEN
COSTS
A PRODUCT FAILS AND DOES NOT MEET THE REQUIRED STANDARDS FOR QUALITY.
CONSISTS OF RECYCLABLE
SCRAP MATERIALS
MATERIALS LEFT OVER FROM PRODUCT MANUFACTURING OR CONSUMPTION.
JOURNAL ENTRY
DR.
FOR
CASH
SCRAP
(OR SALES
ACCOUNTS
VIEWED
RECEIVABLE);
AS ADDITIONAL
CR. SCRAP
REVENUE
SALES (OR OTHER INCOME)
JOURNAL ENTRY
DR.
FOR
CASH
SCRAP
(OR SALES
ACCOUNTS
VIEWED
RECEIVABLE);
AS A REDUCTION
CR. COST
OF COST
OF GOODS
OF GOODS
SOLD SOLD DURING THE PERIOD
JOURNAL ENTRY
DR.
FOR
CASH;
SCRAP
(ORSALES
ACCOUNTS
VIEWED
RECEIVABLE)
AS A REDUCTION
CR. FACTORY
OF THE OVERHEAD
FACTORY OVERHEAD
CONTROL INCURRED FOR THE PERIOD
JOURNAL ENTRY
DR,
FOR
CASH
SCRAP
(OR SALES
ACCOUNTS
WHENRECEIVABLE);
SCRAP IS DIRECTLY
CR. WORK-IN-PROCESS
TRACEABLE TO A PARTICULAR JOB
ARE GOODS THAT
SPOILED
HAVE BEEN
GOODSDESTROYED (AT SOME POINT IN THE PRODUCTION PROCESS OR AFTER COMPLETION) AND CANNOT BE REPAIRED.
IS THE PROCESS
REWORK
OF CORRECTING DEFECTIVE GOODS IN ORDER TO BRING THEM INTO A SALEABLE CONDITION
1. CHARGED TO A PARTICULAR JOB
ACCOUNTING TREATMENT
2. CHARGED
FOR
TO SPOILED
ALL PRODUCTION
GOODS AND REWORK (2 ITEMS)
NORMALLY CAUSED
SPOILAGE
BY SOME
OR REWORK
ACTION TAKEN
CHARGED
BY THE
TO A
CUSTOMER
PARTICULAR
SUCH
JOBAS MODIFICATIONS AFTER THE JOB WAS BEGAN OR AN IMPOSITION OF HIGH QUALITY STANDARDS BY THE CUSTOMER.
NORMALLY ARISES
SPOILAGE
BECAUES
OR OF
REWORK
INTERNAL
CHARGED
FAILURE
TOSUCH
ALL PRODUCTION
AS AN EMPLOYEE ERROR OR WORN-OUT MACHINERY WHICH HAPPENED DURING THE PRODUCTION.
MEASUREMENTMEASURED
OF SPOILEDAT
GOODS
SCRAPINVENTORY
VALUE
JOURNAL ENTRY
DR.
FOR
SPOILED
COMPLETION
GOODSOF
INVENTORY,
JOB WITH SPOILED
FINISHEDGOODS
GOODSCHARGED
(COST OFTO
JOBA -PARTICULAR
SCRAP VALUE
JOB
OF SPOILED GOODS); CR. WORK-IN-PROCESS
JOURNAL ENTRY
DR.
FOR
SPOILED
COMPLETION
GOODSOF
INVENTORY,
JOB WITH SPOILED
FACTORYGOODS
OVERHEAD
CHARGED
CONTROL
TO ALL
(COST
PRODUCTION
OF SPOILED GOODS - SCRAP VALUE), FINISHED GOODS INVENTORY; CR. WORK-IN-PROCESS
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS;
REWORK CHARGED CR.
TOMATERIALS,
A PARTICULAR
PAYROLL,
JOB APPLIED FACTORY OVERHEAD
JOURNAL ENTRY
DR.
FOR
FACTORY
REWORKOVERHEAD
CHARGEDCONTROL;
TO ALL PRODUCTION
CR. MATERIALS, PAYROLL, APPLIED FACTORY OVERHEAD
IS A SYSTEM USED
PROCESS
IN ACCUMULATION
COSTING OF COSTS USED WHEN PRODUCTS ARE MANUFACTURED UNDER CONDITIONS OF CONTINUOUS PROCESSING OR UNDER MASS PRODUCTION METHODS.
1. SEQUENTIAL
2. PARALLEL
FORMS OF PRODUCTION
3. SELECTIVE
FLOW (3 ITEMS)
IS A FORM OF PRODUCTION
SEQUENTIALFLOW
PRODUCTION
WHERE EACH
FLOWITEM MANUFACTURED GOES THROUGH THE SAME SET OF OPERATIONS.
PARALLEL PRODUCTION
FLOW WHEREFLOW
CERTAIN PORTIONS OF THE WORK ARE DONE SIMULTANEOUSLY AND THEN BROUGHT TOGETHER IN A FINAL PROCESS OR PROCESSES FOR COMPLETION AND TRANSFER TO FINISHED GOODS INVENTORY.
SELECTIVE PRODUCTION
FLOW WHEREFLOW
THE PRODUCT MOVES TO DIFFERENT DEPARTMENTS WITHIN THE PLANT, DEPENDING UPON THE DESIRED FINAL PRODUCT.
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
ISSUANCE OF MATERIALS
- DEPARTMENT
TO A DEPARTMENT
A; CR. MATERIALS
UNDER PROCESS COSTING
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
LABOR COSTS UNDER
- DEPARTMENT
PROCESS COSTING
A; CR. PAYROLL
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
FACTORY OVERHEAD
- DEPARTMENT
COSTS UNDER
A; CR.
PROCESS
FACTORY
COSTING
OVERHEAD CONTROL
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
TRANSFER OF PRODUCT
- DEPARTMENT
UNITS FROM
B; CR.ONE
WORK-IN-PROCESS
DEPARTMENT TO- DEPARTMENT
ANOTHER UNDER
A PROCESS COSTING
JOURNAL ENTRY
DR.
FOR
WORK-IN-PROCESS
TRANSFER FROM DEPARTMENT
ONE DEPARTMENT
- B, FACTORY
TO ANOTHER
OVERHEAD
WITH ABNORMAL
CONTROL -SPOILAGE
ABNORMALUNDER
SPOILAGE;
PROCESS
CR. WORK-IN-PROCESS
COSTING - DEPARTMENT A
JOURNAL ENTRY
DR.
FOR
FINISHED
TRANSFER
GOODS;
OF COMPLETED
CR. WORK-IN-PROCESS
PRODUCT UNITS
- DEPARTMENT
FROM FINAL
B PROCESSING DEPARTMENT TO FINISHED GOODS
SUMMARIZES THE
COST
PRODUCTION
OF PRODUCTION
AND COST
REPORT
ACTIVITY WITHIN A DEPARTMENT FOR A REPORTING PERIOD.
1. QUANTITY SCHEDULE
MAIN PARTS OF2.
A COST
COST ANALYSIS
OF PRODUCTION REPORT (2 ITEMS)
MAS - OVERVIEW OF MANAGEMENT ACCOUNTING (301001 - 301057)
301001 - INVOLVES THE APPLICATION OF APPROPRIATE
TECHNIQUES AND CONCEPTS TO ECONOMIC DATA SO AS TO
ASSIST MANAGEMENT IN ESTABLISHING PLANS FOR
REASONABLE ECONOMIC OBJECTIVES AND IN THE MAKING
OF RATIONAL DECISIONS WITH A VIEW TOWARD ACHIEVING
THESE OBJECTIVES.
1. SCOREKEEPING
301002 - MANAGEMENT ACCOUNTING TASKS, IN GENERAL (3
2. INTERPRETING AND REPORTING INFORMATION
ITEMS)
3. PROBLEM-SOLVING
301003 - ENABLES BOTH INTERNAL AND EXTERNAL PARTIES
TO EVALUATE ORGANIZATIONAL PERFORMANCE AND SCOREKEEPING
POSITION.
301004 - HELP MANAGERS FOCUS ON OPERATING
INTERPRETING AND REPORTING INFORMATION
PROBLEMS, OPPORTUNITIES AS WELL AS INEFFICIENCIES.
301005 - REFERS TO THE QUANTIFICATION OF THE RELATIVE
MERITS OF POSSIBLE COURSES OF ACTION AS WELL AS PROBLEM-SOLVING
RECOMMENDATIONS AS TO THE BES PROCEDURE.
1. PLANNING
301006 - ADMINISTRATIVE FUNCTIONS WHERE MANAGEMENT
2. CONTROLLING
ACCOUNTING INFORMATION ARE USUALLY USED (3 ITEMS)
3. DECISION MAKING
301007 - INVOLVES SETTING OF GOALS FOR THE FIRM,
EVALUATING VARIOUS WAYS TO MEET THE GOALS AND
PLANNING
PICKING OUT WHAT APPEARS TO BE THE BEST WAY TO
MEET THE GOALS.
301008 - INVOLVES THE EVALUATION OF WHETHER ACTUAL
CONTROLLING
PERFORMANCE CONFORMS WITH PLANNED GOALS.
301009 - INVOLVES DETERMINATION OF PREDICTIVE
INFORMATION (E.G., RELEVANT COSTS) FOR MAKING DECISION MAKING
IMPORTANT BUSINESS DECISIONS.
301010 - IS A FORMAL STATEMENT OF ESTIMATED INCOME
BUDGET
AND EXPENSES BASED ON FUTURE PLANS AND OBJECTIVES.
301011 - REFER TO THE REPORTS USED TO EVALUATE THE
PERFORMANCE OF MANAGERS AND THE OPERATIONS THEY PERFORMANCE REPORTS
CONTROL.
301012 - FA OR MA: ITS OBJECTIVE IS TO PROVIDE DATA FOR
BOTH INTERNAL (MANAGEMENT) AND EXTERNAL USERS (E. FINANCIAL ACCOUNTING
G., CREDITORS, OWNERS, GOVERNMENT, ETC.).
301013 - FA OR MA: ITS OBJECTIVE IS TO PROVIDE DATA FOR
INTERNAL USERS WITHIN THE BUSINESS ORGANIZATION.
301014 - FA OR MA: FINANCIAL DATA SHOULD BE RECORDED
AND PRESENTED IN ACCORDANCE WITH IFRS.
301015 - FA OR MA: REPORTS NEED NOT BE PRESENTED IN
CONFORMITY WITH IFRS TO BE ABLE TO PRESENT MORE MANAGEMENT ACCOUNTING
USEFUL DATA TO MANAGEMENT.
301016 - FA OR MA: THIS PRIMARILY INVOLVES SUMMARIES
OF PAST FINANCIAL TRANSACTIONS.
301017 - FA OR MA: THIS HAS A STONG FUTURE
ORIENTATION.
301018 - FA OR MA: ALL-PURPOSE REPORTS WITH
HISTORICAL DATA ARE PREPARED FOR USE OF DIFFERENT FINANCIAL ACCOUNTING
PARTIES.
301019 - FA OR MA: SPECIAL REPORTS CONTAINING BOTH
HISTORICAL AND PROJECTED DATA ARE PREPARED TO MANAGEMENT ACCOUNTING
MEET THE NEEDS OF SPECIFIC USERS.
301020 - FA OR MA: REPORTS ARE STILL USEFUL EVEN IF
SUBMITTED LATE AND SHOW SUMMARIES OF FINANCIAL
CONSEQUENCES OF ACTUAL AND PAST ACTIVITIES WHERE
PRECISION IS REQUIRED.
301021 - FA OR MA: TIMELINESS IS OFTEN MORE IMPORTANT
THAN PRECISION TO MANAGERS.
301022 - FA OR MA: THIS IS PRIMARILY CONCERNED WITH
REPORTING FOR THE COMPANY AS A WHOLE.
301023 - FA OR MA: THIS FOCUSES REPORTING ON THE
PARTS OR SEGMENTS (I.E., PRODUCT LINES, DIVISIONS, MANAGEMENT ACCOUNTING
TERRITORIES, DEPARTMENTS) OF THE COMPANY.
301024 - FA OR MA: THIS IS REQUIRED BY LAW AS
EXEMPLIFIED BY THE REPORT REQUIREMENTS OF THE BIR, FINANCIAL ACCOUNTING
SEC AND OTHER GOVERNMENTAL ENTITIES.
301025 - FA OR MA: THIS IS NOT MANDATORY (I.E, NOT
REQUIRED BY LAW).
301026 - IS A SYSTEMATIC SET OF PROCEDURES FOR
RECORDING AND REPORTING MEASUREMENTS OF THE
COST ACCOUNTING
COST OF MANUFACTURING GOODS AND PERFORMING
SERVICES IN THE AGGREGATE AND IN DETAIL.
301027 - IS THE AUTHORITY TO COMMAND ACTION OR GIVE
ORDERS TO SUBORDINATES. MANAGERS WITH THIS
AUTHORITY (E.G., SALES, PRODUCTION) ARE DIRECTLY LINE AUTHORITY
RESPONSIBLE FOR ATTAINING THE OBJECTIVES OF THE
BUSINESS FIR, AS EFFICIENTLY AS POSSIBLE.
301028 - IS THE AUTHORITY TO COMMAND ACTION OR GIVE
ORDERS TO SUBORDINATES. MANAGERS WITH THIS
AUTHORITY (E.G., SALES, PRODUCTION) ARE DIRECTLY STAFF AUTHORITY
RESPONSIBLE FOR ATTAINING THE OBJECTIVES OF THE
BUSINESS FIR, AS EFFICIENTLY AS POSSIBLE.
301029 - IS THE EXECUTIVE RESPONSIBLE FOR OVERSEEING
CHIEF FINANCIAL OFFICER (CFO) OR FINANCE DIRECTOR
THE FINANCIAL OPERATIONS OF AN ORGANIZATION.
301030 - IS AN AREA OF RESPONSIBILITY OF THE CFO WHICH
INCLUDES PROVIDING FINANCIAL INFORMATION FOR
REPORTS TO MANAGERS AND REPORTS TO SHAREHOLDERS CONTROLLERSHIP
AND OVERSEEING OVERALL OPERATIONS OF THE
ACCOUNTING SYSTEM.
INCLUDES BANKING AND SHORT- AND LONG-TERM TREASURY
FINANCING, INVESTMENTS AND MANAGEMENT OF CASH.
INCLUDES MANAGING THE FINANCIAL RISK OF INTEREST-
RISK MANAGEMENT
RATE AND EXCHANGE-RATE AND DERIVATIVES
MANAGEMENT.
INCLUDES INCOME TAXES, SALES TAXES AND TAXATION
INTERNATIONAL TAX PLANNING.
INCLUDES REVIEWING AND ANALYZING FINANCIAL AND
OTHER RECORDS TO ATTEST TO THE INTEGRITY OF THE INTERNAL AUDIT
ORGANIZATION'S FINANCIAL REPORTS AND TO ADHERENCE
TO ITS POLICIES AND PROCEDURES.
301035 - IS THE FINANCIAL EXECUTIVE PRIMARILY
RESPONSIBLE FOR MANAGEMENT ACCOUNTING AND CONTROLLER OR CHIEF ACCOUNTING OFFICERS
FINANCIAL ACCOUNTING.
301036 - IS CONCERNED WITH THE ACQUISITION, FINANCING
AND MANAGEMENT OF ASSETS OF A BUSINESS CONCERN TREASURERSHIP
TO MAXIMIZE THE WEALTH OF THE FIRMS FOR ITS OWNERS.
1. COMPETENCE
301037 - ETHICAL VALUES MANAGEMENT ACCOUNTANTS 2. CONFIDENTIALITY
MUST POSSESS (4 ITEMS) 3. INTEGRITY
4. OBJECTIVITY
301038 - IS THE PHILOSOPHY THAT ACTIVITIES ARE
JUST-IN-TIME (JIT) OR PULL-IT-THROUGH APPROACH
UNDERTAKEN ONLY AS NEEDED OR DEMANDED.
301039 - IS A TECHNIQUE IN WHICH MANAGEMENT
DEVELOPS POLICIES AND PRACTICES TO ENSURE THAT THE
TOTAL QUALITY MANAGEMENT (TQM)
FIRM'S PRODUCTS AND SERVICES EXCEED CUSTOMERS'
EXPECTATIONS.
301040 - IS A PROCESS FOR CREATING COMPETITIVE
ADVANTAGE IN WHICH A FIRM REORGANIZES ITS
OPERATING AND MANAGEMENT FUNCTIONS, OFTEN WITH REENGINEERING
THE RESULT THAT JOBS ARE MODIFIED, COMBINED OR
ELIMINATED.
301041 - IS AN APPROACH WHERE A BUSINESS PROCESS IS
DIAGRAMMED IN DETAIL, QUESTIONED AND THEN
REDESIGNED IN ORDER TO ELIMINATE UNECESSARY STEPS, PROCESS REENGINEERING
TO REDUCE OPPORTUNITIES FOR ERRORS AND TO REDUCE
COST.
301042 - IS ANY SERIES OF STEPS THAT ARE FOLLOWED IN
BUSINESS PROCESS
ORDER TO CARRY OUT SOME TASK IN A BUSINESS.
301043 - IS A PROCESS BY WHICH A FIRM DETERMINES ITS
CRITICAL SUCCESS FACTORS, STUDIES THE BEST
PRACTICES OF OTHER FIRMS (OR OTHER UNITS WITHIN A
FIRM) FOR ACHIEVING THESE CRITICAL SUCCESS FACTORS, BENCHMARKING
AND THEN IMPLEMENTS IMPROVEMENTS IN THE FIRM'S
PROCESSES TO MATCH OR BEAT THE PERFORMANCE OF
THOSE COMPETITORS.
301044 - IS A MANAGEMENT TECHNIQUE IN WHICH
MARKETING AND PRODUCTION PROCESSES ARE DESIGNED
TO HANDLE THE INCREASED VARIETY THAT RESULTS FROM MASS CUSTOMIZATION
DELIVERING CUSTOMIZED PRODUCTS AND SERVICES TO
CUSTOMERS.
301045 - IS AN ACCOUNTING REPORT THAT INCLUDES THE
FIRM'S CRITICAL SUCCESS IN FOUR AREAS NAMELY,
FINANCIAL PERFORMANCE, CUSTOMER SATISFACTION, BALANCED SCORECARD
INTERNAL BUSINESS PROCESS AND INNOVATION AND
LEARNING.
301046 - IS USED TO DEVELOP A DETAILED DESCRIPTION OF
THE SPECIFIC ACTIVITIES PERFORMED IN THE OPERATION ACTIVITY ANALYSIS
OF THE FIRM.
301047 - IS USED TO IMPROVE THE ACCURACY OF COST
ANALYSIS BY IMPROVING THE TRACING OF COSTS TO ACTIVITY-BASED COSTING (ABC)
PRODUCTS OR TO INDIVIDUAL CUSTOMERS.
301048 - EMPHASIZES THE IMPORTANCE OF MANAGING THE
ORGANIZATION'S CONSTRAINTS OR BARRIERS THAT HINDER THEORY OF CONSTRAINTS
OR IMPEDE PROGRESS TOWARD AN OBJECTIVE.
301049 - IS A MANAGEMENT TECHNIQUE TO IDENTIFY AND
MONITOR THE COSTS OF A PRODUCT THROUGHOUT ITS LIFE-CYCLE COSTING
LIFECYCLE.
301050 - INVOLVES THE DETERMINATION OF THE DESIRED
COST FOR A PRODUCT OR THE BASIS OF A GIVEN
TARGET COSTING
COMPETITIVE PRICE SO THAT THE PRODUCT WILL EARNE A
DESIRED PROFIT.
TARGET COST = MARKET DETERMINED PRICE - DESIRED
301051 - FORMULA FOR TARGET COST
PROFIT
301052 - IS THE USE OF COMPUTERS IN PRODUCT
DEVELOPMENT, ANALYSIS AND DESIGN MODIFICATION TO
COMPUTER-AIDED DESIGN (CAD)
IMPROVE THE QUALITY AND PERFORMANCE OF THE
PRODUCT.
301053 - IS THE USE OF COMPUTERS TO PLAN, IMPLEMENT
COMPUTER-AIDED MANUFACTURING (CAM)
AND CONTROL PRODUCTION.
301054 - IS THE TECHNOLOGY BY WHICH A PROCESS OR
PROCEDURE IS PERFORMED WITH MINIMAL HUMAN AUTOMATION
ASSISTANCE.
301055 - IS THE ACTIVITY OF BUYING OR SELLING PRODUCTS
E-COMMERCE
ON ONLINE SERVICES OR OVER THE INTERNET.
301056 - REFERS TO THE SEQUENCE OF BUSINESS
FUNCTIONS IN WHICH USEFULNESS IS ADDED TO THE VALUE CHAIN
PRODUCTS OR SERVICES OF A COMPANY.
1. RESEARCH AND DEVELOPMENT
2. PRODUCT DESIGN
301057 - BUSINESS FUNCTIONS MAKING UP THE VALUE 3. MANUFACTURING
CHAIN (6 ITEMS) 4. MARKETING
5. DISTRIBUTION
6. CUSTOMER SERVICE
MAS - OVERVIEW OF MANAGEMENT ACCOUNTING (302001 - STILL UNFINISHED)
302001 - INVOLVES CAREFUL SELECTION OF DATA FROM
FINANCIAL STATEMENTS FOR THE PRIMARY PURPOSE OF FINANCIAL STATEMENTS ANALYSIS
FORECASTING THE FINANCIAL HEALTH OF THE COMPANY.
302001 - ARE USERS OF FINANCIAL STATEMENTS
CONCERNED ABOUT THEIR INVESTMENT INCOME AS WELL
AS ABOUT THE COMPANY'S OVERALL PROFITABILITY, CURRENT SHAREHOLDERS OR OWNERS
STABILITY AND SOUND CAPITAL STRUCTURE NECESSARY
FOR CONTINUED SUCCESSFUL OPERATIONS.
302001 - ARE USERS OF FINANCIAL STATEMENTS WHO ARE
INTERESTED IN "SOLD" COMPANIES, ONES WHOSE
FINANCIAL STATEMENTS INDICATE STABLE EARNINGS AND
POTENTIAL INVESTORS
DIVIDENDS WITH LIMITED OR MODERATE GROWTH (OTHERS
OREFER COMPANIES SHOWING RAPID GROWTH AND
DIVERSIFICATION INTO DIFFERENT LINES OF BUSINESS).
INTERESTED IN A FIRM'S SHORT-RUN LIQUIDITY, ITS ABILITY SHORT-TERM CREDITORS
TO PAY CURRENT OBLIGATIONS AS THEY MATURE.
CONCERNED ABOUT THE LONG-TERM SECURITY OF THEIR
INTEREST INCOME AND THE COMPANY'S ABILITY TO LONG-TERM CREDITORS
MAINTAIN SUCCESSFUL EARNINGS AND CASH FLOWS TO
MEET CONTINUING FINANCIAL COMMITMENTS.
302001 - IS A METHOD OF FINANCIAL STATEMENTS ANALYSIS
WHERE FINANCIAL STATEMENT AMOUNTS FOR TWO OR HORIZONTAL ANALYSIS OF COMPARATIVE STATEMENTS
MORE YEARS ARE PLACED SIDE BY SIDE IN ADJACENT (INCREASE-DECREASE METHOD)
COLUMNS.
302001 - FAVORABLE OR UNFAVORABLE: PERCENTAGE
UNFAVORABLE (DETERIORATION IN SHORT-TERM SOLVENCY
INCREASE IN TOTAL CURRENT ASSETS IS LOWER THAN
POSITION)
PERCENTAGE INCREASE IN TOTAL CURRENT LIABILITIES.
UNFAVORABLE (SLOWER CONVERSION OF INVENTORY AND
INCREASE IN ACCOUNTS RECEIVABLE AND INVENTORY IS
RECEIVABLES TO CASH; SHORT-TERM SOLVENCY ANALYSIS)
HIGHER THAN PERCENTAGE INCREASE IN SALES REVENUE.
FAVORABLE (SHIFT OF COMPANY'S CAPITAL STRUCTURE
FROM BORROWING TOWARD CAPITAL PROVIDED BY
INCREASE IN TOTAL LIABILITIES IS LESS THAN PERCENTAGE
PROFITABLE OPERATION; LONG-TERM FINANCIAL POSITION
INCREASE IN SHAREHOLDERS' EQUITY.
ANALYSIS)
UNFAVORABLE (THE COMPANY IS UNABLE TO ADJUST THE
SELLING PRICE OF THE GOODS COMMENSURATE TO THE
INCREASE IN COST OF GOODS PURCHASED OR
INCREASE IN SALES REVENUES IS LESS THAN PERCENTAGE
MANUFACTURED OR IT WAS UNABLE TO CONTROL THE
INCREASE IN COST OF GOODS SOLD.
PRICE FACTOR OF ITS COST OF SALES; OPERATING
EFFICIENCY AND PROFITABILITY ANALYSIS)
302001 - FAVORABLE OR UNFAVORABLE: PERCENTAGE FAVORABLE (MANAGEMENT'S EFFICIENCY IN KEEPING
INCREASE IN SALES IS HIGHER THAN PERCENTAGE EXPENSES WITHIN CONTROL; OPERATING EFFICIENCY AND
INCREASE IN SELLING AND ADMINISTRATIVE EXPENSES. PROFITABILITY ANALYSIS)
302001 - ARE INDEX NUMBERS SHOWING RELATIVE
CHANGES IN FINANCIAL DATA RESULTING WITH THE TREND PERCENTAGES
PASSAGE OF TIME.
302001 - FAVORABLE OR UNFAVORABLE: INCREASE IN
CURRENT ASSETS ACCOMPANIED BY DECREASE IN FAVORABLE
CURRENT LIABILITIES.
302001 - FAVORABLE OR UNFAVORABLE: SALES REVENUE
FAVORABLE (INDICATES MORE EFFECTIVE CREDIT,
INCREASES AT A FASTER RATE THAN ACCOUNTS
COLLECTION AND MERCHANDISING POLICIES)
RECEIVABLE AND INVENTORY.
FAVORABLE (REFLECTS MORE RAPID TURNOVER OF
302001 - FAVORABLE OR UNFAVORABLE: RELATIVELY
CUSTOMER ACCOUNTS AND POSSIBLY A LARGE INCREASE
SMALLER AMOUNT OF TRADE RECEIVABLES.
IN CASH SALES.)
302001 - IS A TOOL USEDE IN FINANCIAL STATEMENTS
ANALYSIS THAT TRANSLATES PESO AMOUNTS TO
COMMON-SIZE FINANCIAL STATEMENTS
PERCENTAGES WHICH INDICATE THE RELATIVE SIZE OF AN
ITEM IN PROPORTION TO THE WHOLE.
302001 - IS A COMPARISON IN FRACTION, PROPORTION,
DECIMAL OR PERCENTAGE FORM OF TWO SIGNIFICANT FINANCIAL RATIO
FIGURES TAKEN FROM FINANCIAL STATEMENTS.
302001 - FINANCIAL RATIO (SIGNIFICANCE): PRIMARY TEST
OF SOLVENCY TO MEET CURRENT OBLIGATIONS FROM
CURRENT RATIO
CURRENT ASSETS AS A GOING CONCERN; MEASURE OF
ADEQUACY OF WORKING CAPITAL
CURRENT RATIO = TOTAL CURRENT ASSETS / TOTAL
302001 - FINANCIAL RATIO (FORMULA): CURRENT RATIO
CURRENT LIABILITIES
302001 - FINANCIAL RATIO (SIGNIFICANCE): A MORE SEVERE
TEST OF IMMEDIATE INSOLVENCY; TEST OF ABILITY TO MEET ACID-TEST RATIO OR QUICK RATIO
DEMANDS FROM CURRENT ASSETS.
302001 - FINANCIAL RATIO (FORMULA): ACID-TEST RATIO OR ACID-TEST RATIO OR QUICK RATIO = TOTAL QUICK ASSETS /
QUICK RATIO TOTAL CURRENT LIABILITIES
302001 - COMPONENTS OF QUICK ASSETS (3 ITEMS) CASH + MARKETABLE SECURITIES + ACCOUNTS RECEIVABLE
302001 - FINANCIAL RATIO (SIGNIFICANCE): INDICATES
RELATIVE LIQUIDITY OF TOTAL ASSETS AND DISTRIBUTION WORKING CAPITAL TO TOTAL ASSETS
OF RESOURCES EMPLOYED.
302001 - FORMULA USED TO COMPUTE FOR WORKING WORKING CAPITAL = CURRENT ASSETS - CURRENT
CAPITAL LIABILITIES
302001 - FINANCIAL RATIO (SIGNIFICANCE): MEASURES
SHORT-TERM LIQUIDITY BY CONSIDENRING CASH CASH FLOW LIQUIDITY RATIO
RESOURCES AS NUMERATOR.
CASH FLOW LIQUIDITY RATIO = (CASH + MARKETABLE
302001 - FINANCIAL RATIO (FORMULA): CASH FLOW LIQUIDITY
SECURITIES + CASH FLOW FROM OPERATING ACTIVITIES) /
RATIO
CURRENT LIABILITIES
302001 - FINANCIAL RATIO (SIGNIFICANCE): MEASURES THE
LENGTH OF TIME IN DAYS THE FIRM CAN OPERATE ON ITS DEFENSIVE INTERVAL RATIO
PRESENT LIQUID RESOURCES.
302001 - FINANCIAL RATIO (FORMULA): DEFENSIVE INTERVAL DEFENSIVE INTERVAL RATIO = QUICK ASSETS / PROJECTED
RATIO DAILY OPERATIONAL EXPENSES
302001 - FINANCIAL RATIO (SIGNIFICANCE): VELOCITY OF
COLLECTION OF TRADE ACCOUNTS AND NOTES; TEST OF TRADE RECEIVABLE TURNOVER
EFFICIENCY OF COLLECTION.
TRADE RECEIVABLE TURNOVER = (NET CREDIT SALES OR
302001 - FINANCIAL RATIO (FORMULA): TRADE RECEIVABLE
NET SALES IF NET CREDIT SALES FIGURE IS NOT AVAILABLE)
TURNOVER
/ AVERAGE NET TRADE RECEIVABLE
302001 - FINANCIAL RATIO (SIGNIFICANCE): EVALUATES THE
AVERAGE COLLECTION PERIOD OR NUMBER OF DAYS'
LIQUIDITY OF ACCOUNTS RECEIVABLE AND THE FIRM'S
SALES UNCOLLECTED
CREDIT POLICIES.
EFFICIENCY OF THE FIRM IN MANAGING AND SELLING INVENTORY TURNOVER
INVENTORIES.
MERCHANDISE OR FINISHED GOODS INVENTORY TURNOVER
302001 - FINANCIAL RATIO (FORMULA): MERCHANDISE OR
= COST OF GOODS SOLD / AVERAGE MERCHANDISE OR
FINISHED GOODS INVENTORY TURNOVER
FINISHED GOODS INVENTORY
AVERAGE INVENTORY = (BEGINNING INVENTORY + ENDING
302001 - FORMULA FOR AVERAGE INVENTORY
INVENTORY) / 2
GOODS IN PROCESS TURNOVER = COST OF GOODS
302001 - FINANCIAL RATIO (FORMULA): GOODS IN PROCESS
MANUFACTURED / AVERAGE GOODS IN PROCESS
TURNOVER
INVENTORY
302001 - FINANCIAL RATIO (SIGNIFICANCE): NUMBER OF
TIMES RAW MATERIALS INVENTORY WAS USED AND RAW MATERIALS INVENTORY TURNOVER
REPLENISHED DURING THE PERIOD.
302001 - FINANCIAL RATIO (FORMULA): RAW MATERIAL RAW MATERIALS INVENTORY TURNOVER = RAW MATERIALS
INVENTORY TURNOVER USED / AVERAGE RAW MATERIALS INVENTORY
AVERAGE NUMBER OF DAYS TO SELL OR CONSUME THE DAYS' SUPPLY IN INVENTORY
AVERAGE INVENTORY
302001 - FINANCIAL RATIO (FORMULA): DAYS' SUPPLY IN DAYS' SUPPLY IN INVENTORY = 360 DAYS / INVENTORY
INVENTORY TURNOVER
302001 - FINANCIAL RATIO (SIGNIFICANCE): INDICATES
WORKING CAPITAL TURNOVER
ADEQUACY AND ACTIVITY OF WORKING CAPITAL.
302001 - FINANCIAL RATIO (FORMULA): WORKING CAPITAL WORKING CAPITAL TURNOVER = NET SALES / AVERAGE
TURNOVER WORKING CAPITAL
302001 - FINANCIAL RATIO (SIGNIFICANCE): INDICATES PERCENT OF EACH CURRENT ASSET TO TOTAL CURRENT
RELATIVE INVESTMENT IN EACH CURRENT ASSET. ASSET
MOVEMENT AND UTILIZATION OF CURRENT ASSETS TO CURRENT ASSETS TURNOVER
MEET OPERATING REQUIREMENTS.
CURRENT ASSETS TURNOVER = (COST OF SALES +
302001 - FINANCIAL RATIO (FORMULA): CURRENT ASSETS OPERATING EXPENSES + INCOME TAXES + OTHER
TURNOVER EXPENSES EXCLUDING DEPRECIATION AND AMORTIZATION)
/ AVERAGE CURRENT ASSETS
PAYABLE TURNOVER
EFFICIENCY OF THE COMPANY IN MEETING TRADE PAYABLE.
PAYABLE TURNOVER = NET PURCHASES / AVERAGE
302001 - FINANCIAL RATIO (FORMULA): PAYABLE TURNOVER
ACCOUNTS PAYABLE
LENGTH OF TIME REQUIRED TO CONVERT CASH TO
OPERATING CYCLE
FINISHED GOODS; THEN TO RECEIVABLE AND THEN BACK TO
CASH.
OPERATING CYCLE = AVERAGE CONVERSION PERIOD OF
302001 - FINANCIAL RATIO (FORMULA): OPERATING CYCLE INVENTORIES + AVERAGE COLLECTION PERIOD OF
RECEIVABLE + DAYS CASH
TAX - GENERAL PRINCIPLES OF TAXATION (401001 - STILL UNFINISHED)
401001 - IS THE POWER BY WHICH THE SOVEREIGN,
THROUGH ITS LAW-MAKING BODY, RAISES REVENUE TO TAXATION
DEFRAY THE NECESSARY EXPENSES OF GOVERNMENT.
401002 - IS THE PRIMARY PURPOSE OF TAXATION WHICH
ASSERTS THAT THE PURPOSE OF TAXATION IS TO RAISE
REVENUE PURPOSE
FUNDS OR PROPERTY TO ENABLE THE STATE TO PROMOTE
THE GENERAL WELFARE AND PROTECTION OF THE PEOPLE.
1. PROMOTION OF GENERAL WELFARE
2. REGULATION OF ACTIVITIES/INDUSTRIES
401003 - SECONDARY OR NON-REVENUE PURPOSES OF
3. REDUCTION OF SOCIAL INEQUALITY
TAXATION (5 ITEMS)
4. ENCOURAGE ECONOMIC GROWTH
5. PROTECTIONISM
401004 - IS A PURPOSE OF TAXATION THAT ASSERTS THAT
TAXATION MAY BE USED AS AN IMPLEMENT OF POLICE PROMOTION OF GENERAL WELFARE
POWER TO PROMOTE GENERAL WELFARE OF THE PEOPLE.
401005 - IS A PURPOSE OF TAXATION THAT ASSERTS THAT
TAXES MAY BE IMPOSED FOR A REGULATORY PURPOSE AS,
FOR INSTANCE, IN THE REHABILITATION AND STABILIZATION REGULATION OF ACTIVITIES/INDUSTRIES
OF A THREATHENED INDUSTRY WHICH IS AFFECTED WITH
PUBLIC INTEREST.
401006 - IS A PURPOSE OF TAXATION WHICH ASSERTS THAT
A PROGRESSIVE SYSTEM OF TAXATION PREVENTS THE
REDUCTION OF SOCIAL INEQUALITY
UNDUE CONCENTRATION OF WHEALTH IN THE HANDS OF
FEW INDIVIDUALS.
THE GRANT OF INCENTIVES OR EXEMPTIONS ENCOURAGE ENCOURAGE ECONOMIC GROWTH
INVESTMENT THEREBY STIMULATING ECONOMIC ACTIVITY.
PROTECTIVE TARIFFS AND CUSTOMS DUTIES ARE IMPOSED
AS TAXES IN ORDER TO PROTECT IMPORTANT SECTORS OF PROTECTIONISM
THE ECONOMY OR LOCAL INDUSTRIES, AS IN THE CASE OF
FOREIGN IMPORTATIONS.
1. INHERENT ATTRIBUTE OF SEVEREIGNTY
401009 - TWO-FOLD NATURE OF THE STATE'S POWER TO TAX
2. LEGISLATIVE IN CHARACTER
401010 - __________ DO NOT GIVE RISE TO THE POWER TO
TAX BUT MERELY IMPOSE LIMITATIONS ON WHAT WOULD CONSTITUTIONAL PROVISIONS
OTHERWISE BE AN INVINCIBLE POWER.
401011 - A NATURE OF TAXATION WHICH ASSERTS THAT THE
POWER OF TAXATION CAN ONLY BE EXERCISED THROUGH LEGISLATIVE IN CHARACTER
THE ENACTMENT OF LAW.
1. AMOUNT OR RATE OF TAX
2. SUBJECTS OF TAXATION
3. KIND OF TAX TO BE COLLECTED
401012 - ELEMENTS TO BE DETERMINED IN THE EXERCISE 4. METHOD OF COLLECTION
OF THE LEGISLATIVE POWER IN TAXATION (7 ITEMS) 5. APPORTIONMENT OF THE TAX
6. PURPOSES FOR WHICH THE TAXES SHALL BE LEVIED
(MUST BE FOR PUBLIC PURPOSE)
7. SITUS OF TAXATION
1. COMPREHENSIVE
2. UNLIMITED
401013 - CHARACTERISTICS OF TAXATION (4 ITEMS)
3. PLENARY
4. SUPREME
401014 - IS THE INHERENT RIGHT OF THE STATE TO
CONDEMN OR TO TAKE PRIVATE PROPERTY FOR PUBLIC POWER OF EMINENT DOMAIN
USE UPON PAYMENT OF JUST COMPENSATION.
401015 - IS THE POWER OF THE STATE TO PROMOTE PUBLIC
WELFARE BY RESTRAINING AND REGULATING THE USE OF POLICE POWER
LIBERTY AND PROPERTY WITHOUT COMPENSATION.
401016 - INHERENT POWERS: EXERCISED BY THE
TAXATION AND POLICE POWER
GOVERNMENT OR ITS POLITICAL SUBDIVISION
401017 - INHERENT POWERS: EXERCISED BY GOVERNMENT
EMINENT DOMAIN
OR PUBLIC SERVICE COMPANIES AND PUBLIC UTILITIES
401018 - INHERENT POWERS: THE PURPOSE IS TO RAISE
REVENUE IN SUPPORT OF THE GOVERNMENT. REGULATION TAXATION
IS MERELY INCIDENTAL
401019 - INHERENT POWERS: THE PURPOSE IS PROMOTION
POLICE POWER
OF GENERAL WELFARE THROUGH REGULATIONS
401020 - INHERENT POWERS: THE PURPOSE IS TO
FACILITATE THE TAKING OF PRIVATE PROPERTY FOR PUBLIC EMINENT DOMAIN
PURPOSE
401021 - INHERENT POWERS: PRODUCES EFFECTS UPON
TAXATION AND POLICE POWER
THE COMMUNITY OR CLASS OF INDIVIDUALS
401022 - INHERENT POWERS: PRODUCES EFFECTS ON AN
EMINENT DOMAIN
INDIVIDUAL AS THE OWNER OF A PARTICULAR PROPERTY
401023 - INHERENT POWERS: THE AMOUNT OF MONETARY
IMPOSITION HAS NO CEILING EXCEPT INHERENT TAXATION
LIMITATIONS
401024 - INHERENT POWERS: THE AMOUNT OF MONETARY
IMPOSITION IS LIMITED TO THE COST OF REGULATION, POLICE POWER
ISSUANCE OF LICENSE OR SURVEILLANCE
401025 - INHERENT POWERS: NO MONETARY IMPOSITION,
THE OWNER IS PAID THE FAIR MARKET VALUE OF HIS EMINENT DOMAIN
PROPERTY
401026 - INHERENT POWERS: THE BENEFIT RECEIVED IS THE
PROTECTION OF A SECURED AND ORGANIZED SOCIETY (NO TAXATION AND POLICE POWER
DIRECT BENEFIT)
401027 - INHERENT POWERS: THE PERSON RECEIVES THE
FAIR MARKET VALUE OF THE TAKEN FROM HIM (DIRECT EMINENT DOMAIN
BENEFIT).
401028 - INHERENT POWERS: THE PERSON RECEIVES THE
FAIR MARKET VALUE OF THE TAKEN FROM HIM (DIRECT TAXATION
BENEFIT).
401029 - INHERENT POWERS: CONTRACTS MAY BE IMPAIRED POLICE POWER AND EMINENT DOMAIN
401030 - INHERENT POWERS: TO BE VALID, THE EXERCISE
MUST NOT BE CONTRARY TO INHERENT AND TAXATION
CONSTITUTIONAL LIMITATIONS
MUST COMPLY WITH THE TESTS ON "LAWFUL SUBJECTS" POLICE POWER
AND "LAWFUL MEANS"
MUST BE FOR PUBLIC PURPOSE AND WITH PAYMENT OF EMINENT DOMAIN
JUST COMPENSATION
1. LIFEBLOOD THEORY
401033 - THEORIES UNDERLYING THE POWER OF TAXATION 2. NECESSITY THEORY
(4 ITEMS) 3. BENEFITS PROTECTION THEORY
4. JURISDICTION OVER SUBJECTS AND OBJECTS
401034 - IS A THEORY WHICH ASSERTS THAT TAXATION IS A
GOVERNMENTAL NECESSITY, FOR INDEED, WITHOUT
LIFEBLOOD THEORY
TAXATION, A GOVERNMENT CAN NEITHER EXIST NOR
ENDURE.
401035 - IS A THEORY WHICH ASSERTS THAT WITHOUT
TAXES, THE GOVERNMENT CANNOT FULFILL ITS MANDATE
NECESSITY THEORY
OF PROMOTING THE GENERAL WELFARE AND WELL-BEING
OF THE PEOPLE.
401036 - IS A THEORY WHICH ASSERTS THAT TAXATION
INVOLVES THE POWER OF THE STATE TO DEMAND AND
RECEIVE TAXES BASED ON THE RECIPROCAL DUTIES OF BENEFITS-PROTECTION THEORY
SUPPORT AND PROTECTION BETWEEN THE STATE AND ITS
CITIZEN.
401037 - IS A THEORY WHICH ASSERTS THAT IT IS THE
COUNTRY, STATE OR SOVEREIGN THAT GIVES PROTECTION
(OVER ITS TERRITORY) AND HAS THE RIGHT TO DEMAND
JURISDICTION OVER SUBJECTS AND OBJECTS
PAYMENT OF TAXES (WITHIN ITS TERRITORY) WITH WHICH
TO FINANCE ACTIVITIES SO IT COULD CONTINUE TO GIVE
PROTECTION.
1. FISCAL ADEQUACY
401038 - BASIC PRINCIPLES OF A SOUND TAX SYSTEM OR
2. ADMINISTRATIVE FEASIBILITY
CANONS OF SOUND TAXATION (3 ITEMS)
3. THEORETICAL JUSTICE
401039 - IS A PRINCIPLE OF A SOUND TAX SYSTEM WHICH
ASSERTS THAT REVENUE RAISED MUST BE SUFFICIENT TO FISCAL ADEQUACY
MEET GOVERNMENT/PUBLIC EXPENDITURES.
ASSERTS THAT THE TAX SYSTEM SHOULD BE CAPABLE OF
ADMINISTRATIVE FEASIBILITY
BEING EFFECTIVELY ADMINISTERED AND ENFORCED WITH
THE LEAST INCONVENIENCE TO THE TAXPAYER.
ASSERTS THAT, IN THE EXERCISE OF THE POWER OF
THEORETICAL JUSTICE
TAXATION, ONE MUST TAKE INTO CONSIDERATION THE
TAXPAYER'S ABILITY TO PAY.
401042 - A TAX LAW WILL RETAIN ITS VALIDITY EVEN IF IT IS
NOT IN CONSONANCE WITH THE PRINCIPLES OF __________
FISCAL ADEQUACY AND ADMINISTRATIVE FEASIBILITY
AND __________ BECAUSE THE CONSTITUTION DOES NOT
EXPRESSLY REQUIRE SO.
[PENTI]
1. PUBLIC PURPOSE
2. INHERENTLY LEGISLATIVE
401043 - INHERENT LIMITATIONS ON THE EXERCISE OF THE
3. TERRITORIAL
POWER OF TAXATION (5 ITEMS)
4. INTERNATIONAL COMITY
5. EXEMPTION OF GOVERNMENT ENTITIES, AGENCIES AND
INSTRUMENTALITIES
401044 - A TAX LAW IS CONSIDERED __________ IF IT IS FOR
THE WELFARE OF THE NATION AND/OR FOR THE GREATER
FOR PUBLIC PURPOSE
PORTION OF THE POPULATION AND IT AFFECTS THE AREA
AS A COMMUNITY RATHER THAN AS INDIVIDUALS.
401045 - TESTS IN DETERMINING IF A TAX LAW IS FOR PUBLIC 1. DUTY TEST
PURPOSE (2 ITEMS) 2. PROMOTION OF GENERAL WELFARE TEST
401046 - IS A TEST WHICH ASSERTS THAT A TAX LAW IS FOR
PUBLIC PURPOSE IF THE THING TO BE FURTHERED BY THE
APPROPRIATION OF PUBLIC REVENUE IS SOMETHING WHICH DUTY TEST
IS THE DUTY OF THE STATE AS A GOVERNMENT TO
PROVIDE.
401047 - IS A TEST WHICH ASSERTS THAT A TAX LAW IS FOR
PUBLIC PURPOSE IF THE PROCEEDS OF THE TAX WILL
PROMOTION OF GENERAL WELFARE TEST
DIRECTLY PROMOTE THE WELFARE OF THE COMMUNITY IN
EQUAL MEASURE.
401048 - IS AN INHERENT LIMITATION ON THE EXERCISE OF
THE POWER OF TAXATION WHICH ASSERTS THAT THE
INHERENTLY LEGISLATIVE
POWER TO TAX IS EXCLUSIVELY VESTED IN THE
LEGISLATIVE BODY AND MAY NOT BE DELEGATED.
1. SELECTION OF THE SUBJECT TO BE TAXED
2. DETERMINATION OF THE PURPOSES OF TAX
401049 - ASPECTS OF THE POWER TO TAX THAT ARE NON-
3. FIXING OF THE RATE/AMOUNT OF TAX
DELEGABLE (5 ITEMS)
4. SITUS OF TAX
5. KIND OF TAX
1. THOSE DELEGATED TO LOCAL GOVERNEMENT (CERTAIN
TAXES, FEES AND CHARGES)
401050 - ASPECTS OF THE POWER TO TAX THAT MAY BE 2. THOSE DELEGATED TO THE PRESIDENT (FIXING OF TARIFF
DELEGATED (3 ITEMS) RATES, TONNAGE AND WHARFAGE DUES, AND OTHER
DUTIES)
3. ADMINISTRATIVE IMPLEMENTATION (BIR)
THE POWER OF TAXATION WHICH ASSERTS THAT THE
TAXING POWER OF A COUNTRY IS LIMITED TO PERSONS AND TERRITORIAL
PROPERTY WITHIN AND SUBJECT TO ITS JURISDICTION (IN
GENERAL)
1. RESIDENT CITIZENS - WHERE TAX LAWS OPERATE
OUTSIDE TERRITORIAL JURISDICTION
401052 - EXCEPTIONS TO THE TERRITORIAL INHERENT 2. EXCEMPTIONS BY TREATY OBLIGATIONS OR
LIMITATION OF TAXATION INTERNATIONAL COMITY - WHERE TAX LAWS DO NOT
OPERATE WITHIN THE TERRITORIAL JURISDICTION OF THE
STATE
THE POWER OF TAXATION WHICH REFERS TO THE RESPECT
ACCORDED BY NATIONS TO EACH OTHER BECAUSE THEY
INTERNATIONAL COMITY
ARE SOVEREIGN EQUALS. THUS, THE PROPERTY OR INCOME
OF A FOREIGN STATE MAY NOT BE THE SUBJECT OF
TAXATION BY ANOTHER STATE.
[DEO NUER]
1. DUE PROCESS OF LAW
2. EQUAL PROTECTION OF THE LAWS
3. NON-IMPRISONMENT OF OBLIGATION OF CONTRACTS
4. NON-IMPRISONMENT FOR NON-PAYMENT OF POLL TAX
5. RULE OF TAXATION SHALL BE UNIFORM AND EQUITABLE
6. EXEMPTION FROM REAL PROPERTY TAX OF CHARITABLE INSTITUTIONS, CHURCHES... ALL LANDS, BUILDINGS AND IMPROVEMENTS ACTUALLY, DIRECTLY AND EXCLUSIVELY USED FOR RELIGIOUS AND CHARITABLE PURPOSES.
CONSTITUTIONAL
6. EXEMPTION
LIMITATIONSFROM
ON THE
INCOME
EXERCISE
TAXESOFAND
THECUSTOMS
POWER OF
DUTIES
TAXATION
OF NON-STOCK,
(7 ITEMS) NON-PROFIT EDUCATIONAL INSTITUTIONS, AND EXEMPTIONS FROM REAL PROPERTY TAXES ON LANDS AND IMPROVEMENTS WHICH ARE USED ACTUALLY, DIRECTLY AND EXCLUSIVELY FOR EDUCATIONAL PURPOSES.
[EPPP SLP]
1. ENFORCED CONTRIBUTION
2. GENERALLY PAYABLE IN MONEY
3. PROPORTIONATE IN CHARACTER
4 LEVIED ON PERSONS, PROPERTY OR EXERCISE OF RIGHT OR PRIVILEGE
5. LEVIED BY STATE WHICH HAS JURISDICTION OVER THE SUBJECT OR OBJECT OF TAXATION
6. LEVIED BY LAWMAKING BODY OF STATE
ESSENTIAL ELEMENTS
7. LEVIED
OFFOR
TAX PUBLIC
(7 ITEMS)
PURPOSE
1. PERSONAL, CAPITATION OR POLL
2. PROPERTY
KINDS OF TAXES3.AS
EXCISE
TO SUBJECT
(PRIVILEGE)
MATTER OR OBJECT (3 ITEMS)
IS THE TAX IMPOSED
PERSONAL,
ON PERSONS
CAPITATION
RESIDING
OR POLL
WITHIN
TAXA SPECIFIED TERRITORY WITHOUT REGARD TO THEIR PROPERTY OR OCCUPATION (E.G., COMMUNITY TAX).
IS THE TAX ON PROPERTY
PROPERTYWHETHER
TAX REAL OR PERSONAL.(E.G., REAL PROPERTY TAX).
IS THE TAX IMPOSED
EXCISE
UPON
OR PRIVILEGE
THE PERFORMANCE
TAX OF AN ACT, ENJOYMENT OF PRIVILEGE OR ENGAGING IN AN OCCUPATION (E.G., INCOME TAX, DONOR'S TAX, ESTATE TAX).
1. DIRECT
KINDS OF TAXES2.AS
INDIRECT
TO WHO BEARS THE BURDEN (2 ITEMS)
IS A TAX DEMANDED
DIRECT
FROM
TAXPERSONS WHO ALSO SHOULDER THE BURDEN OF THE TAX (E.G., INCOME TAX, ESTATE TAX, DONOR'S TAX)
IS A TAX DEMANDED
INDIRECT
FROMTAX
A PERSON WHO SHALL INDEMNIFY HIMSELF AT THE EXPENSE OF ANOTHER (E.G., VAT, OTHER PERCENTAGE TAXES).
1. SPECIFIC
KINDS OF TAXES2.AS
ADTO
VALOREM
DETERMINATION OF AMOUNT (2 ITEMS)
IS A KIND OF TAX
SPECIFIC
THE AMOUNT
TAX OF WHICH IS DETERMINED BY THE HEAD, NUMBER OR SOME STANDARD OF WEIGHT OR MEASUREMENT (E.G., EXCISE TAX ON DISTILLED SPIRITS, WINES, LIQUORS).
IS A KIND OF TAX
ADTHE
VALOREM
AMOUNT
TAX
OF WHICH IS DETERMINED AS THE FIXED PROPORTION OF THE VALUE OF PROPERTY WITH RESPECT TO WHICH TAX IS ASSESSED.
1. GENERAL, FISCAL OR REVENUE
KINDS OF TAXES2.AS
SPECIAL
TO PURPOSE
OR REGULATORY
(2 ITEMS)
IS A KIND OF TAX
GENERAL,
IMPOSEDFISCAL
TO RAISE
OR REVENUE
REVENUE FOR
TAX THE GENERAL PURPOSES OF THE GOVERNMENT (E.G., INCOME TAX, VAT).
IS A KIND OF TAX
SPECIAL
IMPOSED
ORFOR
REGULATORY
SPECIAL PURPOSES
TAX (E.G., CUSTOMS DUTIES, SUGAR ADJUSTMENT TAXES).
1. NATIONAL
KINDS OF TAXES2.AS
MUNICIPAL
TO IMPOSING
OR LOCAL
AUTHORITY (2 ITEMS)
IS A KIND OF TAX
NATIONAL
IMPOSEDTAX
BY NATIONAL GOVERNMENT (E.G., INTERNAL REVENUE TAXES, CUSTOMS DUTIES).
IS A KIND OF TAX
MUNICIPAL
IMPOSED OR
BY LOCAL GOVERNMENT
TAX UNITS (E.G., SAND AND GRAVEL TAX, OCCUPATION TAX)
1. PROPORTIONAL
2. PROGRESSIVE
KINDS OF TAXES3.AS
REGRESSIVE
TO GRADUATION OR RATE (3 ITEMS)
IS A KIND OF TAX
PROPORTIONAL
BASED ON A FIXED
TAX PERCENTAGE OF PROPERTY, RECEIPTS OR OTHER BASIS TO BE TAXED (E.G., VAT).
IS A KIND OF TAX
PROGRESSIVE
THE RATE OFTAX
WHICH INCREASES AS THE TAX BASE INCREASES (E.G., INCOME TAX, ESTATE TAX, DONOR'S TAX)
IS A KIND OF TAX THE RATE OF WHICH DECREASES AS THE TAX BASE INCREASES.
TAX OR TOLL: DEMAND
TOLL OF PROPRIETORSHIP
TAX OR TOLL: DEMAND
TAX OF SOVEREIGNTY
TAX OR TOLL: PAID
TOLLFOR THE USE OF ANOTHER'S PROPERTY.
TAX OR TOLL: PAID
TAXFOR THE SUPPORT OF THE GOVERNMENT
TAX OR TOLL: AMOUNT
TOLL IS BASED ON COST OF CONTRUCTION OR MAINTENANCE OF PUBLIC IMPROVEMENT
TAX OR TOLL: BASED
TAX ON NECESSITIES OF THE STATE
TAX OR TOLL: IMPOSED
TOLL BY GOVERNMENT, PRIVATE INDIVIDUALS OR ENTITIES
TAX OR TOLL: IMPOSED
TAX ONLY BY THE GOVERNMENT
TAX OR LICENSE:
LICENSE
IMPOSED FOR REGULATION
TAX OR LICENSE:
TAXLEVIED FOR REVENUE
TAX OR LICENSE:
LICENSE
INVOLVES EXERCISE OF POLICE POWER
TAX OR LICENSE:
TAXINVOLVES EXERCISE OF TAXING POWER
TAX OR LICENSE:
LICENSE
AMOUNT IS LIMITED TO EXPENSES OF REGULATION
TAX OR LICENSE:
TAXNO LIMIT ON THE AMOUNT TO BE IMPOSED
TAX OR LICENSE:
LICENSE
FAILURE TO PAY MAKES THE ACT OR BUSINESS ILLEGAL
TAX OR LICENSE:
TAXFAILURE TO PAY DOES NOT MAKE THE BUSINESS ILLEGAL
TAX OR DEBT: BASED
DEBT ON CONTRACT
TAX OR DEBT: BASED
TAX ON LAW
TAX OR DEBT: ASSIGNABLE
DEBT
TAX OR DEBT: CANNOT
TAX GENERALLY BE ASSIGNED
TAX OR DEBT: MAY
DEBT
BE PAID IN KIND
TAX OR DEBT: GENERALLY
TAX PAYABLE IN MONEY
TAX OR DEBT: IMPRISONMENT
DEBT IS NOT A SANCTION FOR NON-PAYMENT
TAX OR DEBT: IMPRISONMENT
TAX IS A SANCTION (EXCEPT POLL TAX)
DIRECT DOUBLE TAXATION
INDIRECT DOUBLE TAXATION
TAX EXASION OR TAX DODGING
TAX AVOIDANCE OR TAX MINIMIZATION
SHIFTING
CAPITALIZATION
TRANSFORMATION
GR: LIBERALLY IN FAVOR OF THE TAXPAYER AND STRICTLY AGAINST THE GOVERNMENT.
XPN: IN CASES OF EXEMPTIONS AND DEDUCTIONS.
1. THE CONSTITUTION
2. STATUTORY ENACTMENTS
3. ADMINISTRATIVE RULINGS AND REGULATIONS
4. JUDICIAL DECISIONS
CONSTITUTION
STATUTORY ENACTMENTS
ADMINISTRATIVE RULINGS AND REGULATIONS
JUDICIAL DECISIONS
GR: NO SET-OFF OR COMPENSATION IS ADMISSIBLE AGAINST DEMANDS FOR TAXES LEVIED FOR GENERAL OR LOCAL PURPOSES.
XPN: WHERE BOTH THE CLAIMS OF THE GOVERNMENT AND THE TAXPAYER AGAINST EACH OTHER HAVE ALREADY BECOME DUE AND DEMANDABLE AS WELL AS FULLY LIQUIDATED.
SCHEDULAR SYSTEM
GLOBAL SYSTEM
SITUS OF TAXATION
MULTIPLICITY OF SITUS
1. PROVISION OF EXEMPTIONS
2. ALLOWANCE OF DEDUCTION OR TAX CREDIT FOR FOREIGN TAXES
3. TREATIES WITH OTHER STATES
RESIDENCE OF THE PERSON
LOCATION OF PROPERTY
LOCATION OF PROPERTY
DOMICILE OF THE OWNER
WHERE THE TAXPAYER IS A CITIZEN OR RESIDENT, OR THE PLACE WHERE THE INCOME IS EARNED.
PLACE WHERE THE BUSINESS IS DONE, OR THE OCCUPATION IS ENGAGED IN, OR THE TRANSACTION TOOK PLACE
RESIDENCE OR CITIZENSHIP OF THE TAXPAYER, OR WHRE THE PROPERTY IS LOCATED
IS THE PLACE WHERE
RESIDENCE
A PERSON IS EXPECTED TO LIVE IN FOR A TEMPORARY PERIOD.
IS THE PLACE WHERE
DOMICILE
A PERSON IS PLANNING TO LIVE IN FOR AN INDEFINITE PERIOD.
FOR NATIONAL TAXES,
HOUSE ALL
OF REPRESENTATIVES;
REVENUE OR TARIFFSENATE
BILLS SHALL ORIGINATE IN THE __________, BUT THE __________ MAY PROPOSE OR CONCUR WITH AMMENDMENTS.
FOR LOCAL TAXES,
TAX LOCAL
ORDINANCE
GOVERNMENT UNITS MAY ENACT LOCAL TAX MEASURES THRU PASSAGE OF A __________.
AN ACTION BROUGHT
TAPAYER'S
BY ANSUIT
INDIVIDUAL WHOSE INCOME IS SUBJECTED TO CHARGES IMPOSED BY THE STATE FOR THE BENEFIT OF THAT INDIVIDUAL AND OTHERS IN ORDER TO PREVENT THE UNLAWFUL DIVERSION OF PUBLIC FUNDS.
STATES THAT A EQUITABLE
CLAIM FOR RECOUPMENT
REFUND WHICH IS PREVENTED BY PRESCRIPTION MAY BE ALLOWED TO BE USED AS PAYMENT FOR UNSETTLED LIABILITIES IF BOTH TAXES ARISE FROM THE SAME TRANSACTION IN WHICH OVERPAYMENT IS MADE AND UNDERPAYMENT IS DUE.
TAX - INCOME TAX OF INDIVIDUALS, ESTATES & TRUSTS (402001 - 402045)
1. RESIDENT CITIZENS
2. NON-RESIDENT CITIZENS
3. RESIDENT ALIENS
402001 - CLASSIFICATION OF INDIVIDUALS (5 ITEMS) 4. NON-RESIDENT ALIENS ENGAGED IN TRADE OR BUSINESS
IN THE PHILS.
5. NON-RESIDENT ALIENS NOT ENGAGED IN TRADE OR
BUSINESS IN THE PHILS.
CITIZENS ARE:
1. THOSE WHO ARE CITIZENS OF THE PHILIPPINES AT THE
TIME OF THE ADOPTION OF THE CONSTITUTION (FEB. 2,
1987)
2. THOSE WHOSE FATHERS OR MOTHERS ARE CITIZENS OF
402002 - QUALIFICATIONS FOR AN INDIVIDUAL TO BE
THE PHILIPPINES;
CONSIDERED A CITIZEN OF THE PHILIPPINES (4 ITEMS)
3. THOSE BORN BEFORE JAN. 17, 1973 OF FILIPINO MOTHERS
WHO ELECT PHILIPPINE CITIZENSHIP UPON REACHING THE
AGE OF MAJORITY;
4. THOSE WHO ARE NATURALIZED IN ACCORDANCE WITH
LAW.
402003 - IS A CITIZEN OF THE PHILLIPINES RESIDING
RESIDENT CITIZEN
THEREIN.
1. A CITIZEN OF THE PHILIPPINES WHO ESTABLISHES TO THE
SATISFACTION OF THE COMMISSIONER THE FACT OF HIS
PHYSICAL PRESENCE ABROAD WITH A DEFINITE INTENTION
TO RESIDE THEREIN;
2/ A CITIZEN OF THE PHILIPPINES WHO LEAVES THE
PHILIPPINES DURING THE TAXABLE YEAR TO RESIDE
ABROAD, EITHER AS AN IMMIGRANT OR FOR EMPLOYMENT
ON A PERMANENT BASIS;
3. A CITIZEN OF THE PHILIPPINES WHO WORKS AND DERIVES
INCOME FROM ABROAD AND WHOSE EMPLOYMENT
THEREAT REQUIRES HIM TO BE PHYSICALLY PRESENT
ABROAD MOST OF THE TIME DURING THE TAXABLE YEAR;
402004 - QUALIFICATIONS FOR AN INDIVIDUAL TO BE
4. A CITIZEN WHO HAS BEEN PREVIOUSLY CONSIDERED AS
CONSIDERED A NON-RESIDENT CITIZEN (5 ITEMS)
NON-RESIDENT CITIZEN AND WHO ARRIVES AT ANY TIME
DURING THE TAXABLE YEAR TO RESIDE PERMANENTLY IN
THE PHILIPPINES SHALL LIKEWISE BE TREATED AS A NON-
RESIDENT CITIZEN FOR THE TAXABLE YEAR IN WHICH HE
ARRIVES IN THE PHILIPPINES WITH RESPECT TO HIS INCOME
DERIVED FROM SOURCES ABROAD UNTIL THE DATE OF HIS
ARRIVAL IN THE PHILIPPINES;
5. THE TAXPAYER SHALL SUBMIT PROOF TO THE
COMMISSIONER TO SHOW HIS INTENTION OF LEAVING THE
PHILIPPINES TO RESIDE PERMANENTLY ABROAD OR TO
RETURN TO AN RESIDE IN THE PHILIPPINES AS THE CASE
MAY BE.
402005 - MEANING OF THE PHRASE "MOST OF THE TIME"
WITH REGARD TO THE PHYSICAL PRESENCE ABROAD OF 183 DAYS IN AGGREGATE DURING THE TAXABLE YEAR
NON-RESIDENT CITIZENS
402006 - ARE INDIVIDUALS WHO ARE NOT FILIPINOS. ALIENS
402007 - IS AN INDIVIDUAL WHOSE RESIDENCE IS WITHIN THE
RESIDENT ALIEN
PHILIPPINES AND WHO IS NOT A CITIZEN THEREOF.
402008 - IS AN INDIVIDUAL WHO COMES TO THE PHILIPPINES
FOR A DEFINITE PURPOSE WHICH IN ITS NATURE WOULD
REQUIRE AN EXTENDED STAY AND TO THAT END MAKES HIS
RESIDENT ALIEN
HOME TEMPORARILY IN THE PHILIPPINES, ALTHOUGH IT MAY
BE HIS INTENTION AT ALL TIME TO RETURN TO HIS DOMICILE
ABROAD.
402009 - IS AN INDIVIDUAL WHOSE RESIDENCE IS NOT
WITHIN THE PHILIPPINES AND WHO IS NOT A CITIZEN NON-RESIDENT ALIEN
THEREON.
402010 - IS AN INDIVIDUAL WHO COMES TO THE PHILIPPINES
FOR A DEFINITE PURPOSE WHICH IN ITS NATURE MAY BE NON-RESIDENT ALIEN
PROMPTLY ACCOMPLISHED.
402011 - IS A NON-RESIDENT ALIEN INDIVIDUAL WHO COMES
TO THE PHILIPPINES AND STAYS THEREIN FOR AN NON-RESIDENT ALIEN ENGAGED IN TRADE OR BUSINESS IN
AGGREGATE PERIOD OF MORE THAN 180 DAYS DURING ANY THE PHILIPPINES
CALENDAR YEAR.
402012 - MEANS THE PERTINENT ITEMS OF GROSS INCOME
SPECIFIED IN THE TAX CODE, LESS DEDUCTIONS IF ANY,
TAXABLE INCOME
AUTHORIZED FOR SUCH TYPES OF INCOME BY THE TAX
CODE OR OTHER SPECIAL LAWS.
TAXABLE INCOME WITHIN AND WITHOUT (OUTSIDE) THE
402013 - INCOME TAX BASE OF RESIDENT CITIZENS
PHILIPPINES
402014 - INCOME TAX BASE OF NON-RESIDENT CITIZENS TAXABLE INCOME WITHIN THE PHILIPPINES
402015 - INCOME TAX BASE OF RESIDENT ALIENS TAXABLE INCOME WITHIN THE PHILIPPINES
402016 - INCOME TAX BASE OF NON-RESIDENT ALIENS
TAXABLE INCOME WITHIN THE PHILIPPINES
ENGAGED IN TRADE OR BUSINESS WITHIN THE PHILIPPINES
402017 - INCOME TAX BASE OF NON-RESIDENT ALIENS NOT
TAXABLE INCOME WITHIN THE PHILIPPINES
ENGAGED IN TRADE OR BUSINESS IN THE PHILIPPINES
HUSBAND OR WIFE TAXABLE INCOME DIRECTLY
402018 - COMPUTATION OF THE TAXABLE INCOME OF ATTRIBUTABLE TO HIM OR HER + (INCOME OF MARRIED
MARRIED INDIVIDUALS INDIVIDUALS NOT DEFINITELY ATTRIBUTABLE TO ANY OF
THE SPOUSES / 2) = HUSBAND OR WIFE TAXABLE INCOME
402019 - REFERS TO A WORKER IN THE PRIVATE SECTOR
PAID THE STATUTORY MINIMUM WAGE OR TO AN EMPLOYEE
IN THE PUBLIC SECTOR WITH COMPENSATION INCOME OF
MINIMUM WAGE EARNER (MWE)
NOT MORE THAN THE STATUTORY MINIMUM WAGE IN THE
NON-AGRICULTURAL SECTOR WHERE HE/OR SHE IS
ASSIGNED.
402020 - PART OF TAXABLE INCOME OR EXEMPT: INCOME OF
EXEMPT
MINIMUM WAGE EARNERS
402021 - PART OF TAXABLE INCOME OR EXEMPT: HOLIDAY
PAY, OVERTIME PAY, NIGHT SHIFT DIFFERENTIAL PAY AND EXEMPT
HAZARD PAY RECEIVED BY MINIMUM WAGE EARNERS
402022 - TAX RATE APPLICABLE TO INDIVIDUALS EARNING
GRADUATED INCOME TAX RATES
PURELY COMPENSATION INCOME (EXCLUDING NRA-NETB)
AT THE OPTION OF THE TAXPAYER IF HE MEETS SPECIFIC
CRITERION STATED BELOW:
1. GRADUATED INCOME TAX RATES (DEFAULT IF TAXPAYER
DID NOT ELECT HIS CHOICE)
402023 - TAX RATE APPLICABLE TO SELF-EMPLOYED
2. IF TOTAL GROSS SALES/RECEIPTS AND OTHER NON-
INDIVIDUALS AND/OR PROFESSIONALS (EXCLUDING NRA-
OPERATING INCOME DO NOT EXCEED THE VAT THRESHOLD,
NETB) (2 ITEMS)
8% TAX ON GROSS SALES OR GROSS RECEIPTS AND OTHER
NON-OPERATING INCOME IN EXCESS OF P250,000 IN LIEU OF
GRADUATED INCOME TAX RATES AND OTHER PERCENTAGE
TAXES
402024 - TAX RATE APPLICABLE TO MIXED INCOME EARNERS
WITH RESPECT TO ALL INCOME FROM COMPENSATION GRADUATED INCOME TAX RATES
(EXCLUDING NRA-NETB)
AT THE OPTION OF THE TAXPAYER IF HE MEETS SPECIFIC
CRITERION STATED BELOW:
1. GRADUATED INCOME TAX RATES (DEFAULT IF TAXPAYER
DID NOT ELECT HIS CHOICE)
2. IF TOTAL GROSS SALES/RECEIPTS AND OTHER NON-
OPERATING INCOME DO NOT EXCEED THE VAT THRESHOLD,
402025 - TAX RATE APPLICABLE TO MIXED INCOME EARNERS 8% TAX ON GROSS SALES OR GROSS RECEIPTS AND OTHER
WITH RESPECT TO ALL INCOME FROM BUSINESS OR NON-OPERATING INCOME IN LIEU OF GRADUATED INCOME
PRACTICE OF PROFESSION (EXCLUDING NRA-NETB) TAX RATES AND OTHER PERCENTAGE TAXES
(PLEASE BE NOTED THAT THE 250,000 EXEMPTED PORTION
HAS ALREADY BEEN CONSIDERED TO THE COMPENSATION
INCOME OF THE TAXPAYER WHEN THE GRADUATED INCOME
TAX RATES WERE USED. THEREFORE, THE 250,000
EXEMPTED PORTION IS NO LONGER APPLICABLE FOR THE
INCOME FROM BUSINESS OR PRACTICE OF PROFESSION.)
1. VAT-REGISTERED TAXPAYERS REGARDLESS OF GROSS
SALES/RECEIPTS;
2. TAXPAYERS WHO ARE SUBJECT TO OTHER PERCENTAGE
TAXES UNDER TITLE V OF THE TAX CODE, AS AMENDED,
402026 - INDIVIDUALS WHO MAY NOT AVAIL OF THE 8%
EXCEPT THOSE SUBJECT UNDER SECTION 116 OF THE SAME
INCOME TAX RATE OPTION (3 ITEMS)
TITLE;
3. PARTNERS OF A GENERAL PROFESSIONAL PARTNERSHIP
(GPP) BY VIRTUE OF THEIR DISTRIBUTIVE SHARE FROM GPP
WHICH IS ALREADY NET OF COST AND EXPENSES.
402027 - COMPUTATION OF INCOME TAX DUE OF NON-
GROSS INCOME DERIVED FROM ALL SOURCES WITHIN THE
RESIDENT ALIENS NOT ENGAGED IN TRADE OR BUSINESS IN
PHILIPPINES * 25% = INCOME TAX DUE OF NRA-NETB
THE PHILIPPINES
1. ITEMIZED DEDUCTIONS (DEFAULT UNLESS THE TAXPAYER
402028 - ALLOWABLE DEDUCTION SCHEMES FOR INCOME
SIGNIFIES HIS INTENTION TO ELECT OSD)
TAX PURPOSES (2 ITEMS)
2. OPTIONAL STANDARD DEDUCTION (OSD)
402029 - IN __________, ALL EXPENSES ARE TRACKED TO
GET THE NET EXPENSE WHICH WILL THEN BE DEDUCTED TO
ITEMIZED DEDUCTIONS
A TAXPAYER'S GROSS INCOME TO GET HIS/HER TAXABLE
INCOME.
402030 - IN LIEU OF ITEMIZED DEDUCTIONS, ALL
INDIVIDUALS, SUBJECT TO TAX UNDER SECTION 24, OTHER
THAN NRA, MAY ELECT THE __________, IN AN AMOUNT NOT OPTIONAL STANDARD DEDUCTION (OSD)
EXCEEDING 40% OF HIS/HER GROSS SALES/RECEIPTS, AS
THE CASE MAY BE.
402031 - AN INDIVIDUAL WHO IS ENTITLED TO AND CLAIMED
FOR THE OSD SHALL NOT BE REQUIRED TO SUBMIT WITH
HIS TAX RETURN SUCH __________ OTHERWISE REQUIRED FINANCIAL STATEMENTS; GROSS SALES/RECEIPTS
UNDER THE TAX CODE. THE SAID INDIVIDUAL SHALL ONLY
KEEP SUCH RECORDS PERTAINING TO HIS __________.
402032 - REFERS TO THE MASS OF ALL PROPERTY, RIGHTS
AND OBLIGATIONS OF A PERSON WHICH ARE NOT ESTATE
EXTINGUISHED BY HIS DEATH.
402033 - IS A RIGHT ON PROPERTY, REAL OR PERSONAL,
TRUST
HELD BY ONE PARTY FOR THE BENEFIT OF ANOTHER.
1. IF UNDER THE TERMS OF THE TRUST, THE TITLE TO ANY
PART OF THE CORPUS/PRINCIPAL OF THE TRUST MAY BE
REVESTED TO THE GRANTOR (REVOCABLE), THE INCOME OF
THE PART OF THE CORPUS/PRINCIPAL SHALL BE TAXABLE
402034 - CASES WHEN THE INCOME OF THE TRUST IS TO THE GRANTOR.
TAXABLE TO THE GRANTOR (2 ITEMS) 2. IF UNDER THE TERMS OF THE TRUST, THE INCOME OF THE
TRUS SHALL BE APPLIED FOR THE BENEFIT OF THE
GRANTOR, THE INCOME THAT SHALL BE APPLIED FOR THE
BENEFIT OF THE GRANTOR SHALL BE TAXABLE TO THE
GRANTOR.
1. IT IS A SPECIAL ITEM OF DEDUCTION FOR THE
402035 - TREATMENT OF INCOME DISTRIBUTION OF THE
ESTATE/TRUST;
YEAR'S INCOME TO HEIR (IN ESTATES) OR BENEFICIARY (IN
2. IT IS ALSO A SPECIAL ITEM OF INCOME TO THE
TRUSTS)
HEIR/BENEFICIARY.
GROSS INCOME - DEDUCTIONS "BUSINESS EXPENSES &
402036 - COMPUTATION OF THE TAXABLE INCOME OF THE
DISTRIBUTION OF THE YEAR'S INCOME TO THE HEIR OR
ESTATE OR TRUST
BENEFICIARY" = TAXABLE INCOME
402037 - IS THE FORM IN WHICH A TAXPAYER FILES
INFORMATION ABOUT HIS/HER INCOME AND TAX THEREON INCOME TAX RETURN (ITR)
TO THE BUREAU OF INTERNAL REVENUE (BIR).
A SEPARATE RETURN WILL HAVE TO BE FILED FOR EACH
402038 - ITR FILING REQUIREMENT FOR SEVERAL TRUSTS
TRUST BY THE RESPECTIVE TRUSTEE OR FIDUCIARY WHICH
WITH A COMMON GRANTOR AND COMMON BENEFICIARY
WILL THEN BE CONSOLIDATED IN THE BIR.
402039 - COMPUTATION OF THE APPORTIONMENT OF
APPORTIONED INCOME TAX TO THE TRUST = (TAXABLE
CONSOLIDATED INCOME TAX TO DIFFERENT TRUSTS WHEN
INCOME OF THE TRUST / TAXABLE INCOME OF ALL TRUSTS) /
THERE ARE SEVERAL TRUSTS WITH A COMMON GRANTOR
CONSOLIDATED INCOME TAX
AND A COMMON BENEFICIARY
402040 - COMPUTATION OF THE INCOME TAX STILL DUE OF A INCOME TAX APPORTIONED TO THE TRUST - INCOME TAX
TRUST WHEN THERE ARE SEVERAL TRUSTS WITH A ALREADY PAID BY THE FIDUCIARY OF THE TRUST = INCOME
COMMON GRANTOR AND A COMMON BENEFICIARY TAX STILL DUE
402041 - INDIVIDUALS REQUIRED TO FILE ITR ALL INDIVIDUALS EXCEP NRA-NETB
HE/SHE IS RECEIVING PURELY COMPENSATION INCOME,
REGARDLESS OF AMOUNT, FROM ONLY ONE EMPLOYER IN
402042 - INDIVIDUAL TAXPAYERS SHALL NOT BE REQUIRED
THE PHILIPPINES FOR THE CALENDAR YEAR, THE INCOME
TO FILE AN ANNUAL ITR IF
TAX OF WHICH HAS BEEN WITHHELD CORRECTLY BY THE
SAID EMPLOYER (TAX DUE EQUALS TAX WITHHELD).
EXCEPT IN CASES WHERE THE COMMISSIONER OTHERWISE
PERMITS, THE RETURN SHALL BE FILED WITH:
1. AN AUTHORIZED AGENT BANK,
2. REVENUE DISTRICT OFFICER,
3. COLLECTION AGENT OR DULY AUTHORIZED TREASURER
402043 - OFFICES WHERE ITR IS FILED (4 ITEMS) OF THE CITY OR MUNICIPALITY IN WHICH SUCH PERSON HAS
A LEGAL RESIDENCE OR PRINCIPAL PLACE OF BUSINESS IN
THE PHILIPPINES, OR
4. IF THERE BE NO LEGAL RESIDENCE OR PLACE OF
BUSINESS IN THE PHILIPPINES, WITH THE OFFICE OF THE
COMMISSIONER.
1. FIRST QUARTER - MAY 15 OF THE CURRENT YEAR
2. SECOND QUARTER - AUGUST 15 OF THE CURRENT YEAR
402044 - DATE OF FILING OF ITR (4 ITEMS) 3. THIRD QUARTER - NOVEMBER 15 OF THE CURRENT YEAR
4. FINAL ADJUSTED RETURN - APRIL 15 OF THE SUCCEEDING
YEAR
402045 - TIME WHEN INCOME TAX IS PAID THE INCOME TAX IS PAID AS THE RETURN IS FILED
MEANS ALL INCOME DERIVED FROM WHATEVER SOURCE. GROSS INCOME
AS REGARDS TO INCOME TAXATION, TREATMENT FOR
COMPENSATION FOR PERSONAL SERVICES RENDERED PAID ACTUAL AMOUNT PAID IS TAXABLE.
IN CASH
COMPENSATION INCOME IS THE FAIR MARKET VALUE OF
COMPENSATION FOR PERSONAL SERVICES RENDERED PAID
THE PROPERTY RECEIVED.
IN KIND
COMPENSATION FOR PERSONAL SERVICES RENDERED PAID TAXABLE
IN THE FORM OF TIPS AND GRATUITIES
IF THE NOTE CAN BE DISCOUNTED, THE FAIR MARKET VALUE
OF THE NOTE UPON RECEIPT IS THE FAIR DICOUNTED
COMPENSATION PAID IN PROMISSORY NOTE
VALUE.
IF THEY ARE:
AS REGARDS TO INCOME TAXATION, TRANSPORTATION,
1. ORDINARY AND NECESSARY EXPENSES OF THE
REPRESENTATION AND OTHER ALLOWANCES RECEIVED BY
EMPLOYER;
OFFICIALS OR EMPLOYEES ARE TAXABLE AS
2. PAID OR INCURRED IN THE PURSUIT OF TRADE, BUSINESS
COMPENSATION INCOME. EXCEPTIONS TO THIS RULE (3
OR PROFESSION; AND/OR
ITEMS)
3. THE EMPLOYEE IS REQUIRED TO ACCOUNT/LIQUIDATE.
EXCESS ADVANCES OVER THE ACTUAL EXPENSES
TAXABLE INCOME IF SUCH AMOUNT IS NOT RETURNED TO
INCURRED FOR TRANSPORTATION, REPRESENTATION AND
THE EMPLOYER.
OTHER ALLOWANCES RECEIVED BY OFFICIALS OR
EMPLOYEES
AS REGARDS TO INCOME TAXATION, TREATMENT FOR TAXABLE EXCEPT MONETIZED VALUE OF UNUTILIZED
VACATION AND SICK LEAVE ALLOWANCES VACATION LEAVE CREDITS NOT EXCEEDING 10 DAYS.
CONDONATION OF DEBT IF DEBTOR RENDERED SERVICES TAXABLE INCOME TO THE DEBTOR.
TO THE CREDITOR
CONDONATION OF DEBT IF NO SERVICES WERE RENDERED TAXABLE TO THE CREDITOR AS GIFT GIVEN TO THE DEBTOR.
BY THE DEBTOR TO THE CREDITOR
CONDONATION OF DEBT WHEN THE CREDITOR IS A IT HAS THE EFFECT OF A PAYMENT OF DIVIDEND.
CORPORATION WHILE THE DEBTOR IS A STOCKHOLDER
AMOUNT CONDONED IS CONSIDERED AS AN ADDITIONAL
CONDONATION OF DEBT WHEN THE CREDITOR IS A
INVESTMENT.
STOCKHOLDER WHILE THE DEBTOR IS THE CORPORATION
APPLICATION OF THE TAX BENEFIT RULE:
AS REGARDS TO INCOME TAXATION, TREATMENT FOR 1. TAXABLE - IF DEDUCTION OF BAD DEBT HAS REDUCED
RECOVERY OF BAD DEBT PREVIOUSLY DEDUCTED (2 THE TAX LIABILITY OF TAXPAYER.
SCENARIOS) 2. NOT TAXABLE - IF THERE WAS NO REDUCTION IN THE TAX
LIABILITY OF TAXPAYER.
DIVIDENDS RECEIVED BY A DOMESTIC CORPORATION FROM NOT TAXABLE
ANOTHER DOMESTIC CORPORATION
DIVIDENDS RECEIVED BY A RESIDENT FOREIGN NOT TAXABLE
CORPORATION FROM A DOMESTIC CORPORATION
TAXABLE AT 30% FINAL TAX; 15% IF SUBJECT TO TAX
DIVIDENDS RECEIVED BY A NONRESIDENT FOREIGN
SPARING CREDIT
CORPORATION FROM A DOMESTIC CORPORATION
IS A TERM USED TO DENOTE A SPECIAL FORM OF DOUBLE
TAXATION RELIEF IN TAX TREATIES WITH DEVELOPING
COUNTRIES. WHERE A COUNTRY GRANTS TAX INCENTIVES
TO ENCOURAGE FOREIGN INVESTMENT AND THAT COMPANY
IS A RESIDENT OF ANOTHER COUNTRY WITH WHICH A TAX
TAX SPARING CREDIT
TREATY HAS BEEN CONCLUDED, THE OTHER COUNTRY MAY
GIVE A CREDIT AGAINST ITS OWN TAX FOR THE TAX WHICH
THE COMPANY WOULD HAVE PAID IF THE TAX HAD NOT
BEEN "SPARED" UNDER THE PROVISIONS OF THE TAX
INCENTIVES.
DIVIDENDS RECEIVED BY A DOMESTIC CORPORATION FROM TAXABLE AS ORDINARY INCOME
A RESIDENT FOREIGN CORPORATION
AS REGARDS TO INCOME TAXATION, TREATMENT FOR TAX SUBJECT TO 10% FINAL WITHHOLDING TAX OF REWARDS
INFORMER'S REWARD RECEIVED.
DETERMINATION OF THE AMOUNT TO BE PAID TO INFORMER 10% OF AMOUNT COLLECTED BY THE GOVERNMENT NOT
AS TAX INFORMER'S REWARD EXCEEDING P1,000,000.00.
AS REGARDS TO INCOME TAXATION, TREATMENT FOR RENT TAXABLE INCOME TO THE LESSOR BUT DEDUCTIBLE
FOR THE USE OF PROPERTY EXPENSE TO THE LESSEE.
AS REGARDS TO INCOME TAXATION, TREATMENT FOR CONSTITUTES ADDITIONAL RENT AND TAXABLE INCOME TO
TAXES ASSUMED BY LESSEE ON BEHALF OF THE LESSOR THE LESSOR.
METHODS IN WHICH INCOME MAY BE REPORTED BY THE
1. OUTRIGHT METHOD
LESSOR IF LEASEHOLD IMPROVEMENTS ON LEASED
2. SPREAD OUT METHOD
PREMISES WILL GO TO HIM UPON TERMINATION (2 ITEMS)
IS A METHOD OF RECOGNIZING INCOME BY THE LESSOR,
FROM LEASEHOLD IMPROVEMENTS TO BE TRANSFERRED
TO HIM UPON THE TERMINATION OF THE CONTRACT, OUTRIGHT METHOD
WHEREIN THE FAIR MARKET VALUE OF THE IMPROVEMENTS
IN THE YEAR OF COMPLETION IS REPORTED AS INCOME.
IS A METHOD OF RECOGNIZING INCOME BY THE LESSOR,
FROM LEASEHOLD IMPROVEMENTS TO BE TRASFERRED TO
HIM UPON THE TERMINATION OF THE CONTRACT, WHEREIN
SPREAD OUT METHOD
THE BOOK VALUE OF THE IMPROVEMENTS AT THE
TERMINATION OF THE LEASE CONTRACT IS SPREAD OVER
THE REMAINING TERM OF THE LEASE.
THE LESSEE MAY CLAIM DEPRECIATION OF IMPROVEMENTS
OVER THE REMAINING TERM OF THE LEASE OR THE LIFE OF
DEPRECIATION ON THE LEASEHOLD IMPROVEMENTS
THE IMPROVEMENTS, WHICHEVER IS SHORTER.
AS REGARDS TO INCOME TAXATION, TREATMENT FOR THE INCOME TO BE REPORTED BY THE LESSOR SHALL BE
PREMATURE TERMINATION OF THE LEASE WHEN THERE ARE COMPUTED BY SUBTRACTING THE AMOUNTS ALREADY
LEASEHOLD IMPROVEMENTS TO BE TRANSFERRED TO THE REPORTED AS INCOME BY THE LESSOR FROM THE BOOK
LESSOR VALUE UPON TERMINATION.
GR: EXCLUSION FROM GROSS INCOME
AS REGARDS TO INCOME TAXATION, TREATMENT FOR PROCEEDS
XPN:OF
TAXABLE
LIFE INSURANCE
IF THE INSURED
PAYABLE
OUTLIVES
UPON THE
THEDEATH
POLICY.
OF THE INSURED
AS REGARDS TO INCOME TAXATION, TREATMENT FOR RETURNEXCLUSION
OF PREMIUMS
FROM
EITHER
GROSS
DURING
INCOME
THE TERM, AT THE MATURITY OR UPON SURRENDER OF THE INSURANCE CONTRACT
AS REGARDS TO INCOME TAXATION, TREATMENT FOR THE VALUE
EXCLUSION
OF PROPERTY
FROM GROSS
ACQUIRED
INCOME
BY GIFT, BEQUEST, DEVISE OR DESCENT
AS REGARDS TO INCOME TAXATION, TREATMENT FOR COMPENSATION
EXCLUSION
FOR
FROM
PERSONAL
GROSSINJURIES
INCOME OR SICKNESS RECEIVED FROM INSURANCE PLUS DAMAGES
AS REGARDS TO INCOME TAXATION, TREATMENT FOR INCOMEEXCLUSION
OF ANY KIND
FROM
WHICH
GROSS
ARE INCOME
CONTAINED IN A TREATY BINDING UPON THE PHILIPPINE GOVERNMENT
1. THE EMPLOYER MUST MAINTAIN A PRIVATE PENSION PLAN WHICH IS APPROVED BY THE BIR;
2. THE EMPLOYEE HAS BEEN IN THE SERVICE OF THE SAME EMPLOYER FOR AT LEAST 10 YEARS;
3. THE RETIRING EMPLOYEE MUST NOT BE LESS THAN 50 YEARS OLD UPON RETIREMENT; AND
REQUISITES FOR RETIREMENT BENEFITS TO BE CONSIDERED 4.
ASTHE
EXCLUSIONS
BENEFIT OF
FROM
EXEMPTION
GROSS INCOME
CAN BE AVAILED
(4 ITEMS)OF ONLY ONCE.
REQUISITES FOR SEPARATION PAY TO BE CONSIDERED AS EXCLUSION
THE SEPARATION
FROM GROSS
OF EMPLOYEE
INCOME FROM SERVICE MUST BE DUE TO DEATH, SICKNESS, PHYSICAL DISABILITY OR ANY CAUSE BEYOND THE CONTROL OF THE EMPLOYEE.
1. THE RECIPIENT DID NOT JOIN THE CONTEST; AND
REQUISITES FOR PRIZES AND AWARDS GIVEN TO RELIGIOUS, CHARITABL,
2. HE IS NOTSCIENTIFIC,
REQUIRED TOEDUCATIONAL,
RENDER SUBSTANTIAL
ARTISTIC, LITERARY
FUTURE SERVICES.
OR CIVIC ACHIEVEMENT TO BE CONSIDERED AS EXCLUSIONS FROM GROSS INCOME (2 ITEMS)
AS REGARDS TO INCOME TAXATION, TREATMENT FOR BENEFITS
EXCLUSION
RECEIVEDFROM
BY PERSONS
GROSS INCOME
RESIDING IN THE PHILIPPINES UNDER U.S. LAWS ADMINISTERED BY U.S. VETERANS ADMINISTRATION
AS REGARDS TO INCOME TAXATION, TREATMENT FOR BENEFITS
EXCLUSION
RECEIVEDFROM
FROMGROSS
SSS, GSIS
INCOME
INCLUDING RETIREMENT GRATUITY RECEIVED BY GOVERNMENT OFFICIALS AND EMPLOYEES
DERIVED BY
FROM
FOREIGN
GROSSGOVERNMENTS
INCOME
DERIVED BY
FROM
THE GOVERNMENT
GROSS INCOME
OR ITS POLITICAL SUBDIVISIONS FROM PUBLIC UTILITY OR ANY ESSENTIAL GOVERNMENTAL FUNCTION
THE LOCAL AND INTERNATION SPORTS COMPETITIONS HELD IN THE PHILIPPINES OR ABROAD MUST BE:
1. SANCTIONED BY THEIR NATIONAL SPORTS ASSOCIATIONS; AND
REQUISITES FOR PRIZES AND AWARDS GRANTED TO ATHLETES
2. TO
THEBE
SPORTS
CONSIDERED
ASSOCIATION
AS EXCLUSION
MUST BEFROM
RECOGNIZED
GROSS INCOME
BY THE PHILIPPINE OLYMPIC COMMITTEE (POC).
1. P90,000 AND BELOW - EXEMPT
AS REGARDS TO INCOME TAXATION, TREATMENT FOR 13TH MONTH
2. AMOUNT
PAY AND
EXCEEDING
OTHER BENEFITS
90,000 - TAXABLE
1. MANDATORY CONTRIBUTIONS - EXEMPT
AS REGARDS TO INCOME TAXATION, TREATMENT FOR GSIS, SSS,
2. AMOUNTS
MEDICARE
EXCEEDING
AND PAG-IBIG
MANDATORY
AND UNION
CONTRIBUTIONS
DUES OF INDIVIDUALS
- TAXABLE
GR: TAXABLE
AS REGARDS TO INCOME TAXATION, TREATMENT FOR GAINS FROM
XPN: EXEMPT
SALE OFIF
BONDS,
THE MATURITY
DEBENTURES
PERIOD
AND
IS OTHER
MORE THAN
CERTIFICATE
5 YEARS.OF INDEBTEDNESS
AS REGARDS TO INCOME TAXATION, TREATMENT FOR GAINS REALIZED
EXCLUSION
BYFROM
INVESTORS
GROSSUPON
INCOME
REDEMPTION OF SHARES IN A MUTUAL FUND COMPANY
IS A KIND OF WITHHOLDING TAX WHICH IS PRESCRIBED ON CERTAIN
FINAL WITHHOLDING
INCOME PAYMENTS
TAX AND IS NOT CREDITABLE AGAINST THE INCOME TAX DUE OF THE PAYEE ON OTHER INCOME SUBJECT TO REGULAR RATES OF TAX FOR THE TAXABLE YEAR.
IS INCOME THAT REQUIRES LITTLE TO NO EFFORT TO EARN AND
PASSIVE
MAINTAIN
INCOME
(FROM SOURCES WITHIN THE PHILIPPINES ONLY).
20%
FOR INDIVIDUALS, FINAL TAX RATE ON INTEREST INCOME FROM
(FOR
PHILIPPINE
ALL INDIVIDUALS
CURRENCYEXCEPT
BANK NRA-NETB)
DEPOSITS
20%
FOR INDIVIDUALS, FINAL TAX RATE ON YIELD OR ANY OTHER MONETARY
(FOR ALL INDIVIDUALS
BENEFIT FROM
EXCEPT
DEPOSIT
NRA-NETB)
SUBSTITUTES AND FROM TRUST FUNDS AND SIMILAR ARRANGEMENTS
GR: 20%
XPN: ROYALTIES FROM BOOKS AND OTHER LITERARY WORKS AND MUSICAL COMPOSITIONS SHALL BE SUBJECT TO 10% FINAL TAX.
FOR INDIVIDUALS, FINAL TAX RATE ON ROYALTIES (FOR ALL INDIVIDUALS EXCEPT NRA-NETB)
GR: 20%
XPN: PRIZES AMOUNTING TO P10,000 OR LESS SHALL BE TREATED AS ORDINARY TAXABLE INCOME..
FOR INDIVIDUALS, FINAL TAX RATE ON PRIZES (FOR ALL INDIVIDUALS EXCEPT NRA-NETB)
GR: 20%
XPN: WINNINGS FROM SWEEPSTAKES AND LOTTO AMOUNTING TO P10,000 OR LESS ARE EXEMPT.
FOR INDIVIDUALS, FINAL TAX RATE ON WINNINGS (FOR ALL INDIVIDUALS EXCEPT NRA-NETB)
GR: EXEMPT
XPN: IF PRE-TERMINATED WITHIN:
4 YEARS TO LESS THAN 5 YEARS - 5%
3 YEARS TO LESS THAN 4 YEARS - 12%
LESS THAN 3 YEARS - 20%
FOR INDIVIDUALS, FINAL TAX RATE ON INTEREST INCOME FROM
(FOR
LONG-TERM
ALL INDIVIDUALS
DEPOSITEXCEPT
OR INVESTMENT
NRA-NETB)(MATURITY OF 5 YEARS OR MORE)
RC & RA - 15%
FOR INDIVIDUALS, FINAL TAX RATE ON INTEREST INCOME RECEIVED
NRC & FROM
NRA - EXEMPT
A DEPOSITARY BANK UNDER THE FOREIGN CURRENCY DEPOSIT SYSTEM (FCDS)
10%
FOR INDIVIDUALS, FINAL TAX RATE ON DIVIDENDS RECEIVED FROM
(FOR ALL
DOMESTIC
INDIVIDUALS
CORPORATIONS
EXCEPT NRA-NETB)
10%
(FOR ALL
JOINT
INDIVIDUALS
STOCK COMPANIES
EXCEPT NRA-NETB)
10%
(FOR ALL
INSURANCE
INDIVIDUALS
OR MUTUAL
EXCEPTFUND
NRA-NETB)
COMPANIES
10% - APPLICABLE ONLY TO GENERAL CO-PARTNERSHIPS (NOT FOR GENERAL PROFESSIONAL PARTNERSHIPS
FOR INDIVIDUALS, FINAL TAX RATE ON THE SHARE OF AN INDIVIDUAL
(FOR ALL
PARTNER
INDIVIDUALS
IN THE
EXCEPT
DISTRIBUTABLE
NRA-NETB)
NET INCOME OF A PARTNERSHIP AFTER TAX
10%
FOR INDIVIDUALS, FINAL TAX RATE ON THE SHARE OF AN INDIVIDUAL
(FOR ALL
IN INDIVIDUALS
THE NET INCOME
EXCEPT
AFTER
NRA-NETB)
TAX OF AN ASSOCIATION, A JOINT ACCOUNT OR A JOINT VENTURE OR CONSORTIUM OF WHICH HE IS A MEMBER OR A CO-VENTURER
1. DOMESTIC CORPORATION
2. RESIDENT FOREIGN CORPORATION
CLASSIFICATION OF CORPORATIONS (3 ITEMS) 3. NON-RESIDENT FOREIGN CORPORATION
IS A CORPORATION IN THE PHILIPPINES THAT IS ORGANIZED, REGISTERED, AND EXISTING UNDER PHILIPPINE LAWS.
IS A FOREIGN CORPORATE ENTITY IS BEING BROUGHT TO THERESIDENT
PHILIPPINES
FOREIGN
AND SECURED
CORPORATION
A LICENSED TO DO BUSINESS IN THE PHILIPPINES WITH THE SECURITIES AND EXCHANGE COMMISSION IN THE PHILIPPINES.
RFBT - OBLIGATIONS (501001 - STILL UNFINISHED)
501001 - IS A JURIDICAL NECESSITY TO GIVE, TO DO OR NOT
OBLIGATION
TO DO.
501002 - MEANS THAT THE COURT MAY BE ASKED TO ORDER
THE PERFORMANCE OF AN OBLIGATION IF THE DEBTOR JURIDICAL NECESSITY
REFUSES TO PERFORM IT.
1. CREDITOR / OBLIGEE / ACTIVE SUBJECT
2. DEBTOR / OBLIGOR / PASSIVE SUBJECT
501003 - REQUISITES OF AN OBLIGATION (4 ITEMS) 3. PRESTATION / OBJECT
4. EFFICIENT CAUSE / VINCULUM JURIS / LEGAL OR
JURIDICAL TIE
501004 - IS THE PARTY WHO HAS THE RIGHT TO DEMAND
CREDITOR, OBLIGEE OR ACTIVE SUBJECT
PERFORMANCE OF THE OBLIGATION.
501005 - IS THE PARTY WHO IS OBLIGED TO PERFORM THE
DEBTOR, OBLIGOR OR PASSIVE SUBJECT
OBLIGATION.
501006 - IS THE SUBJECT MATTER OF THE OBLIGATION. PRESTATION OR OBJECT
PRESTATION TO GIVE (REAL OBLIGATION), TO DO
501007 - POSSIBLE PRESTATIONS OF AN OBLIGATION (3
(PERSONAL OBLIGATION) OR NOT TO DO (PERSONAL
ITEMS)
OBLIGATION)
501008 - IS THE LEGAL FACTOR WHICH BIND THE PARTIES TO
EFFICIENT CAUSE / VINCULUM JURIS / LEGAL OR JURIDICAL
AN OBLIGATION. IT ALSO REFERS TO ANY OF THE FIVE
TIE
SOURCES OF OBLIGATION.
501009 - IS BASED ON POSITIVE LAW; HENCE IT IS
CIVIL OBLIGATION
ENFORCEABLE BY COURT ACTION.
501010 - IS BASED ON NATURAL LAW; HENCE IT IS NOT
NATURAL OBLIGATION
ENFORCEABLE BY COURT ACTION.
501011 - RULE IF THE DEBTOR VOLUNTARILY PERFORMS A THE DEBTOR CAN NO LONGER RECOVER WHAT HE HAS
NATURAL OBLIGATION GIVEN.
1. LAW
2. CONTRACTS
501012 - SOURCES OF OBLIGATION (5 ITEMS) 3. QUASI-CONTRACTS
4. DELICTS
5. QUASI DELICTS
501013 - A RULE OF CONDUCT, JUST AND OBLIGATORY, LAID
DOWN BY LEGITIMATE AUTHORITY FOR COMMON LAW
OBSERVANCE AND BENEFIT.
PARA MASABING MAY OBLIGATION GALING SA LAW, DAPAT
501014 - EXPLAIN: OBLIGATIONS ARISING FROM LAW ARE NAKASAAD ITO SA ISANG SPECIFIC PROVISION NG BATAS.
NOT PRESUMED HINDI PWEDENG MAG-PE-PRESUME KA LANG NA MAY
GANON SA BATAS.
501015 - IS A MEETING OF MINDS BETWEEN TWO PERSONS
WHEREBY ONE BINDS HIMSELF, WITH RESPECT TO THE
CONTRACTS
OTHER, TO GIVE SOMETHING OR TO RENDER SOME
SERVICE.
DAPAT SUNDIN NG PARTIES KUNG ANO MAN ANG NAKASAAD
SA CONTRACT (PARANG BATAS), PERO HINDI IBIG SABIHIN
501016 - EXPLAIN: OBLIGATIONS ARISING FROM CONTRACTS
NA ABOVE THE LAW ANG CONTRACTS. KUNG MAY CONFLICT
HAVE THE FORCE OF LAW BETWEEN THE CONTRACTING
BETWEEN THE CONTRACT AND LAW, THE LAW SHALL
PARTIES AND SHOULD BE COMPLIED WITH IN GOOD FAITH.
PREVAIL. KAILANGAN DIN NG PARTIES MAG EXERCISE NG
INTEGRITY SA PAG-COMPLY SA OBLIGATION (GOOD FAITH).
501017 - REFER TO CERTAIN LAWFUL, VOLUNTARY AND
UNILATERAL ACTS GIVING RISE TO A JURIDICAL RELATION
QUASI-CONTRACTS
TO THE END THAT NO ONE SHALL BE UNJUSTLY ENRICHED
AT THE EXPENSE OF ANOTHER.
1. NEGOTIORUM GESTIO
601018 - KINDS OF QUASI CONTRACTS (3 ITEMS) 2. SOLUTIO INDEBITI
3. OTHER QUASI-CONTRACTS
601019 - REFERS TO THE VOLUNTARY ADMINISTRATION OF
THE PROPERTY, BUSINESS OR AFFAIRS OF ANOTHER NEGOTIORUM GESTIO
WITHOUT HIS CONSENT OR AUTHORITY.
601020 - IS THE OFFICIOUS MANAGER OF ANOTHER'S
GESTOR
AFFAIRS IN NEGOTIORUM GESTIO
GENERALLY IT SHALL BE SOLIDARY UNLESS THE
601021 - THE NATURE OF RESPONSIBILITY OF TWO OR MORE MANAGEMENT WAS ASSUMED TO SAVE THE THING OR
OFFICIOUS MANAGERS IN NEGOTIORUM GESTIO BUSINESS FROM IMMINENT DANGER WHICH WILL MAKE
THEIR LIABILITY JOINT ONLY.
1. IF HE UNDERTAKES RISKY OPERATIONS WHICH THE
OWNER WAS NOT ACCUSTOMED TO EMBARK UPON;
601022 - INSTANCES WHERE THE OFFICIOUS MANAGER 2. IF HE PREFERRED HIS OWN INTEREST TO THAT OF THE
SHALL BE HELD LIABLE FOR ANY FOURTUITOUS EVENT (4 OWNER;
ITEMS) 3. IF HE FAILS TO RETURN THE PROPERTY OR BUSINESS
AFTER DEMAND BY THE OWNER; AND
4. IF HE ASSUMED THE MANAGEMENT IN BAD FAITH
1. WHEN THE PROPERTY OR BUSINESS IS NOT NEGLECTED
601023 - INSTANCES WHERE NEGOTIORUM GESTIO WILL NOT OR ABANDONED; AND
ARISE (2 ITEMS) 2. IF IN FACT THE MANAGER HAS BEEN TACITLY AUTHORIZED
BY THE OWNER.
601024 - REFERS TO PAYMENT BY MISTAKE OF AN
SOLUTIO INDEBITI
OBLIGATION WHICH WAS NOT DUE WHEN PAID.
601025 - NATURE OF RESPONSIBILITY OR LIABILITY OF TWO
OR MORE PAYEES WHEN THER HAS BEEN PAYMENT OF SOLIDARY
WHAT IS NOT DUE
601026 - A PERSON WHO ACCEPTS AN UNDUE PAYMENT OF
HE RECEIVES THE UNDUE PAYMENT IN BAD FAITH
A SUM OF MONEY WILL BE LIABLE FOR INTEREST WHEN...
601027 - A PERSON IN GOOD FAITH ACCEPTING AN UNDUE
PAYMENT OF A THING CERTAIN OR DETERMINATE WILL BE
IN SO FAR AS HE HAS THEREBY BEEN BENEFITED.
RESPONSIBLE FOR THE LOSS OF THE SAME OR ITS
ACCESSORIES AND ACCESSIONS…
601028 - IS A SOURCE OF OBLIGATION THAT REFERS TO ANY
DELICT, CRIME OR FELONY
ACT OR OMISSION PUNISHABLE BY LAW.
1. RESTITUTION
601029 - AS A GENERAL RULE: SCOPE OF CIVIL LIABILITY OF
2. REPARATION
AN OFFENDER UPON COMMISSION OF A CRIME (3 ITEMS)
3. INDEMNIFICATION
1. AN IMBECILE OR INSANE PERSON
2. A PERSON UNDER 18 OF AGE
601030 - PERSONS WHO WILL NOT BE IMPRISONED BUT WILL 3. ANY PERSON WHO ACTS UNDER THE COMPULSION OF AN
BE LIABLE FOR CIVIL DAMAGES FOR THEIR ACTS (4 ITEMS) IRRESISTIBLE FORCE
4. ANY PERSON WHO ACTS UNDER THE IMPULSE OF AN
UNCONTROLLABLE FEAR OF AN EQUAL OR GREATER INJURY
ANY PERSON WHO ACTS UNDER SELF-DEFENSE OR IN THE
601031 - PERSON WHO WILL NOT BE LIABLE EITHER PERFORMANCE OF HIS OFFICIAL DUTY SUFFERING FROM
CRIMINALLY OR CIVILLY FOR HIS ACTS BATTERED WOMAN SYNDROME WHO KILLED OR INJURED
HIS BATTERER.
601032 - DEGREE OF EVIDENCE THAT MUST BE PROVED BY
THE PROSECUTION FOR THE ACCUSED TO BE CRIMINALLY PROOF BEYOND REASONABLE DOUBT
LIABLE
601033 - DEGREE OF EVIDENCE THAT MUST BE PROVED BY
THE PLAINTIFF IN ORDER TO RECOVER CIVIL DAMAGES PREPONDERANCE OF EVIDENCE
BASED ON CONTRACT OR QUASI-DELICT
601034 - ARE ACTS OR OMISSIONS THAT CAUSE DAMAGE TO
ANOTHER, THERE BEING FAULT OR NEGLIGENCE BUT
QUASI-DELICTS, TORTS OR CULPA AQUILIANA
WITHOUT ANY PRE-EXISTING CONTRACTUAL RELATION
BETWEEN THE PARTIES.
601035 - THE RIGHT VIOLATED BY A __________ IS A PUBLIC
RIGHT, WHILE THE RIGHT VIOLATED BY A __________ IS A CRIME; QUASI-DELICT
PRIVATE RIGHT
601036 - EVERY ___________ GIVE RISE TO LIABILITY FOR
DAMAGES TO THE INJURED PARTY BUT THERE ARE QUASI-DELICT; CRIMES
__________ FROM WHICH NO CIVIL LIABILITY ARISES.
601037 - LIABILITY FROM __________ CAN NEVER BE
COMPROMISED EXCEPT IN __________ BUT LIABILITY FROM CRIMES; CRIMINAL NEGLIGENCE; QUASI-DELICT
__________ CAN BE COMPROMISED.
601038 - IN ORDER TO PROVE CRIME, __________ IS
PROOF BEYOND REASONABLE DOUBT; ONLY
REQUIRED BUT IN ORDER TO PROVE NEGLIGENCE IN QUASI-
PREPONDERANCE OF EVIDENCE
DELICT, __________ IS NEEDED.
601039 - IN CASE OF TORT, THE PLAINTIFF OR INJURED
WHEN THE PLAINTIFF'S OWN NEGLIGENCE WAS THE
PARTY WILL BE BARRED OR PRECLUDED FROM
IMMEDIATE AND PROXIMATE CAUSE OF HIS INJURY.
RECOVERING DAMAGES…
601040 - THE __________ AND, IN CASE OF HIS DEATH OR
INCAPACITY, THE MOTHER, ARE RESPONSIBLE FOR THE
FATHER
DAMAGES CAUSED BY MINOR CHILDREN WHO LIVE IN THEIR
COMPANY.
601041 - __________ ARE LIABLE FOR DAMAGES CAUSED BY
THE MINORS OR INCAPACITATED PERSONS WHO ARE GUARDIANS
UNDER THEIR AUTHORITY AND LIVE IN THEIR COMPANY.
601042 - THE __________ OF AN ESTABLISHMENT OR
ENTERPRISE ARE LIKEWISE RESPONSIBLE FOR DAMAGES
CAUSED BY THEIR EMPLOYEES IN THE SERVICE OF THE OWNERS AND MANAGERS
BRANCHES IN WHICH THE LATTER ARE EMPLOYED OR ON
THE OCCASION OF THEIR FUNCTIONS.
601043 - __________ SHALL BE LIABLE FOR THE DAMAGES
CAUSED BY THEIR EMPLOYEES AND HOUSEHOLD HELPERS
ACTING WITHIN THE SCOPE OF THEIR ASSIGNED TASKS, EMPLOYERS
EVEN THOUGH THE FORMER ARE NOT ENGAGED IN ANY
BUSINESS OR INDUSTRY.
601044 - __________ OR HEADS OF ESTABLISHMENTS OF
ARTS AND TRADES SHALL BE LIABLE FOR DAMAGES CAUSED
TEACHERS
BY THEIR PUPILS AND STUDENTS OR APPRENTICES WHO
ARE WITHIN THEIR CUSTODY.
601045 - NATURE OF LIABILITY OF TWO OR MORE PERSONS
SOLIDARY
WHO ARE LIABLE FOR QUASI-DELICT OR TORT
601046 - A THING IS __________ WHEN IT IS PARTICULARLY
DESIGNATED OR PHYSICALLY SEGREGATED FROM ALL DETERMINATE
OTHERS OF THE SAME CLASS.
601047 - A THING IS __________ WHEN IT ONLY INDICATED BY
ITS KIND, WITHOUT BEING DESIGNATED OR DISTINGUISHED
FROM OTHERS OF THE SAME KIND.
1. TO EXERCISE THE PROPER DEGREE OF DILIGENCE
2. TO DELIVER THE THING
601048 - OBLIGATIONS OF ONE OBLIGED TO GIVE A
3. TO DELIVER THE FRUITS OF THE THING
DETERMINATE THING (4 ITEMS)
4. TO DELIVER THE ACCESSIONS AND ACCESSORIES OF THE
THING
IN ORDER OF PRIORITY
601049 - RULE ON THE DEGREE OF DILIGENCE TO BE 1. WHAT IS MANDATED BY LAW
APPLIED IN THE PERFORMANCE OF AN OBLIGATION 2. WHAT IS STIPULATED BY THE PARTIES
3. DILIGENCE OF A GOOD FATHER OF A FAMILY
1. NATURAL FRUITS
601050 - KINDS OF FRUITS (3 ITEMS) 2. INDUSTRIAL FRUITS
3. CIVIL FRUITS
601051 - ARE THE SPONTANEOUS PRODUCTS OF THE SOIL
NATURAL FRUITS
AND THE YOUNG AND OTHER PRODUCTS OF ANIMALS.
601052 - REFER TO THOSE PRODUCED BY LAND OF ANY KIND
INDUSTRIAL FRUITS
THROUGH CULTIVATION OR LABOR.
601053 - REFER TO FRUITS WHICH ARE THE RESULT OF A
JURIDICAL RELATION SUCH AS THE RENT OF A BUILDING,
CIVIL FRUITS
PRICE OF LEASE OF LAND AND OTHER PROPERTY AND THE
AMOUNT OF PERPETUAL OR LIFE ANNUITIES.
AT THE TIME THE OBLIGATION TO DELIVER THE PRINCIPAL
601054 - THE POINT AT WHICH THE CREDITOR GAINS THE
THING ARISES (PERSONAL RIGHT UNTIL DELIVERY OF THE
RIGHT TO THE FRUITS OF A DETERMINATE THING
SAME WHICH GIVES RISE TO REAL RIGHT)
1. PURE OBLIGATION - PERFECTION
601055 - WHEN OBLIGATION TO DELIVER THE THING ARISES 2. UPON THE FULFILLMENT OF SUSPENSIVE PERIOD OR
CONDITION IF ANY
601056 - IS THE POWER BELONGING TO A PERSON OVER A
SPECIFIC THING, WITHOUT A PASSIVE SUBJECT
REAL RIGHT
INDIVIDUALLY DETERMINED, AGAINST WHOM SUCH RIGHT
MAY BE PERSONALLY EXERCISED.
601057 - IS THE POWER BELONGING TO ONE PERSON TO
DEMAND OF ANOTHER, AS A DEFINITE PASSIVE SUBJECT,
PERSONAL RIGHT
THE FULFILLMENT OF A PRESTATION TO GIVE, TO DO OR
NOT TO DO.
601058 - INCLUDE EVERYTHING THAT IS PRODUCED BY A
THING OR IS INCORPORATED OR ATTACHED THERETO, ACCESSIONS
EITHER NATURALLY OR PHYSICALLY.
601059 - ARE THOSE JOINED TO OR INCLUDED WITH THE
PRINCIPAL THING FOR THE LATTER'S BETTER USE, ACCESSORIES
PERFECTION OR ENJOYMENT.
601060 - RULE ON THE INCLUSION OF ACCESSIONS AND THEY ARE INCLUDED UNLESS THE PARTIES STIPULATED
ACCESSORIES IN THE OBLIGATION OTHERWISE.
601061 - REMEDIES OF THE CREDITOR IF THE DEBTOR FAILS
1. SPECIFIC PERFORMANCE
TO PERFORM HIS OBLIGATION TO DELIVER A DETERMINATE
2. DAMAGES
THING (2 ITEMS)
601062 - REMEDIES OF THE CREDITOR IF THE DEBTOR FAILS 1. TO ASK THAT THE OBLIGATION BE COMPLIED WITH AT THE
TO PERFORM HIS OBLIGATION TO DELIVER A GENERIC EXPENSE OF THE DEBTOR; AND
THING (2 ITEMS) 2. DAMAGES
601063 - REMEDIES OF THE CREDITOR IF THE DEBTOR FAILS
1. TO HAVE THE OBLIGATION EXECUTED AT THE EXPENSE
TO PERFORM HIS OBLIGATION IN OBLIGATIONS TO DO OR
OF THE DEBTOR; AND
PERFORMS IT BUT CONTRAVENES TO THE TENOR THEREOF
2. DAMAGES
(2 ITEMS)
1. TO HAVE THE PERFORMANCE BE UNDONE AT THE
601064 - REMEDIES OF THE CREDITOR IF THE DEBTOR
DEBTOR'S EXPENSE; AND
PERFORMS THE OBLIGATION BUT DOES IT POORLY (2 ITEMS)
2. DAMAGES
601065 - REFERS TO BEING FORCED THROUGH COERCION
INVOLUNTARY SERVITUDE
TO WORK FOR ANOTHER.
601066 - REMEDY OF THE OFFENDED PARTY IN CASE A
PUBLIC OFFICIAL WHO HAS MINISTERIAL DUTY TO PERFORM
SPECIAL CIVIL ACTION FOR MANDAMUS
A PARTICULAR OBLIGATION OR PUBLIC DUTY UNDER THE
LAW FAILS TO DO SUCH OBLIGATION.
1. TO DEMAND THAT WHAT HAS BEEN DONE BE UNDONE;
601067 - REMEDIES OF THE CREDITOR IF THE DEBTOR DOES
AND
WHAT HAS BEEN FORBIDDEN HIM (2 ITEMS)
2. DAMAGES
1. FRAUD
601068 - GROUNDS FOR LIABILITY TO PAY DAMAGES (4 2. NEGLIGENCE
ITEMS) 3. DELAY
4. CONTRAVENTION OF THE TENOR O THE OBLIGATION
601069 - REFER TO HARM DONE AND THE SUM OF MONEY
THAT MAY BE RECOVERED IN REPARATION FOR THE HARM DAMAGES
DONE.
1. MORAL
2. EXEMPLARY
3. NOMINAL
601070 - KINDS OF DAMAGES (6 ITEMS)
4. TEMPERATE
5. ACTUAL
6. LIQUIDATED
601071 - REFER TO THE PECUNIARY LOSS (SUCH AS LOSS IN
ACTUAL DAMAGES OR COMPENSATORY DAMAGES
BUSINESS OR PROFESSION) THAT MAY BE RECOVERED.
601072 - INCLUDE PHYSICAL SUFFERING, MENTAL ANGUISH,
FRIGHT, SERIOUS ANXIETY, BESMIRCHED REPUTATION,
MORAL DAMAGES
WOUNDED FEELINGS, MORAL SHOCK, SOCIAL HUMILIATION
AND SIMILAR INJURY.
601073 - REFER TO DAMAGES TO EXERCISE A RIGHT. NOMINAL DAMAGES
601074 - MAY BE RECOVERED IF THE COURT FINDS THAT
SOME PECUNIARY LOSS HAS BEEN SUFFERED BUT ITS
TEMPERATE OR MODERATE DAMAGES
AMOUNT CANNOT, FROM THE NATURE OF THE CASE, BE
PROVED WITH CERTAINTY.
601075 - ARE THOSE AGREED UPON BY THE PARTIES TO A
LIQUIDATED DAMAGES
CONTRACT, TO BE PAID IN CASE OF BREACH.
601076 - ARE IMPOSED BY WAY OF EXAMPLE OR
CORRECTION FOR PUBLIC GOOD, IN ADDITION TO OTHER EXEMPLARY OR CORRECTIVE DAMAGES
KINDS OF DAMAGES.
601077 - IS THE DELIBERATE OR INTENTIONAL EVASION BY
THE DEBTOR OF THE NORMAL COMPLIANCE OF HIS FRAUD OR DOLO
OBLIGATION.
1. CAUSAL FRAUD OR DOLO CAUSANTE
601078 - KINDS OF FRAUD ACCORDING TO MEANING (3
2. INCIDENTAL FRAUD OR DOLO INCIDENTE
ITEMS)
3. FRAUD IN THE PERFORMANCE OF THE OBLIGATION
601079 - REFERS TO FRAUD WITHOUT WHICH CONSENT
CAUSAL FRAUD OR DOLO CAUSANTE
WOULD NOT HAVE BEEN GIVEN.
601080 - REFERS TO FRAUD WITHOUT WHICH CONSENT
WOULD HAVE STILL BEEN GIVEN BUT THE PERSON GIVING IT INCIDENTAL FRAUD
WOULD HAVE AGREED ON DIFFERENT TERMS.
601081 - EFFECT OF CAUSAL FRAUD TO THE CONTRACT
CAUSAL FRAUD RENDERS THE CONTRACT VOIDABLE.
GIVING RISE TO AN OBLIGATION
601082 - EFFECT OF INCIDENTAL FRAUD TO THE CONTRACT THE CONTRACT IS VALID BUT THE PARTY EMPLOYING IT
GIVING RISE TO AN OBLIGATION SHALL BE LIABLE FOR DAMAGES.
601083 - KINDS OF FRAUD ACCORDING TO TIME OF 1. FUTURE FRAUD
COMMISSION (2 ITEMS) 2. PAST FRAUD
601084 - A WAIVER OF AN ACTION FOR THIS KIND OF FRAUD
CANNOT BE MADE. ANY AGREEMENT FOR ITS WAIVER IS FUTURE FRAUD
VOID.
601085 - A WAIVER OF AN ACTION FOR THIS KIND OF FRAUD
PAST FRAUD (PAGPAPATAWAD ON THE PART OF THE
MAY BE MADE, SINCE THE COMMISSION OF FRAUD CAN NO
CREDITOR)
LONGER BE ENCOURAGED.
601086 - IS THE OMISSION OF THAT DILIGENCE WHICH IS
REQUIRED BY THE NATURE OF THE OBLIGATION AND
NEGLIGENCE OR CULPA
CORRESPONDS WITH THE ENCUMBRANCES OF THE
PERSON, OF THE TIME AND OF THE PLACE.
1. CULPA CONTRACTUAL OR CONTRACTUAL NEGLIGENCE
2. CULPA AQUILIANA OR CIVIL NEGLIGENCE (ALSO TORT OR
601087 - KINDS OF NEGLIGENCE (3 ITEMS)
QUASI-DELICT)
3. CULPA CRIMINAL OR CRIMINAL NEGLIGENCE
601088 - IS NEGLIGENCE IN THE PERFORMANCE OF A
CULPA CONTRACTUAL (DRIVER OF BUS & PASSENGER)
CONTRACT.
601089 - IS NEGLIGENCE THAT RESULTS IN THE COMMISSION CULPA CRIMINAL (RECKLESS IMPRUDENCE RESULTING IN
OF A CRIME. PHYSICAL INJURIES)
601090 - IS THE NON-FULFILLMENT OF AN OBLIGATION WITH
DELAY, DEFAULT OR MORA
RESPECT TO TIME.
1. MORA SOLVENDI
601091 - KINDS OF DELAY (3 ITEMS) 2. MORA ACCIPIENDI
3. COMPENSATIO MORAE
601092 - IS THE DELAY ON THE PART OF THE DEBTOR. MORA SOLVENDI
601093 - IS THE DELAY ON THE PART OF THE DEBTOR IN
MORA SOLVENDI EX RE
REAL OBLIGATIONS.
601094 - IS THE DELAY ON THE PART OF THE DEBTOR IN
MORA SOLVENDI EX PERSONA
PERSONAL OBLIGATIONS
601095 - IS THE DELAY ON THE PART OF THE CREDITOR MORA ACCIPIENDI
601096 - IS THE DELAY IN RECIPROCAL OBLIGATIONS WHERE
COMPENSATIO MORAE
BOTH PARTIES ARE IN DEFAULT.
LEGAL DELAY BEGINS AT THE TIME THE CREDITOR
601097 - GENERAL RULE ON THE TIME AT WHICH THE JUDICIALLY OR EXTRA-JUDICIALLY DEMANDS FULFILLMENT
DEBTOR INCURS IN DELAY OF THE OBLIGATION BUT THE DEBTOR FAILS TO COMPLY
WITH SUCH DEMAND.
1. WHEN THE LAW SO PROVIDES
2. WHEN THE OBLIGATION EXPRESSLY SO DECLARES
601098 - EXCEPTIONS WHERE DELAY WOULD EXIST EVEN
3. WHEN TIME IS OF THE ESSENCE OF THE CONTRACT
WITHOUT DEMAND (5 ITEMS)
4. WHEN DEMAND WOULD BE USELESS
5. IN RECIPROCAL OBLIGATIONS
1. THE OBLIGATIONS ARISE OUT OF THE SAME CAUSE AND
601099 - REQUISITES FOR DELAY TO EXIST IN RECIPROCAL
MUST BE FULFILLED AT THE SAME TIME
OBLIGATIONS EVEN WITHOUT DEMAND (2 ITEMS)
2. ONE OF THE PARTIES FULFILLS HIS OBLIGATION
1. THE DEBTOR SHALL BE LIABLE FOR DAMAGES.
601100 - EFFECTS OF DELAY ON THE PART OF THE DEBTOR
2. THE DEBTOR SHALL BE LIABLE FOR ANY FORTUITOUS
(2 ITEMS)
EVENT (OBLIGATIONS TO DELIVER A DETERMINATE THING).
1. THE CREDITOR SHALL BEAR THE RISK OF LOSS AND
601101 - EFFECTS OF DELAY ON THE PART OF THE EXPENSES FOR THE PRESERVATION OF THE THING.
CREDITOR (2 ITEMS) 2. THE DEBTOR MAY RESORT TO THE CONSIGNATION OF
THE THING DUE.
601102 - ARE THOSE EVENTS THAT COULD NOT BE
FORESEEN, OR WHICH THOUGH FORESEEN, ARE FORTUITOUS EVENTS
INEVITABLE.
1. WHEN THE LAW EXPRESSLY PROVIDES FOR LIABILITY
EVEN IN CASE OF FORTUITOUS EVENTS.
601103 - EXCEPTIONS WHERE A PERSON WILL BE LIABLE 2. WHEN THE PARTIES HAVE DECLARED LIABILITY EVEN IN
EVEN FOR FORTUITOUS EVENTS (3 ITEMS) CASE OF FORTUITOUS EVENT.
3. WHEN THE NATURE OF THE OBLIGATION REQUIRES THE
ASSUMPTION OF RISK.
1. CONCLUSIVE PRESUMPTION
601104 - KINDS OF PRESUMPTIONS (2 ITEMS)
2. REBUTTABLE (DISPUTABLE) PRESUMPTION
601105 - PRESUMPTION ON THE RECEIPT OF PRINCIPAL THIS SHALL GIVE RISE TO THE (REBUTTABLE) PRESUMPTION
WITHOUT RESERVATION AS TO INTEREST THAT THE INTEREST HAS BEEN PAID.
601106 - PRESUMPTION ON THE RECEIPT OF LATER
THIS SHALL GIVE RISE TO THE (REBUTTABLE) PRESUMPTION
INSTALLMENT WITHOUT RESERVATION AS TO PRIOR
THAT THE PRIOR INSTALLMENTS HAVE BEEN PAID.
INSTALLMENTS
1. PURSUE THE PROPERTY IN THE POSSESSION OF THE
601107 - REMEDIES OF THE CREDITOR TO ENFORCE DEBTOR (EXCEPT THOSE EXEMPT BY LAW)
PAYMENT OF HIS CLAIMS AGAINST DEBTOR (3 ITEMS) 2. ACCION SUBROGATORIA
3. ACCION PAULIANA
601108 - IS THE EXERCISE OF ALL THE RIGHTS ANG
BRINGING OF ALL THE ACTIONS OF THE DEBTOR EXCEPT ACCION SUBROGATORIA
THOSE PERSONAL TO HIM.
601109 - MEANS TO IMPUGN THE ACTS WHICH THE DEBTOR
ACCIO PAULIANA
MAY HAVE DONE TO DEFRAUD HIS CREDITORS.
601110 - EXCEPTIONS TO THE RULE THAT ALL RIGHTS 1. IF THE LAW PROHIBITS THE TRANSMISSION OF THE RIGHT
ACQUIRED IN VIRTUE OF AN OBLIGATION ARE 2. IF THE PARTIES AGREED AGAINST TRANSMISSION
TRANSMISSIBLE (3 ITEMS) 3. IF THE RIGHT IS BY ITS NATURE NOT TRANSMISSIBLE
601111 - IS AN OBLIGATION WITHOUT A TERM OR CONDITION
PURE OBLIGATION
AND IS DEMANDABLE AT ONCE.
601112 - IS AN OBLIGATION WHOSE DEMANDABILITY OR
EXTINGUISHMENT DEPENDS UPON THE HAPPENING OF A CONDITIONAL OBLIGATION
CONDITION.
601113 - IS AN UNCERTAIN EVENT WHICH WIELDS AN
CONDITION
INFLUENCE ON A LEGAL RELATIONSHIP.
601114 - KINDS OF CONDITIONS ACCORDING TO EFFECT ON 1. SUSPENSIVE CONDITION
THE DEMANDABILITY OF OBLIGATION (2 ITEMS) 2. RESOLUTORY CONDITION
601115 - IS A CONDITION THE HAPPENING OF WHICH WILL
SUSPENSIVE CONDITION
GIVE RISE TO THE DEMANDABILITY OF THE OBLIGATION.
601116 - IS A CONDITION THE HAPPENING OF WHICH
RESOLUTORY CONDITION
EXTINGUISHES THE OBLIGATION
601117 - KINDS OF CONDITIONS ACCORDING TO THE 1. POTESTATIVE CONDITION
PERSON OR EVENT TO WHICH SUCH CONDITION DEPENDS (3 2. CASUAL CONDITION
ITEMS) 3. MIXED CONDITION
601118 - IS A CONDITION THAT DEPENDS UPON THE WILL OF
POTESTATIVE
ONE OF THE CONTRACTING PARTIES.
601119 - EFFECT OF A SUSPENSIVE CONDITION IF IT IS
THE OBLIGATION IS VOID.
POTESTATIVE ON THE PART OF THE DEBTOR
601120 - EFFECT OF RESOLUTORY CONDITION IF IT IS
THE OBLIGATION IS VALID.
POTESTATIVE ON THE PART OF THE CREDITOR
601121 - EFFECT OF CONDITION IF IT IS POTESTATIVE ON THE OBLIGATION IS VALID WHETHER THE CONDITION IS
THE PART OF THE CREDITOR. SUSPENSIVE OR RESOLUTORY.
601122 - IS A CONDITION THAT DEPENDS UPON CHANCE OR
CASUAL CONDITION
UPON THE WILL OF A THIRD PERSON.
601123 - IS A CONDITION THAT DEPENDS PARTLY UPON THE
WILL OF ONE OF THE PARTIES AND PARTLY UPON CHANCE MIXED CONDITION
OR THE WILL OF A THIRD PERSON.
601124 - KINDS OF CONDITION ACCORDING TO POSSIBILITY 1. POSSIBLE CONDITION
OF OCCURRENCE (2 ITEMS) 2. IMPOSSIBLE CONDITION
601125 - IS A CONDITION THAT IS CAPABLE OF FULFILLMENT
POSSIBLE CONDITION
IN ITS NATURE AND BY LAW.
601126 - IS A CONDITION THAT IS NOT CAPABLE OF
FULFILLMENT IN ITS NATURE OR DUE TO OPERATION OF IMPOSSIBLE CONDITION.
LAW.
601127 - KINDS OF CONDITIONS ACCORDING TO 1. POSITIVE CONDITION
REQUIREMENT FOR AN EVENT TO HAPPEN OR NOT (2 ITEMS) 2. NEGATIVE CONDITION
601128 - IS A CONDITION THAT SOME EVENT SHOULD
POSITIVE CONDITION
HAPPEN AT A DETERMINATE TIME.
AS SOON AS THE TIME EXPIRES WITHOUT THE EVENT
601129 - EXTINGUISHMENT OF AN OBLIGATION SUBJECT TO
HAPPENING OR IT HAS BECOME INDUBITABLE THAT THE
A POSITIVE CONDITION
EVENT WILL NOT HAPPEN.
601130 - IS A CONDITION THAT SOME EVENT SHOULD NOT
NEGATIVE CONDITION
HAPPEN AT A DETERMINATE TIME.
601131 - EFFECTIVENESS OF AN OBLIGATION SUBJECT TO A AS SOON AS THE TIME INDICATED HAS ELAPSED OR IT HAS
NEGATIVE CONDITION CONDITION BECOME EVIDENT THAT THE EVENT WILL NOT OCCUR.
1. DIVISIBLE CONDITION
601132 - KINDS OF CONDITIONS AS TO DIVISIBILITY (2 ITEMS)
2. INDIVISIBLE CONDITION
601133 - IS A CONDITION THAT IS CAPABLE OF PARTIAL
DIVISIBLE CONDITION
PERFORMANCE.
601134 - IS A CONDITION THAT IS NOT CAPABLE OF PARTIAL
PERFORMANCE BY ITS NATURE OR BY LAW OR AGREEMENT INDIVISIBLE CONDITION
OF THE PARTIES.
601135 - EXCEPTIONS TO THE RULE THAT THE EFFECT OF 1. RECIPROCAL OBLIGATIONS (FRUITS AND INTERESTS
THE FULFILLMENT OF A SUSPENSIVE CONDITION SHALL BE DEEMED TO HAVE BEEN MUTUALLY
RETROACTS (WITH RESPECT TO THE FRUITS AND COMPENSATED)
INTERESTS) TO THE DAY OF THE CONSTITUTION OF THE 2. UNILATERAL OBLIGATIONS (THE DEBTOR KEEPS THE
OBLIGATION (2 ITEMS) FRUITS AND INTERESTS RECEIVED)
601136 - EFFECT WHEN THE DEBTOR VOLUNTARILY
THE CONDITION IS DEEMED FULFILLED.
PREVENTS THE FULFILLMENT OF THE CONDITION
601137 - RULE IN CASE LOSS OF THE DETERMINATE THING
WHICH IS THE OBJECT OF THE OBLIGATION - WITHOUT OBLIGATION IS EXTINGUISHED
DEBTOR'S FAULT
601138 - RULE IN CASE LOSS OF THE DETERMINATE THING
WHICH IS THE OBJECT OF THE OBLIGATION - WITH DEBTOR'S DEBTOR IS OBLIGED TO PAY DAMAGES.
FAULT
601139 - A THING IS CONSIDERED __________ WHEN IT
PERISHES, OR GOES OUT OF COMMERCE OR DISAPPEARS IN
LOST
SUCH A WAY THAT ITS EXISTENCE IS UNKNOWN OR IT
CANNOT BE RECOVERED.
601140 - RULE IN CASE OF DETERIATION OF THE
DETERMINATE THING WHICH IS THE OBJECT OF AN THE IMPAIRMENT SHALL BE BORNE BY THE CREDITOR.
OBLIGATION - WITHOUT DEBTOR'S FAULT
601141 - RULE IN CASE OF DETERIATION OF THE THE CREDITOR MAY CHOOSE BETWEEN:
DETERMINATE THING WHICH IS THE OBJECT OF AN 1. RESCISSION, PLUS DAMAGES; AND
OBLIGATION - WITH DEBTOR'S FAULT 2. FULFILLMENT, PLUS DAMAGE
601142 - RULE IN CASE OF IMPROVEMENT OF THE
THE IMPROVEMENT SHALL INURE TO THE BENEFIT OF THE
DETERMINATE THING WHICH IS THE OBJECT OF AN
CREDITOR.
OBLIGATION - BY NATURE OR BY TIME
601143 - RULE IN CASE OF IMPROVEMENT OF THE
THE DEBTOR WILL HAVE THE RIGHTS GRANTED TO A
DETERMINATE THING WHICH IS THE OBJECT OF AN
USUFRUCTUARY.
OBLIGATION - AT THE EXPENSE OF THE DEBTOR
601144 - IS THE RIGHT TO ENJOY THE USE AND ADVANTAGES
OF ANOTHER PERSON'S PROPERTY SHORT OF USUFRUCT
DESTRUCTION OR WASTE OF ITS SUBSTANCE.
601145 - ARE OBLIGATIONS WHICH ARISE FROM THE SAME
CAUSE AND IN WHICH EACH PARTY IS A DEBTOR AND A
CREDITOR OF EACH OTHER, SUCH THAT THE OBLIGATION RECIPROCAL OBLIGATIONS
OF ONE IS DEPENDENT UPON THE OBLIGATION OF THE
OTHER.
1. RESCISSION WITH DAMAGES; OR
2. FULFILLMENT OF THE OBLIGATION WITH DAMAGES
601146 - REMEDIES OF THE INJURED PARTY IN RECIPROCAL
(ONLY ONE, NOT BOTH; EXCEPT WHEN FULFILLMENT WAS
OBLIGATION (2 ITEMS)
CHOSE BUT LATER, THE OBLIGATION BECOMES
IMPOSSIBLE.)
601147 - IS AN OBLIGATION WHOSE DEMANDABILITY OR
EXTINGUISHMENT DEPENDS UPON THE HAPPENING OF A OBLIGATION WITH A PERIOD
PERIOD.
601148 - IS A SPACE OF TIME WHICH DETERMINES THE
PERIOD
EFFECTIVITY OR EXTINGUISHMENT OF AN OBLIGATION.
601149 - IS A POINT IN TIME THAT WHICH MUST
NECESSARILY COME ALTHOUGH IT MAY NOT BE KNOWN DAY CERTAIN
WHEN.
601150 - CONDITION OR PERIOD: IS AN EVENT THAT MAY OR
CONDITION
MAY NOT HAPPEN.
601151 - CONDITION OR PERIOD: IS AN EVENT THAT MUST
NECESSARILY COME, AT A DATE KNOWN BEFOREHAND, OR PERIOD
AT A TIME THAT CANNOT BE DETERMINED.
601152 - CONDITION OR PERIOD: MAY REFER TO THE
CONDITION
FUTURE OR TO A PAST EVENT UNKNOWN TO THE PARTIES.
601153 - CONDITION OR PERIOD: ALWAYS REFERS TO THE
PERIOD
FUTURE.
601154 - CONDITION OR PERIOD: CAUSES AN OBLIGATION TO
CONDITION
ARISE OR TO CEASE.
601155 - CONDITION OR PERIOD: MERELY FIXES THE TIME
PERIOD
FOR THE EFFICACIOUSNESS OF AN OBLIGATION
601156 - CONDITION OR PERIOD: ONE THAT DEPENDS UPON
THE WILL OF THE DEBTOR AUTHORIZES THE COURT TO FIX PERIOD
ITS DURATION.
601157 - CONDITION OR PERIOD: ONE THAT DEPENDS UPON
THE WILL OF THE DEBTOR WHICH IS SUSPENSIVE SHALL CONDITION
ANNUL THE OBLIGATION.
601158 - IS A PERIOD WITH A SUSPENSIVE EFFECT. EX DIE
601159 - IS A PERIOD WITH A RESOLUTORY EFFECT. IN DIEM
601160 - IS A PERIOD FIXED BY LAW. LEGAL PERIOD
601161 - IS A PERIOD FIXED BY THE PARTIES. VOLUNTARY PERIOD.
601162 - IS A PERIOD FIXED BY THE COURT. JUDICIAL PERIOD.
1. IF THE OBLIGATION DOES NOT FIX A PERIOD, BUT FROM
ITS NATURE AND CIRCUMSTANCES IT CAN BE INFERRED
601163 - INSTANCES WHEN THE COURT MAY FIX THE PERIOD
THAT A PERIOD WAS INTENDED.
(2 ITEMS)
2. WHEN THE DURATION OF THE PERIOD DEPENDS UPON
THE WILL OF THE DEBTOR.
IT SHALL BE PRESUMED TO HAVE BEEN ESTABLISHED FOR
601164 - PRESUMPTION AS TO WHO HAS THE BENEFIT OF
THE BENEFIT OF BOTH THE CREDITOR AND THE DEBTOR
THE PERIOD
UNLESS OTHERWISE INTENDED.
KUNG MAY INTEREST ANG OBLIGATION, HINDI PWEDENG
601165 - EXPLAIN: THE PERIOD IS FOR THE BENEFIT OF BOTH MAGBAYAD NG MAAGA SI DEBTOR (BENEFIT OF CREDITOR).
THE DEBTOR AND THE CREDITOR. HINDI RIN NAMAN PWEDENG MAAGANG SINGILIN NI
CREDITOR SI DEBTOR (BENEFIT OF THE DEBTOR).
1. INSOLVENCY OF THE DEBTOR
2. FAILURE OF THE DEBTOR TO FURNISH PROMISED
601166 - INSTANCES WHEN THE DEBTOR LOSES HIS RIGHT GUARANTIES OR SECURITIES
TO MAKE USE OF THE PERIOD IF IT IS FOR HIS BENEFIT (5 3. IMPAIRMENT OF THE SAID GUARANTIES OR SECURITIES
ITEMS) 4. VIOLATION OF ANY UNDERTAKING IN CONSIDERATION THE
CREDITOR AGREED TO THE PERIOD
5. WHEN THE DEBTOR ATTEMPTS TO ABSCOND
601167 - THE DEBTOR MAY STILL MAKE USE OF THE PERIOD,
HE GIVES A GUARANTY OR SECURITY FOR THE DEBT.
IN CASE HE BECOMES INSOLVENT IF
601168 - THE DEBTOR MAY STILL MAKE USE OF THE PERIOD
IN CASE THE GUARANTIES OR SECURITIES HAVE BEEN
THE DEBTOR GIVES NEW ONES EQUALLY SATISFACTORY.
IMPAIRED (THROUGH DEBTOR'S FAULT OR FORTUITOUS
EVENT) IF
601169 - KINDS OF OBLIGATIONS ACCORDING TO THE 1. SIMPLE OBLIGATION
NUMBER OF PRESTATIONS (2 ITEMS) 2. COMPOUND OBLIGATION
601170 - IS AN OBLIGATION WHERE THERE IS ONLY ONE
SIMPLE OBLIGATION
PRESTATION.
601171 - IS AN OBLIGATION WHERE THERE ARE SEVERAL
COMPOUND OBLIGATION
PRESTATIONS
1. CONJUNCTIVE OBLIGATION
601172 - KINDS OF COMPOUND OBLIGATIONS (2 ITEMS)
2. DISJUNCTIVE OR DISTRIBUTIVE OBLIGATION
601173 - IS A COMPOUND OBLIGATION WHERE SEVERAL
CONJUNCTIVE OBLIGATION
PRESTATIONS ARE DUE AND ALL MUST BE PERFORMED.
601174 - IS A COMPOUND OBLIGATION WHICH MAY BE
DISJUNCTIVE OR DISTRIBUTIVE OBLIGATION
ALTERNATIVE OR FACULTATIVE.
601175 - IS AN OBLIGATION WHERE SEVERAL PRESTATIONS
ARE DUE BUT THE COMPLETE PERFORMANCE OF ONE OF ALTERNATIVE OBLIGATION
THEM IS SUFFICIENT TO EXTINGUISH THE OBLIGATION.
601176 - IN ALTERNATIVE OBLIGATIONS, THE RIGHT OF
CHOICE BELONGS TO THE __________, UNLESS IT HAS BEEN DEBTOR; CREDITOR
EXPRESSLY GIVEN TO THE _________.
1. THE DEBTOR CANNOT COMPEL THE CREDITOR TO
RECEIVE PART OF ONE AND PART OF ANOTHER
601177 - LIMITATIONS ON DEBTOR'S RIGHT TO CHOOSE IN UNDERTAKING.
ALTERNATIVE OBLIGATIONS (2 ITEMS) 2. THE DEBTOR CANNOT CHOOSE THE PRESTATIONS WHICH
ARE IMPOSSIBLE, UNLAWFUL OR WHICH COULD NOT HAVE
BEEN THE OBJECT OF THE OBLIGATION.
1. WHEN THE DEBTOR (OR CREDITOR IF RIGHT TO CHOOSE
601178 - INSTANCES WHEN OBLIGATION CEASES TO BE HAS BEEN GIVEN TO HIM) HAS COMMUNICATED HIS CHOICE
ALTERNATIVE AND BECOMES A SIMPLE OBLIGATION (2 TO THE CREDITOR (DEBTOR).
ITEMS) 2. WHEN AMONG THE PRESTATIONS WHEREBY THE DEBTOR
IS ALTERNATIVELY BOUND, ONLY ONE IS PRACTICABLE.
601179 - IN ALTERNATIVE OBLIGATIONS WHERE THE RIGHT
OF CHOICE IS WITH THE DEBTOR, RULE IF ONLY ONE OR THE DEBTOR MAY DELIVER ANY OF THE REMAINDER, OR
SOME ARE LOST THROUGH A FORTUITOUS EVENT OR THAT WHICH REMAINS IF ONLY ONE SUBSISTS.
THROUGH THE DEBTOR'S FAULT
OF CHOICE IS WITH THE DEBTOR, RULE IF ALL PRESTATIONS THE OBLIGATION IS EXTINGUISHED.
ARE LOST THROUGH A FORTUITOUS EVENT
THE DEBTOR SHALL PAY THE VALUE OF THE LAST THING
OF CHOICE IS WITH THE DEBTOR, RULE IF ALL PRESTATIONS
THAT WAS LOST PLUS DAMAGES.
ARE LOST THROUGH DEBTOR'S FAULT
EXCEPT ONE ARE LOST THROUGH DEBTOR'S FAULT AND THE DEBTOR'S OBLIGATION IS EXTINGUISHED.
THE REMAINING ITEM IS SUBSEQUENTLY LOST THROUGH A
FORTUITOUS EVENT
EXCEPT ONE ARE LOST THROUGH A FORTUITOUS EVENT, THE DEBTOR SHALL PAY DAMAGES.
AND THE REMAINING ITEM IS SUBSEQUENTLY LOST
THROUGH DEBTOR'S FAULT
THE DEBTOR SHALL DELIVER THAT WHICH THE CREDITOR
OF CHOICE IS EXPRESSLY GRANTED TO THE CREDITOR,
SHOULD CHOOSE AMONG THE REMAINDER, OR THAT WHICH
RULE IF ONLY ONE OR SOME OF THE PRESTATIONS ARE
REMAINS IF ONLY ONE SUBSISTS.
LOST THROUGH A FORTUITOUS EVENT
THE OBLIGATION SHALL BE EXTINGUISHED.
RULE IF ALL PRESTATIONS ARE LOST THROUGH A
FORTUITOUS EVENT
THE CREDITOR MAY CLAIM ANY OF THOSE SUBSISTING, OR
THE PRICE OF ANY OF THOSE WHICH WERE LOST THROUGH
RULE IF ONLY ONE OR SOME OF THE PRESTATIONS ARE
THE DEBTOR'S FAULT PLUS DAMAGES.
LOST THROUGH DEBTOR'S FAULT
OF CHOICE IS EXPRESSLY GRANTED TO THE CREDITOR, THE CREDITOR MAY CLAIM THE PRICE OF ANY OF THE
RULE IF ALL PRESTATIONS ARE LOST THROUGH DEBTOR'S PRESTATIONS PLUS DAMAGES.
FAULT
601188 - IS AN OBLIGATION WHERE ONLY ONE PRESTATION
IS DUE BUT THE DEBTOR MAY RENDER ANOTHER IN FACULTATIVE OBLIGATION
SUBSTITUTION.
601189 - IN FACULTATIVE OBLIGATIONS, RULE IF THE
PRINCIPAL THING IS LOST DUE TO A FORTUITOUS EVENT THE OBLIGATION IS EXTINGUISHED.
BEFORE SUBSTITUTION
PRINCIPAL THING IS LOST DUE TO THE DEBTOR'S FAULT THE DEBTOR SHALL PAY DAMAGES.
BEFORE SUBSTITUTION
THE DEBTOR STILL HAS THE OBLIGATION TO DELIVER THE
SUBSTITUTE THING IS LOST DUE TO A FORTUITOUS EVENT
PRINCIPAL THING.
BEFORE SUBSTITUTION
SUBSTITUTE THING IS LOST DUE TO THE DEBTOR'S FAULT
PRINCIPAL THING.
BEFORE SUBSTITUTION
PRINCIPAL THING IS LOST THROUGH A FORTUITOUS EVENT
SUBSTITUTE THING.
AFTER SUBSTITUTION
PRINCIPAL THING IS LOST THROUGH THE DEBTOR'S FAULT
SUBSTITUTE THING.
AFTER SUBSTITUTION
SUBSTITUTE THING IS LOST DUE TO A FORTUITOUS EVENT THE OBLIGATION IS EXTINGUISHED.
AFTER SUBSTITUTION
SUBSTITUTE THING IS LOST DUE TO THE DEBTOR'S FAULT THE DEBTOR SHALL PAY DAMAGES.
AFTER SUBSTITUTION
601197 - ALTERNATIVE OR FACULTATIVE: IF THERE ARE VOID
PRESTATIONS, THE OTHERS MAY STILL BE VALID, HENCE ALTERNATIVE OBLIGATION
THE OBLIGATION REMAINS.
601198 - ALTERNATIVE OR FACULTATIVE: IF THE PRINCIPAL
OBLIGATION IS VOID, THE DEBTOR IS NOT REQUIRED TO FACULTATIVE OBLIGATION
GIVE THE SUBSTITUTE.
601199 - ALTERNATIVE OR FACULTATIVE: THE RIGHT OF
CHOICE IS WITH THE DEBTOR, UNLESS EXPRESSLY GIVEN ALTERNATIVE OBLIGATION
TO THE CREDITOR.
601200 - ALTERNATIVE OR FACULTATIVE: THE RIGHT OF
FACULTATIVE OBLIGATION
CHOICE BELONGS TO THE DEBTOR ONLY.
601201 - IN A __________, EACH DEBTOR IS LIABLE ONLY FOR
A PROPORTIONATE PART OF THE DEBT, AND/OR EACH
JOINT OBLIGATION
CREDITOR IS ENTITLED ONLY TO A PROPORTIONATE PART
OF THE DEBT.
601202 - IN A _________, EACH DEBTOR IS LIABLE FOR THE
WHOLE OBLIGATION, AND/OR EACH CREDITOR IS ENTITLED SOLIDARY OBLIGATION
TO DEMAND PAYMENT OF THE WHOLE OBLIGATION.
1. PASSIVE SOLIDARITY
601203 - KINDS OF SOLIDARY OBLIGATION (3 ITEMS) 2. ACTIVE SOLIDARITY
3. MIXED SOLIDARITY
601204 - IS SOLIDARITY ON THE PART OF THE DEBTORS. PASSIVE SOLIDARITY
601205 - IS SOLIDARITY ON THE PART OF THE CREDITORS. ACTIVE SOLIDARITY
601206 - IS SOLIDARITY ON THE PART OF BOTH DEBTORS
MIXED SOLIDARITY
AND CREDITORS.
601207 - JOINT OR SOLIDARY: "JOINTLY AND SEVERALLY" SOLIDARY OBLIGATION
601208 - JOINT OR SOLIDARY: "PROPORTIONATELY" JOINT OBLIGATION
601209 - JOINT OR SOLIDARY: "INDIVIDUALLY AND
SOLIDARY OBLIGATION
COLLECTIVELY"
601210 - JOINT OR SOLIDARY: "PRO RATA" JOINT OBLIGATION
601211 - JOINT OR SOLIDARY: "IN SOLIDUM" SOLIDARY OBLIGATION
601212 - JOINT OR SOLIDARY: "MANCOMUNADA" JOINT OBLIGATION
601213 - JOINT OR SOLIDARY: "MANCOMUNADA SOLIDARIA" SOLIDARY OBLIGATION
601214 - JOINT OR SOLIDARY: "MANCOMUNADA SIMPLE" JOINT OBLIGATION
601215 - JOINT OR SOLIDARY: "JUNTOS O SEPARADAMENTE" SOLIDARY OBLIGATION
601216 - AS A GENERAL RULE, THE OBLIGATION IS
PRESUMED TO BE _________ WHEN THERE IS A
JOINT
CONCURRENCE OF TWO OR MORE DEBTORS AND/OR TWO
OR MORE CREDITORS IN ONE AND THE SAME OBLIGATION.
1. WHEN THE OBLIGATION EXPRESSLY STATES
601217 - INSTANCES WHERE SOLIDARY LIABILITY EXISTS (3 2. WHEN THE LAW REQUIRES SOLIDARITY
ITEMS) 3. WHEN THE NATURE OF THE OBLIGATION REQUIRES
SOLIDARITY
THE OBLIGATION WILL BE EXTINGUISHED. THE CREDITOR
601218 - EFFECT OF RENUNCIATION OR REMISSION OF THE WHO MADE THE REMISSION SHALL BE LIABLE TO THE OTHER
WHOLE OBLIGATION BY ONLY ONE OF THE SOLIDARY CREDITOR(S). IF APPLICABLE, THE SOLIDARY DEBTOR WHO
CREDITORS OBTAINED THE REMISSION MAY NOT DEMAND
REIMBURSEMENT FROM THE OTHER DEBTOR(S).
IF THE ASSIGNMENT IS WITHOUT THE CONSENT OF THE CO-
CREDITORS, THE ASSIGNMENT IS NOT VALID THEN.
601219 - EFFECT OF UNAUTHORIZED ASSIGNMENT OF ACCORDINGLY, THEY CAN RECOVER THEIR RESPECTIVE
CREDITOR'S RIGHT SHARES FROM THE ASSIGNING CREDITOR IN CASE THE
ASSIGNEE WHO COLLECTED THE DEBT FAILS TO GIVE THEM
THEIR SHARES.
601220 - IS AN OBLIGATION WHERE THE DEBTORS OR
CREDITORS ARE JOINTLY BOUND BUT THE PRESTATION OR JOINT INDIVISIBLE OBLIGATION
OBJECT IS INDIVISIBLE.
601221 - THE __________ OF AN OBLIGATION REFERS TO THE
SUBJECT MATTER OR OBJECT NOT BEING SUSCEPTIBLE OF
PARTIAL PERFORMANCE. __________, ON THE OTHER HAND,
INDIVISIBILITY; SOLIDARITY
REFERS TO THE TIE BETWEEN THE PARTIES. ONE
THEREFORE, DOES NOT IMPLY, OR GIVE RISE, TO THE
OTHER.
601222 - IS AN OBLIGATION CAPABLE OF PARTIAL
PERFORMANCE (SUCH AS THE OBLIGATION TO DELIVER (10 DIVISIBLE OBLIGATION
SACKS OF RICE).
1. WHEN THE OBLIGATION HAS FOR TITS OBJECT THE
EXECUTION OF A CERTAIN NUMBER OF DAYS OF WORK
2. WHEN THE OBLIGATION HAS FOR ITS OBJECT THE
601223 - OBLIGATIONS DEEMED TO BE DIVISIBLE (3 ITEMS)
ACCOMPLISHMENT OF WORK BY METRICAL UNITS
3. ANALOGOUS THINGS WHICH BY THEIR NATURE ARE
SUSCEPTIBLE OF PARTIAL PERFORMANCE
601224 - IS AN OBLIGATION NOT CAPABLE OF PARTIAL
INDIVISIBLE OBLIGATION
PERFORMANCE.
1. OBLIGATIONS TO GIVE DEFINITE THINGS
2. THOSE NOT SUSCEPTIBLE OF PARTIAL PERFORMANCE
(SINGING ONE SONG IN A PROGRAM)
3. THOSE WHERE THE OBJECT OR SERVICE IS PHYSICALLY
601225 - OBLIGATIONS DEEMED TO BE INDIVISIBLE (4 ITEMS)
DIVISIBLE BUT IT IS INDIVISIBLE BY PROVISION OF LAW
4. THOSE WHERE THE OBJECT OR SERVICE IS PHYSICALLY
DIVISIBLE BUT IT IS INDIVISIBLE BY THE INTENTION OF THE
PARTIES
601226 - IS AN OBLIGATION WHICH PROVIDES FOR A
GREATER LIABILITY ON THE PART OF THE DEBTOR IN CASE OBLIGATION WITH A PENAL CLAUSE
OF NON-COMPLIANCE.
601227 - IS GENERALLY UNDERTAKEN TO INSURE
PERFORMANCE AND WORKS AS EITHER, OR BOTH, PENAL CLAUSE
PUNISHMENT AND REPARATION.
601228 - KINDS OF PENAL CLAUSES ACCORDING TO THE 1. LEGAL
BODY IMPOSING IT 2. CONVENTION
601229 - IS A KIND OF PENAL CLAUSE IMPOSED BY LAW. LEGAL PENAL CLAUSE
601230 - IS A KIND OF PENAL CLAUSE IMPOSED BY THE
CONVENTIONAL PENAL CLAUSE
AGREEMENT OF THE PARTIES.
601231 - KINDS OF PENAL CLAUSES ACCORDING TO 1. SUBSIDIARY
ENFORCEMENT (2 ITEMS) 2. JOINT
601232 - IS A KIND OF PENAL CLAUSE WHERE ONLY THE
SUBSIDIARY PENAL CLAUSE
PENALTY MAY BE ENFORCED.
601233 - IS A KIND OF PENAL CLUASE WHERE BOTH THE
JOINT PENAL CLAUSE
OBLIGATION AND THE PENALTY MAY BE ENFORCED.
1. WHEN THERE IS A STIPULATION TO THAT EFFECT
601234 - AS A GENERAL RULE, THE PENALTY TAKES THE
2. WHEN THE DEBTOR REFUSES TO PAY THE PENALTY
PLACE OF THE DAMAGES AND INTEREST IN CASE OF NON-
3. WHEN THE DEBTOR IS GUILTY OF FRAUD IN THE
COMPLIANCE. EXCEPTIONS TO THE RULE (3 ITEMS)
PERFORMANCE OF THE OBLIGATION
1. WHEN THE OBLIGATION HAS BEEN PARTLY COMPLIED
WITH BY THE DEBTOR;
601235 - INSTANCES WHEN THE COURT MAY REDUCE THE 2. WHEN THE OBLIGATION HAS BEEN IRREGULARLY
PENALTY (3 ITEMS) COMPLIED WITH BY THE DEBTOR;
3. WHEN THE PENALTY IS INIQUITOUS OR UNCONSCIONABLE
EVEN IF THERE HAS BEEN NO PERFORMANCE
1. THE NULLITY OF THE PRINCIPAL OBLIGATION CARRIES
601236 - EFFECT OF NULLITY OF PRINCIPAL OBLIGATION OR WITH IT THE NULLITY OF THE PENAL CLAUSE.
PENAL CLAUSE 2. THE NULLITY OF THE PENAL CLAUSE DOES NOT CARRY
WITH IT THE NULLITY OF THE PRINCIPAL OBLIGATION.
1. PAYMENT OR PERFORMANCE
2. LOSS OF THE THING DUE
3. CONDONATION OR REMISSION OF THE DEBT
4. CONFUSION OR MERGER OF RIGHTS OF CREDITOR AND
DEBTOR
601237 - CAUSES OF EXTINGUISHEMENT OF OBLIGATIONS 5. COMPENSATION
(11 ITEMS) 6. NOVATION
7. ANNULMENT
8. RESCISSION
9. FULFILLMENT OF RESOLUTORY CONDITION
10. PRESCRIPTION
11. OTHER CAUSES
601238 - MEANS NOT ONLY THE DELIVERY OF MONEY BUT
ALSO THE PERFORMANCE, IN ANY OTHER MANNER, OF AN PAYMENT
OBLIGATION.
601239 - IS THE MONEY OR CURRENCY WHICH THE DEBTOR
MAY COMPEL HIS CREDITOR TO ACCEPT IN PAYMENT OF HIS LEGAL TENDER
DEBTS (WHETHER PUBLIC OR PRIVATE).
1. P1,000.00 FOR DENOMINATIONS OF 1-PISO, 5-PISO AND 10-
PISO COINS;
601240 - ITEMS CONSIDERED LEGAL TENDER IN THE
2. P100.00 FOR DENOMINATIONS OF 1-SENTIMO, 5-SENTIMO,
PHILIPPINES (3 ITEMS)
10-SENTIMO AND 25-SENTIMO COINS;
3. ALL BILLS ARE LEGAL TENDER UP TO ANY AMOUNT
601241 - IS THE INCREASE IN THE CURRENCY IN
CIRCULATION, OR A MARKED EXPANSION OF CREDIT,
INFLATION
RESULTING IN A FALL IN CURRENCY VALUE, AND A SHARP
RISE ON PRICES.
601242 - IS THE SHARP SUDDEN DECREASE OF MONEY OR
CREDIT OR BOTH WITHOUT A CORRESPONDING DECREASE DEFLATION
IN BUSINESS TRANSACTIONS.
601243 - IN CASE AN EXTRAORDINARY INFLATION OR
DEFLATION OF THE CURRENCY SHOULD SUPERVENE, THE
A = (B / C) * B
VALUE OF THE CURRENCY AT THE TIME OF THE
WHERE:
ESTABLISHMENT OF THE OBLIGATION SHALL BE THE BASIS
A = AMOUNT TO BE PAID AT MATURITY
OF PAYMENT, UNLESS THERE IS AN AGREEMENT TO THE
B = AMOUNT OF THE OBLIGATION
CONTRARY. FORMULA FOR DETERMINING THE AMOUNT OF
C = VALUE ON THE DATE OF MATURITY
PAYMENT IN CASES OF EXTRAORDINARY INFLATION OR
DEFLATION
THE DELIVERY OF PROMISSORY NOTES PAYABLE TO
ORDER, OR BILLS OF EXCHANGE OR OTHER MERCANTILE
601244 - EFFECT OF DELIVERY OF MERCANTILE DOCUMENTS
DOCUMENTS SHALL PRODUCE THE EFFECT OF PAYMENT
AS PAYMENT FOR OBLIGATIONS
ONLY WHEN THEY HAVE BEEN CASHED OR WHEN THROUGH
THE FAULT OF THE CREDITOR, THEY HAVE BEEN IMPAIRED.
601245 - MEANS THE PERFORMANCE OF THE MOST
IMPORTANT ASPECTS OF AN OBLIGATION BUT NOT ALL OF SUBSTANTIAL PERFORMANCE OF AN OBLIGATION
IT.
IF THE OBLIGATION HAS BEEN SUBSTANTIALLY PERFORMED
601246 - EFFECT OF SUBSTANTIAL PERFORMANCE IN GOOD IN GOOD FAITH, THE OBLIGOR MAY RECOVER AS THOUGH
FAITH OF AN OBLIGATION. THERE HAD BEEN STRICT AND COMPLETE FULFILLMENT,
LESS DAMAGES SUFFERED BY THE OBLIGEE.
601247 - EFFECT WHEN THE OBLIGEE ACCEPTS THE
PERFORMANCE KNOWING ITS INCOMPLETENESS OR
THE OBLIGATION IS DEEMED FULLY COMPLIED WITH.
IRREGULARITY, AND WITHOUT EXPRESSING ANY PROTEST
OR OBJECTION
1. WHEN THERE IS AN AGREEMENT TO THAT EFFECT; AND
601248 - INSTANCES WHEN PARTIAL PAYMENTS MAY BE 2. WHEN THE DEBT IS PART LIQUIDATED AND IN PART
MADE (2 ITEMS) UNLIQUIDATED (THE CREDITOR MAY DEMAND AND THE
DEBTOR MAY EFFECT PAYMENT OF THE LATTER)
601249 - CHARACTERISTICS A DEBTOR MUST POSSESS IN 1. FREE DISPOSAL OF THE THING DUE
ORFER TO MAKE THE PAYMENT OF AN OBLIGATION (2 ITEMS) 2. THE CAPACITY TO ALIENATE THE THING
601250 - MEANS THAT THE PROPERTY DELIVERED SHOULD
NOT BE SUBJECT TO ANY CLAIM BY, OR ENCUMBRANCES IN FREE DISPOSAL OF THE THING DUE
FAVOR OF, THIRD PERSONS.
601251 - MEANS THAT THE DEBTOR MUST NOT BE
INCAPABLE OF GIVING CONSENT IN ORDER TO EFFECT CAPACITY TO ALIENATE THE THING
PAYMENT.
GR: THE PAYMENT SHALL NOT BE VALID .
XPN: WHEN A MINOR BETWEEN EIGHTEEN AND TWENTY-ONE
YEARS OF AGE, WHO HAS ENTERED INTO A CONTRACT
601252 - EFFECT OF PAYMENT IN OBLIGATIONS TO GIVE IF WITHOUT THE CONSENT OF THE PARENT OR GUARDIAN,
DEBTOR DOES NOT HAVE FREE DISPOSAL OF THE THING VOLUNTARILY PAYS A SUM OF MONEY OR DELIVERS A
DUE AND/OR CAPACITY TO ALIENATE THE SAME FUNGIBLE THING IN FULFILLMENT OF THE OBLIGATION,
THERE SHALL BE NO RIGHT TO RECOVER THE SAME FROM
THE OBLIGEE WHO HAS SPENT OR CONSUMED IT IN GOOD
FAITH.
601253 - IS A SPECIES OF ATTACHMENT FOR REACHING
CREDITS BELONGING TO THE JUDGMENT DEBTOR AND GARNISHMENT
OWING TO HIM FROM A STRANGER TO THE LITIGATION.
601254 - EFFECT OF PAYMENT BY THE DEBTOR AFTER
SUCH PAYMENT SHALL NOT BE VALID.
COURT HAS ORDERED HIM TO RETAIN DEBT (GARNISHMENT)
GR: THE CREDITOR IS NOT BOUND TO ACCEPT PAYMENT OR
PERFORMANCE BY A THIRD PERSON.
601255 - RULES ON THE PAYMENT OF THE OBLIGATION BY A XPN 1: WHEN THERE IS A STIPULATION TO THAT EFFECT.
THIRD PERSON (GR & 2 XPNS) XPN 2: WHEN THE THIRD PERSON HAS AN INTEREST IN THE
FULFILLMENT OF THE OBLIGATION SUCH AS A GUARANTOR
OR A CO-DEBTOR.
1. HE CAN RECOVER WHAT HE HAS PAID.
601256 - RIGHTS OF A THIRD PERSON WHO MAKES THE
2. HE IS ENTITLED TO BE SUBROGATED IN THE RIGHTS OF
PAYMENT WHEN THE PAYMENT IS WITH THE KNOWLEDGE
THE CREDITOR SUCH AS THOSE ARISING FROM MORTGAGE,
AND CONSENT OF THE DEBTOR (2 ITEMS)
GUARANTY OR PENALTY.
601257 - RIGHT OF A THIRD PERSON WHO MAKES THE HE CAN RECOVER ONLY INSOFAR AS THE PAYMENT HAS
PAYMENT WHEN THE PAYMENT IS WITHOUT THE BEEN BENEFICIAL TO THE DEBTOR, HE IS NOT ENTITLED TO
KNOWLEDGE OR AGAINST THE WILL OF THE DEBTOR SUBROGATION.
1. THE PAYMENT SHALL BE DEEMED TO BE A DONATION
WHICH REQUIRES THE DEBTOR'S CONSENT.
2. IF THE DEBTOR DOES NOT CONSENT, THE PAYMENT
601258 - EFFECT OF PAYMENT BY A THIRD PERSON WHO SHALL NEVERTHELESS BE VALID TO THE CREDITOR WHO
DOES NOT WANT TO BE REIMBURSED (3 ITEMS) HAS ACCEPTED IT.
3. IN SUCH A CASE, THE THIRD PERSON CAN ONLY RECOVER
INSOFAR AS THE PAYMENT HAS BEEN BENEFICIAL TO THE
DEBTOR (NO SUBROGATION).
1. CREDITOR
601259 - PERSONS TO WHOM PAYMENT SHALL BE MADE (3 2. CREDITOR'S SUCCESSORS IN INTEREST (SUCH AS HIS
ITEMS) HEIRS OR ASSIGNS)
3. ANY PERSON AUTHORIZED TO RECEIVE PAYMENT
GR: PAYMENT IS NOT VALID.
XPN 1: IF THE INCAPACITATED CREDITOR HAS KEPT THE
601260 - EFFECT OF PAYMENT TO AN INCAPACITATED
THING DELIVERED.
CREDITOR (GR & 2 XPNS)
XPN 2: INSOFAR AS THE PAYMENT HAS BEEN BENEFICIAL TO
HIM.
GR: SUCH PAYMENT IS NOT VALID.
XPN 1: IF THE PAYMENT HAS REDOUNDED TO THE BENEFIT
601261 - EFFECT OF PAYMENT TO AN UNATHORIZED THIRD
OF THE CREDITOR.
PERSON (GR & 2 XPNS)
XPN 2: IF THE PAYMENT IS MADE IN GOOD FAITH TO A THIRD
PERSON IN POSSESSION OF THE CREDIT.
1. IF AFTER THE PAYMENT, THE THIRD PERSON ACQUIRES
THE CREDITOR'S RIGHTS (SUCH AS WHEN THE THIRD
PERSON BECOMES THE ASSIGNEE OF THE INSTRUMENT
601262 - INSTANCES WHEN PAYMENT IS MADE TO AN
EVIDENCING THE CREDIT).
UNATHORIZED THIRD PERSON AND THERE IS NO NEED TO
2. IF THE CREDITOR RATIFIES THE PAYMENT TO THE THIRD
PROVE THAT PAYMENT HAS REDOUNDED TO THE BENEFIT
PERSON.
OF THE CREDITOR (3 ITEMS)
3. IF BY THE CREDITOR'S CONDUCT, THE DEBTOR HAS BEEN
LED TO BELIEVE THAT THE THIRD PERSON HAD THE
AUTHORITY TO RECEIVE PAYMENT.
GR: PLACE DESIGNATED BY STIPULATION
XPN: IF THERE IS NO STIPULATION:
601263 - RULES ON THE PLACE WHERE PAYMENT MUST BE 1. DETERMINATE THING - WHEREEVER THE THING MIGHT BE
MADE (GR & 2 XPNS) AT THE TIME THE OBLIGATION WAS CONSTITUTED.
2. GENERIC THING OR OBLIGATION TO DO - DOMICILE OF
THE DEBTOR
1. DATION IN PAYMENT
2. APPLICATION OF PAYMENT
601264 - SPECIAL FORMS OF PAYMENT (4 ITEMS)
3. PAYMENT BY CESSION
4. TENDER OF PAYMENT AND CONSIGNATION
601265 - IS A SPECIAL FORM OF PAYMENT WHERE THE
DATION IN PAYMENT, DACION EN PAGO, ADJUDICACION EN
OWNERSHIP OF PROPERTY IS TRANSFERRED TO HIS
PAGO OR DATIO IN SOLUTUM
CREDITOR TO PAY A DEBT IN MONEY.
601266 - LAW GOVERNING DATION IN PAYMENT LAW ON SALES
601267 - LEGAL SUBSTANCE OF DATION IN PAYMENT OBJECTIVE NOVATION
601268 - IS A SPECIAL FORM OF PAYMENT WHICH REFERS TO
THE DESIGNATION OF THE DEBT TO WHICH PAYMENT SHALL
APPLICATION OF PAYMENT
BE APPLIED WHEN THE DEBTOR OWES SEVERAL DEBTS (OF
SIMILAR KIND) IN FAVOR OF THE SAME CREDITOR.
1. WHEN THE PARTIES HAVE STIPULATED THAT PAYMENT
601269 - INSTANCES WHEN APPLICATION OF PAYMENT MAY MAY BE APPLIED TO A DEBT NOT YET DUE; OR
STILL BE MADE EVEN IF NOT ALL DEBTS ARE DUE (2 ITEMS( 2. WHEN THE APPLICATION IS MADE BY THE PARTY FOR
WHOSE BENEFIT THE TERM HAS BEEN CONSTITUTED.
GR: THE DEBTOR IS GIVEN THE PREFERENTIAL RIGHT TO
APPLY THE PAYMENT.
XPN: IF THE DEBTOR DOES NOT MAKE THE DESIGNATION,
601270 - RULES ON THE APPLICATION OF PAYMENT (GR &
THE CREDITOR MAKES IT BY INDICATING THE DEBT PAID IN
XPN)
HIS RECEIPT. IF THE DEBTOR ACCEPTS THE RECEIPT FROM
THE CREDITOR, THE DEBTOR CANNOT COMPLAIN UNLESS
THERE IS A JUST CAUSE OF INVALIDATING THE CONTRACT.
1. PAYMENT SHALL BE APPLIED TO THE DEBT, AMONG
601271 - IN APPLICATION OF PAYMENT, RULE IF NEITHER THE THOSE DUE, WHICH IS THE MOST ONEROUS TO THE
DEBTOR NOR CREDITOR MAKES THE DESIGNATION, OR DEBTOR.
APPLICATION CANNOT BE INFERRED FROM THE 2. IF THE DEBTS ARE OF THE SAME NATURE AND BURDEN,
CIRCUMSTANCES.(2 ITEMS) PAYMENT SHALL BE APPLIED TO ALL DUE DEBTS
PROPORTIONATELY.
601272 - IS A SPECIAL FORM OF PAYMENT WHICH REFERS TO
THE ABANDONMENT OR ASSIGNMENT BY THE DEBTOR OF
ALL HIS PROPERTY IN FAVOR OF HIS CREDITORS SO THAT PAYMENT BY CESSION
THE LATTER MAY SELL THEM AND RECOVER THEIR CLAIMS
OUT OF THE PROCEEDS.
1. VOLUNTARY OR CONVENTIONAL PAYMENT BY CESSION
601273 - KINDS OF PAYMENT BY CESSION (2 ITEMS)
2. LEGAL PAYMENT BY CESSION
601274 - IS A KIND OF PAYMENT BY CESSION AGREED UPON
VOLUNTARY OR CONVENTIONAL PAYMENT BY CESSION
BY THE PARTIES.
601275 - IS A KIND OF PAYMENT BY CESSION DONE BY
LEGAL PAYMENT BY CESSION
OPERATION OF LAW.
601276 - DATION IN PAYMENT OR PAYMENT BY CESSION:
PAYMENT BY CESSION
THERE MUST BE TWO OR MORE CREDITORS.
DATION IN PAYMENT
PLURALITY OF CREDITORS IS NOT REQUIRED.
601278 - DATION IN PAYMENT OR PAYMENT BY CESSION: THE
PAYMENT BY CESSION
DEBTOR IS INSOLVENT
DATION IN PAYMENT
THE DEBTOR MAY NOT BE INSOLVENT.
AFFECTS ALL THE DEBTOR'S PROPERTIES, EXCEPT THOSE PAYMENT BY CESSION
EXEMPT FROM EXECUTION.
DATION IN PAYMENT
DOES NOT AFFECT ALL THE DEBTOR'S PROPERTIES.
CREDITORS ARE AUTHORIZED TO SELL ONLY THE DEBTOR'S PAYMENT BY CESSION
PROPERTIES.
CREDITOR BECOME THE OWNER OF THE PROPERTIES GIVEN DATION IN PAYMENT
AS PAYMENT.
PAYMENT BY CESSION
DEBTOR IS NOT RELEASED FROM LIABILITY AS A RULE.
DATION IN PAYMENT
DEBTOR IS RELEASED FROM LIABILITY AS A RULE.
601286 - IS THE ACT OF THE DEBTOR OF OFFERING TO HIS
TENDER OF PAYMENT
CREDITOR WHAT IS DUE HIM.
601287 - IS THE ACT OF DEPOSITING THE SUM OR THING DUE
WITH THE JUDICIAL AUTHORITIES WHENEVER THE
CREDITOR REFUSES WITHOUT JUST CAUSE TO ACCEPT THE CONSIGNATION
SAME, OR IN THE CASES WHEN THE CREDITOR CANNOT
ACCEPT IT.
1. THERE MUST BE A VALID TENDER OF PAYMENT.
2. THE CREDITOR REFUSES WITHOUT JUST CAUSE TO
RECEIVE THE PAYMENT.
3. THE PERSONS INTERESTED IN THE FULFILLMENT OF THE
OBLIGATION MUST BE NOTIFIED BY THE DEBTOR OF HIS
601288 - STEPS REQUIRED TO BE DONE FOR TENDER OF
INTENTION TO DEPOSIT THE SUM OR THING DUE WITH THE
PAYMENT AND CONSIGNATION TO EXTINGUISH THE
JUDICIAL AUTHORITIES.
OBLIGATION (5 ITEMS)
4. THE SUM OR THING DUE IS DEPOSITED WITH JUDICIAL
AUTHORITIES.
5. THE PERSONS INTERESTED IN THE FULFILLMENT OF THE
OBLIGATION MUST AGAIN BE NOTIFIED BY THE DEBTOR
THAT THE CONSIGNATION HAS BEEN MADE.
1. AFTER THE CREDITOR HAS ACCEPTED THE
601289 - TIME WHEN A DULY MADE CONSIGNATION CONSIGNATION, OR
EXTINGUISHES THE OBLIGATION (2 ITEMS) 2. THE JUDGE HAS DECLARED THAT THE CONSIGNATION
HAS BEEN PROPERLY MADE.
THE DEBTOR MAY WITHDRAW THE SUM OR THING
601290 - RIGHT OF THE DEBTOR TO WITHDRAW THE SUM OR CONSIGNED WITHOUT THE NEED FOR THE CONSENT OF THE
THING CONSIGNED BEFORE ACCEPTANCE BY THE CREDITOR. SUCH WITHDRAWAL PRODUCES THE FOLLOWING
CREDITOR OF THE CONSIGNATION OR THE DECLARATION BY EFFECTS:
THE JUDGE THAT THE CONSIGNATION HAS BEEN PROPERLY .1. THE OBLIGATION SHALL REMAIN IN FORCE.
MADE (RIGHT & 2 EFFECTS) 2. THE CO-DEBTORS, GUARANTORS AND SURETIES ARE NOT
RELEASED.
THE DEBTOR MAY WITHDRAW THE SUM OR THING
CONSIGNED ONLY WITH THE CONSENT OF THE CREDITOR.
SUCH WITHDRAWAL PRODUCES THE FOLLOWING EFFECTS:
601291 - RIGHT OF THE DEBTOR TO WITHDRAW THE SUM OR 1. THE OBLIGATION SHALL BE REVIVED.
THING CONSIGNED AFTER ACCEPTANCE BY THE CREDITOR 2. THE CREDITOR SHALL LOSE EVERY PREFERENCE WHICH
OF THE CONSIGNATION OR THE DECLARATION BY THE HE MAY HAVE OVER THE THING.
JUDGE THAT THE CONSIGNATION HAS BEEN PROPERLY 3. THE GUARANTORS AND SURETIES ARE RELEASED
MADE (RIGHT & 4 EFFECTS) UNLESS THEY CONSENTED.
4. IF THERE ARE SEVERAL DEBTORS AND THEIR OBLIGATION
IS SOLIDARY, SUCH OBLIGATION WILL BECOME A JOINT
OBLIGATION.
1. WHEN THE CREDITOR IS ABSENT OR UNKNOWN OR DOES
NOT APPEAR AT THE PLACE OF PAYMENT.
2. WHEN THE IS INCAPACITATED TO RECEIVE THE PAYMENT
601292 - INSTANCES WHEN CONSIGNATION, WITHOUT A
AT THE TIME IT IS DUE.
PREVIOUS TENDER OF PAYMENT, WILL PRODUCE THE SAME
3. WHEN, WITHOUT JUST CAUSE, HE REFUSES TO GIVE A
EFFECT AS IF THERE WAS A PREVIOUS TENDER OF
RECEIPT.
PAYMENT (5 ITEMS)
4. WHEN TWO OR MORE PERSONS CLAIM THE SAME RIGHT
TO COLLECT.
5. WHEN THE TITLE TO THE OBLIGATION HAS BEEN LOST.
601293 - A THIS IS CONSIDERED __________ WHEN IT
PERISHES, OR GOES OUT OF COMMERCE, OR DISAPPEARS
LOST
IN SUCH A WAY THAT ITS EXISTENCE IS UNKNOWN OR IT
CANNOT BE RECOVERED.
GR: THE LOSS OF A DETERMINATE THING EXTINGUISHES
THE OBLIGATION.
XPN 1: WHEN THE LOSS IS DUE TO THE FAULT OF THE
DEBTOR.
XPN 2: WHEN THE DEBTOR HAS INCURRED IN DELAY.
XPN 3: WHEN SO PROVIDED BY LAW, AS WHEN THE DEBTOR
601294 - RULES ON THE LOSS OF A DETERMINATE THING (GR HAS PROMISED TO DELIVER THE SAME THING TO TWO OR
& 6 XPNS) MORE PERSONS WHO DO NOT HAVE THE SAME INTEREST.
XPN 4: WHEN IT IS STIPULATED BY THE PARTIES.
XPN 5: WHEN THE NATURE OF THE OBLIGATION REQUIRES
THE ASSUMPTION OF RISK.
XPN 6: WHEN THE DEBT PROCEEDS FROM A CRIMINAL
OFFENSE (UNLESS THE PERSON WHO SHOULD RECEIVE IT
REFUSES TO ACCEPT IT WITHOUT JUST CAUSE).
GR: THE LOSS OF A GENERIC THING DOES NOT EXTINGUISH
THE OBLIGATION (GENUS NUNQUAM PERIT OR CLASS NEVER
601295 - RULES ON THE LOSS OF A GENERIC THING (GR &
PERISHES).
XPN)
XPN: IN CASE OF DELIMITED GENERIC THING WHEN THE
WHOLE DELIMITED CLASS IS LOST.
601296 - IS A GENERIC THING WHERE THERE HAS BEEN
LIMITATION OF THE GENERIC OBJECT TO A PARTICULAR DELIMITED
GROUP OF THINGS.
1. WHEN THE PRESTATION BECOMES LEGALLY OR
PHYSICALLY IMPOSSIBLE WITHOUT THE FAULT OF THE
601297 - INSTANCES WHEN THERE CAN BE A LOSS IN DEBTOR (OBLIGATION IS EXTINGUISHED).
POSITIVE PERSONAL OBLIGATIONS (OBLIGATIONS TO DO) (2 2. WHEN THE SERVICE HAS BECOME SO DIFFICULT AS TO BE
ITEMS) MANIFESTLY BEYOND THE CONTEMPLATION OF THE
PARTIES (THE OBLIGOR MAY BE RELEASED IN WHOLE OR IN
PART).
THE COURTS SHALL DETERMINE WHETHER UNDER THE
CIRCUMSTANCES, THE PARTIAL LOSS OF THE OBJECT OF
601298 - EFFECT OF PARTIAL LOSS
THE OBLIGATION IS SO IMPORTANT AS TO EXTINGUISH THE
OBLIGATION.
601299 - EFFECT IF THE OBLIGATION HAS BEEN THE CREDITOR SHALL HAVE ALL THE RIGHTS OF ACTION
EXTINGUISHED BY THE LOSS OF THE THING CAUSED BY A WHICH THE DEBTOR MAY HAVE AGAINST SUCH THIRD
THIRD PERSON PERSON BY REASON OF THE LOSS.
601300 - IS THE GRATUITOUS ABANDONMENT BY THE
CREDITOR OF HIS RIGHT (REFERS TO THE FORGIVENESS OF CONDONATION OR REMISSION
AN INDEBTEDNESS).
601301 - KINDS OF CONDONATION OR REMISSION OAS TO 1. TOTAL CONDONATION
AMOUNT OR EXTENT (2 ITEMS) 2. PARTIAL CONDONATION
601302 - IS A KIND OF CONDONATION WHERE THE TOTAL
OBLIGATION (BOTH PRINCIPAL AND ACCESSORY TOTAL CONDONATION
OBLIGATIONS) IS REMITTED.
601303 - IS A KIND OF CONDONATION WHERE ONLY A PART
OF THE OBLIGATION, OR ONLY THE ACCESSORY PARTIAL CONDONATION
OBLIGATION IS REMITTED.
601304 - KINDS OF CONDATION OR REMISSION AS TO FORM 1. EXPRESS CONDONDATION
(2 ITEMS) 2. IMPLIED CONDONATION
601305 - IS A KIND OF CONDONATION WHICH IS MADE
EXPRESS CONDONATION
ORALLY OR IN WRITING.
601306 - IS A KIND OF CONDONATION WHICH IS INFERRED
ONLY FROM THE CONDUCT OF THE PARTIES, SUCH AS
IMPLIED CONDONATION
WHEN THE CREDITOR VOLUNTARILY DELIVERS THE PRIVATE
DOCUMENT EVIDENCING THE CREDIT TO THE DEBTOR.
601307 - INSTANCE WHEN CONDONATION AND ACCEPTANCE WHEN THE REMISSION INVOLVES AN IMMOVABLE
ARE REQUIRED TO BE IN A PUBLIC INSTRUMENT PROPERTY.
601308 - INSTANCE WHEN CONDONATION AND ACCEPTANCE WHEN THE REMISSION INVOLVES A MOVABLE/PERSONAL
ARE REQUIRED TO BE IN WRITING (PUBLIC OR PRIVATE) PROPERTY WITH VALUE EXCEEDING P5,000.
IT IS PRESUMED THAT SUCH PRIVATE DOCUMENT HAS BEEN
601309 - PRESUMPTION WHEN THE PRIVATE DOCUMENT
DELIVERED VOLUNTARILY BY THE CREDITOR TO THE
EVIDENCING THE DEBT IS FOUND IN THE POSSESSION OF
DEBTOR (SO AS TO REMIT THE OBLIGATION) UNLESS THE
THE DEBTOR
CONTRARY IS PROVED.
THERE IS NO PRESUMPTION THAT THE CREDITOR
601310 - PRESUMPTION WHEN THE PUBLIC DOCUMENT
VOLUNTARILY DELIVERED THE PUBLIC DOCUMENT (NO
EVIDENCING THE DEBT IS FOUND IN THE POSSESSION OF
REMISSION IS PRESUMED) BECAUSE A PUBLIC DOCUMENT IS
THE DEBTOR
EASILY AVAILABLE BEING A PUBLIC RECORD.
601311 - PRESUMPTION WHEN THE THING PLEDGED AFTER
IT IS PRESUMED THAT THE ACCESSORY OBLIGATION OF
ITS DELIVERY TO THE CREDITOR IS FOUND IN THE
PLEDGE IS REMITTED BUT NOT THE PRINCIPAL OBLIGATION.
POSSESSION OF THE DEBTOR
THE REMISSION OF THE PRINCIPAL DEBT EXTINGUISHES
601312 - EFFECT OF REMISSION/RENUNCIATION OF THE
THE ACCESSORY OBLIGATION (BASED ON THE ACCESSORY
PRINCIPAL OBLIGATION ON THE ACCESSORY OBLIGATION
FOLLOWS THE PRINCIPAL RULE).
601313 - EFFECT OF REMISSION/RENUNCIATION OF THE THE REMISSION OF THE ACCESSORY OBLIGATION DOES NOT
ACCESSORY OBLIGATION ON THE PRINCIPAL OBLIGATION CARRY WITH IT THAT OF THE PRINCIPAL DEBT.
RFBT - CONTRACTS (502001 - STILL UNFINISHED)
502001 - REFERS TO A MEETING OF MINDS BETWEEN TWO
PERSONS WHEREBY ONE BINDS HIMSELF, WITH RESPECT
CONTRACT
TO THE OTHER, TO GIVE SOMETHING OR TO RENDER SOME
SERVICE.
502002 - ARE ELEMENTS OF A CONTRACT WITHOUT WHICH
ESSENTIAL ELEMENTS
THERE WOULD BE NO CONTRACT.
1. CONSENT OF THE CONTRACTING PARTIES
2. OBJECT CERTAIN WHICH IS THE SUBJECT MATTER OF THE
502003 - ESSENTIAL ELEMENTS OF A CONTRACT (3 ITEMS)
CONTRACT
3. CAUSE OF THE OBLIGATION
502004 - ARE ELEMENTS OF A CONTRACT WHICH ARE FOUND
IN CERTAIN CONTRACTS UNLESS SET ASIDE OR NATURAL ELEMENTS
SUPPRESSED BY THE PARTIES.
502005 - ARE ELEMENTS OF A CONTRACT WHICH REFER TO
ACCIDENTAL ELEMENTS
PARTICULAR STIPULATIONS OF THE PARTIES.
1. CONSENSUAL
502006 - CLASSIFICATION OF CONTRACTS ACCORDING TO
2. REAL
PERFECTION OR FORMATION (3 ITEMS)
3. FORMAL OR SOLEMN
502007 - ARE CONTRACTS THAT ARE PERFECTED BY MERE
CONSENSUAL CONTRACTS
CONSENT.
502008 - ARE CONTRACTS THAT ARE PERFECTED BY THE
REAL CONTRACTS
DELIVERY OF THE OBJECT OF THE CONTRACT.
502009 - ARE CONTRACTS WHICH MUST BE IN THE FORM
FORMAL OR SOLEMN CONTRACTS
PROVIDED BY LAW FOR THEIR PERFECTION.
1. ONEROUS
2. GRATUITOUS OR LUCRATIVE
CAUSE (3 ITEMS)
3. REMUNERATORY
502011 - ARE CONTRACTS WHERE THERE IS AN EXCHANGE
ONEROUS CONTRACTS
OF VALUABLE CONSIDERATIONS.
502012 - ARE CONTRACTS WHERE ONE PARTY RECEIVES NO
GRATUITOUS OR LUCRATIVE CONTRACTS
EQUIVALENT CONSIDERATION.
502013 - ARE CONTRACTS WHERE THE CAUSE IS THE
REMUNERATORY CONTRACTS
SERVICE OR BENEFIT REMUNERATED.
502014 - CLASSIFICATION OF CONTRACTS ACCORDING TO 1. PRINCIPAL
IMPORTANCE OR DEPENDENCE OF ONE UPON ANOTHER (3 2. ACCESSORY
ITEMS) 3, PREPARATORY
502015 - IS A CONTRACT THAT CAN STAND BY ITSELF. PRINCIPAL CONTRACT
502016 - IS A CONTRACT WHOSE EXISTENCE DEPENDS UPON
ACCESSORY CONTRACT
ANOTHER CONTRACT.
502017 - IS A CONTRACT WHICH SERVES AS A MEANS BY
PREPARATORY CONTRACT
WHICH OTHER CONTRACTS MAY BE ENTERED INTO.
502018 - CLASSIFICATION OF CONTRACTS ACCORDING TO 1. NOMINATE
NAME OR DESIGNATION (2 ITEMS) 2. INNOMINATE
502019 - ARE CONTRACTS WHICH HAVE A NAME UNDER THE
NOMINATE CONTRACTS
LAW.
502020 - ARE CONTRACTS WITHOUT ANY NAME UNDER THE
INNOMINATE CONTRACTS
LAW.
1. DO UT DES (I GIVE THAT YOU MAY GIVE)
2. DO UT FACIAS (I GIVE THAT YOU MAY DO)
502021 - EXAMPLES OF INNOMINATE CONTRACTS (4 ITEMS)
3. FACIO UT DES (I DO THAT YOU MAY GIVE)
4. FACIO UT FACIAS (I DO THAT YOU MAY DO)
1. THE STIPULATIONS OF THE PARTIES
2. THE PROVISIONS OF THE OBLIGATIONS AND CONTRACTS
502022 - RULES THAT GOVERN INNOMINATE CONTRACTS (4
3. THE RULES GOVERNING THE MOST ANALOGOUS
ITEMS)
NOMINATE CONTRACTS
4. THE CUSTOMS OF THE PLACE
502023 - CLASSIFICATION OF CONTRACTS ACCORDING TO 1. COMMUTATIVE
RISK OR FULFILLMENT (2 ITEMS) 2. ALEATORY
502024 - ARE CONTRACTS WHERE THE PARTIES GIVE
COMMUTATIVE CONTRACTS
EQUIVALENT VALUES.
502025 - ARE CONTRACTS WHOSE FULFILLMENT DEPENDS
ALEATORY CONTRACTS
UPON CHANCE.
502026 - CLASSIFICATION OF CONTRACTS ACCORDING TO 1. UNILATERAL
THE PARTIES OBLIGATED (2 ITEMS) 2. BILATERAL OR SYNALAGMATIC
502027 - ARE CONTRACTS WHERE ONLY ONE OF THE
UNILATERAL CONTRACTS
PARTIES IS OBLIGATED TO GIVE OR DO SOMETHING.
502028 - ARE CONTRACTS WHERE BOTH PARTIES ARE
BILATERAL CONTRACTS
REQUIRED TO GIVE OR DO SOMETHING.
1. CONTRACTS INVOLVING THINGS
2. CONTRACTS INVOLVING RIGHTS OR CREDITS
SUBJECT MATTER (3 ITEMS)
3. CONTRACTS INVOLVING SERVICES
502030 - CLASSIFICATION OF CONTRACTS ACCORDING TO 1. EXECUTED
THE TIME OF FULFILLMENT (2 ITEMS) 2. EXECUTORY
502031 - IS A CONTRACT WHICH HAS BEEN PERFORMED. EXECUTED CONTRACT
502032 - IS A CONTRACT THAT HAS NOT YET BEEN
EXECUTORY CONTRACT
PERFORMED.
502033 - IS A CONTRACT WHERE ONLY ONE PERSON
REPRESENTS THE TWO OPPOSITE PARTIES TO THE AUTO-CONTRACT
CONTRACT.
502034 - IS A CONTRACT WHOSE TERMS ARE PREPARED BY
ONLY ONE PARTY, WHILE THE OTHER PARTY MERELY
CONTRACT OF ADHESION
AFFIXES HIS SIGNATURE SIGNIFYING HIS ADHESION
THERETO.
1. PREPARATION OR CONCEPTION
502035 - STAGES OF A CONTRACT (3 ITEMS) 2. PERFECTION OR BIRTH
3. CONSUMATION OR DEATH OR TERMINATION
502036 - IS A STAGE OF A CONTRACT WHICH INVOLVES
PRELIMINARY NEGOTIATIONS AND BARGAINING,
PREPARATION OR CONCEPTION
DISCUSSION OF TERMS AND CONDITIONS, WITH NO ARRIVAL
YET OF A DEFINITE AGREEMENT.
502037 - IS A STAGE OF A CONTRACT WHICH IS THE POINT
WHEN THERE IS A MEETING OF MINDS BETWEEN THE
PERFECTION OR BIRTH
PARTIES ON A DEFINITE SUBJECT MATTER AND A VALID
CAUSE.
502038 - IS A STAGE OF A CONTRACT WHICH OCCURS WHEN
THE PARTIES FULFILL OR PERFORM THE TERMS AGREED
CONSUMMATION OR DEATH OR TERMINATION
UPON IN THE CONTRACT, CULMINATING IN THE
EXTINGUISHMENT THEREOF.
1. LIBERTY OF CONTRACT OR FREEDOM TO STIPULATE
2. MUTUALITY OF CONTRACTS
502039 - BASIC PRINCIPLES OF CONTRACTS (5 ITEMS) 3. RELATIVITY OF CONTRACTS
4. CONSENSUALITY OF CONTRACTS
5. OBLIGATORY FORCE AND COMPLIANCE IN GOOD FAITH
502040 - IS A BASIC PRINCIPLE OF CONTRACTS WHICH
ASSERTS THAT THE CONTRACTING PARTIES MAY ESTABLISH
SUCH STIPULATIONS, CLAUSES, TERMS AND CONDITIONS AS
LIBERTY OF CONTRACT OR FREEDOM TO STIPULATE
THEY MAY DEEM CONVENIENT, PROVIDED THEY ARE NOT
CONTRARY TO LAW, MORALS, GOOD CUSTOMS, PUBLIC
ORDER OR PUBLIC POLICY.
502041 - IS A STIPULATION THAT THE CREDITOR
AUTOMATICALLY BECOMES THE OWNER OF THE PROPERTY
PACTUM COMMISSORIUM
PLEDGED OR MORTGAGED IF THE DEBTOR DEFAULTS IN HIS
PAYMENT (VOID BECAUSE CONTRARY TO LAW).
502042 - IS A PRICE SPECIFIED IN MORTGAGE CONTRACTS
BELOW WHICH THE MORTGAGED PROPERTY IS NOT
TIPO OR UPSET PRICE
SUPPOSED TO BE SOLD AT THE FORECLOSURE SALE (VOID
BECAUSE IT IS CONTRARY TO LAW).
502043 - MEANS UNREASONABLY EXCESSIVE RATE OF
UNCONSCIONABLE INTEREST RATE
INTEREST (VOID BECAUSE IT IS CONTRARY TO MORALS).
502044 - REFERS TO A CONDITION OF ENFORCED AND
COMPULSORY SERVICE INDUCED BY MEANS OF ANY
SCHEME, PLAN OR PATTERN, INTENDED TO CAUSE A
PERSON TO BELIEVE THAT IF HE OR SHE DID NOT ENTER
INTO OR CONTINUE IN SUCH CONDITION, HE OR SHE OR
ANOTHER PERSON WOULD SUFFER SERIOUS HARM OR
OTHER FORMS OF ABUSE OR PHYSICAL RESTRAINT, OR INVOLUNTARY SERVITUDE
THREAT OF ABUSE OR HARM, OR COERCION INCLUDING
DEPRIVING ACCESS TO TRAVEL DOCUMENTS AND
WITHHOLDING SALARIES, OR ABUSE OR THREATENED
ABUSE OF THE LEGAL PROCESS (ANY STIPULATION
MANIFESTING THIS IS VOID SINCE IT IS CONTRARY TO
MORALS).
ASSERTS THAT THE CONTRACT MUST BIND BOTH
MUTUALITY OF CONTRACTS
CONTRACTING PARTIES AND ITS VALIDITY OR COMPLIANCE
CANNOT BE LEFT TO THE WILL OF ONE OF THEM.
ASSERTS THAT CONTRACTS TAKE EFFECT ONLY BETWEEN
THE PARTIES, THEIR ASSIGNS AND HEIRS, EXCEPT WHERE RELATIVITY OF CONTRACTS
THE RIGHTS AND OBLIGATION ARE NOT TRANSMISSIBLE BY
LAW, BY STIPULATION OR BY NATURE.
502047 - RULE ON THE LIABILITY OF HEIRS WITH RESPECT TO WITH RESPECT TO THE HEIR, HE SHALL NOT BE LIABLE
THE OBLIGATIONS OF THEIR DECEDENT PASSED ONTO BEYOND THE VALUE OF THE PROPERTY HE RECEIVED FROM
THEM THE DECEDENT.
ASSERTS THAT (IN GENERAL) CONTRACTS ARE PERFECTED CONSENSUALITY OF CONTRACTS
BY MERE CONSENT.
502049 - ARE BASIC PRINCIPLES OF A CONTRACT WHICH
ASSERTS THAT OBLIGATIONS ARISING FROM CONTRACTS
OBLIGATORY FORCE OF CONTRACTS AND COMPLIANCE IN
SHALL HAVE THE FORCE OF LAW BETWEEN THE
GOOF FAITH
CONTRACTING PARTIES AND SHOULD BE COMPLIED WITH IN
GOOD FAITH.
502050 - IS THE MANIFESTATION OF THE MEETING OF THE
OFFER AND THE ACCEPTANCE UPON THE THING AND THE CONSENT
CAUSE WHICH ARE TO CONSTITUTE THE CONTRACT.
502051 - THE OFFER MUST BE __________ BECAUSE THERE
COULD BE NO MEETING OF MINDS IF IT IS VAGUE OR NOT CERTAIN
DEFINITE.
502052 - __________ OF THIS FOR SALE ARE NOT DEFINITE
OFFERS, BUT MERE INVITATIONS TO MAKE AN OFFER BUSINESS ADVERTISEMENTS
UNLESS IT APPEARS OTHERWISE.
502053 - AN OFFER BECOMES __________ UPON THE DEATH,
CIVIL INTERDICTION, INSANITY OR INSOLVENCY OF EITHER
INEFFECTIVE
PARTY (OFFEROR OR OFFEREE) BEFORE ACCEPTANCE IS
CONVEYED.
THE OFFER MAY BE WITHDRAWN ANY TIME BEFORE
502054 - TIME WHEN THE OFFEROR MAY WITHDRAW HIS
ACCEPTANCE BY COMMUNICATING SUCH WITHDRAWAL,
OFFER IF HE HAS ALLOWED THE OFFEREE A CERTAIN
EXCEPT WHEN THE OPTION IS FOUNDED UPON A
PERIOD TO ACCEPT.
CONSIDERATION AS SOMETHING PAID OR PROMISED.
502055 - IS A CONTRACT WHEREBY THE OFFEROR GIVES
THE OFFEREE A CERTAIN PERIOD WITHIN WHICH TO BUY OR OPTION
NOT TO BUY A CERTAIN OBJECT FOR A FIXED PRICE.
THE OFFEROR MAY WITHDRAW THE OFFER AT ANYTIME
502056 - RIGHT OF THE OFFEROR TO WITHDRAW THE OFFER
WITHIN THE OPTION PERIOD PROVIDED THERE HAS NOT YET
IF THERE IS NO CONSIDERATION FOR THE OPTION
BEEN ANY ACCEPTANCE.
THE OFFEROR MAY NOT WITHDRAW THE OFFER BEFORE
502057 - RIGHT OF THE OFFEROR TO WITHDRAW THE OFFER THE LAPSE OF THE PERIOD AGREED UPON; OTHERWISE, HE
IF THERE IS A CONSIDERATION FOR THE OPTION WILL BE LIABLE FOR DAMAGES TO THE OFFEREE FOR
BREACH OF CONTRACT.
502058 - IS THE UNQUALIFIED AND TOTAL AGREEMENT IN
ABSOLUTE ACCEPTANCE
ACCEPTING A LIABILITY OR RESPONSIBILITY.
502059 - IF THE ACCEPTANCE IS QUALIFIED, IT CONSTITUTES
A _________ AND HAS THE EFFECT OF REJECTING THE COUNTER-OFFER
OFFER.
502060 - TIME WHEN ACCEPTANCE MADE BY LETTER OR IT BINDS THE OFFEROR AT THE TIME THE ACCEPTANCE BY
TELEGRAM BINDS THE OFFEROR LETTER OR TELEGRAM COMES TO HIS KNOWLEDGE.
THE PLACE WHERE A CONTRACT HAS BEEN ENTERED INTO
502061 - PRESUMPTION ON THE PLACE WHERE A CONTRACT
IS PRESUMED TO BE THE SAME PLACE WHERE THE OFFER
IS MADE
WAS MADE.
502062 - A CONTRACT IS GOVERNED BY THE LAW OF THE
WHERE IT WAS ENTERED INTO.
PLACE __________.
502063 - IS AN ACCEPTANCE MADE ORALLY OR IN WRITING. EXPRESS ACCEPTANCE
502064 - IS AN ACCEPTANCE WHICH CAN BE INFERRED FROM
IMPLIED ACCEPTANCE
THE CONDUCT OF THE PARTIES.
502065 - AN OFFER MADE THROUGH AN AGENT IS ACCEPTED
HIM (THE AGENT)
FROM THE TIME IT IS COMMUNICATED TO _________.
502066 - IS A PERSON'S AUTHORITY UNDER LAW TO ENGAGE
IN A PARTICULAR UNDERTAKING OR MAINTAIN A LEGAL CAPACITY
PARTICULAR STATUS.
1. UNEMANCIPATED MINORS
502067 - PERSONS WHO CANNOT GIVE CONSENT TO A
2. INSANE OR DEMENTED PERSONS
CONTRACT (3 ITEMS)
3. DEAF-MUTES WHO DO NOT KNOW HOW TO WRITE
502068 - TAKES PLACE BY THE ATTAINMENT OF THE AGE OF
EMANCIPATION
MAJORITY WHICH IS 18 YEARS.
502069 - CONTRACTS ENTERED INTO BY INSANE OR
DEMENTED PERSONS DURING _________ ARE VALID.
LUCID INTERVAL; LUCID INTERVAL
__________ REFERS TO THE PERIOD OF TEMPORARY SANITY
OF AN INSANE PERSON.
502070 - STATUS OF CONTRACTS ENTERED INTO WHEREIN
VOIDABLE
ONE PARTY IS INCAPACITATED TO GIVE CONSENT
502071 - STATUS OF CONTRACTS ENTERED INTO WHEREIN
UNENFORCEABLE
BOTH PARTIES ARE INCAPACITATED TO GIVE CONSENT
502072 - STATUS OF A CONTRACT WHEREIN AN
INCAPACITATED PERSON PAYS A REASONABLE PRICE FOR VALID
FOOD AND OTHER NECESSARIES SOLD TO HIM.
502073 - STATUS OF CONTRACTS AGREED TO IN A STATE OF
VOIDABLE
DRUNKENNESS OR DURING HYPNOTIC SPELL
502074 - STATUS OF CONTRACTS WHERE CONSENT IS GIVEN
THROUGH MISTAKE, VIOLENCE, INTIMIDATION, UNDUE VOIDABLE
INFLUENCE OR FRAUD
1. MISTAKE
2. INTIMIDATION
502075 - VICES OF CONSENT (5 ITEMS) 3. VIOLENCE
4. UNDUE INFLUENCE
5. FRAUD
502076 - IS AN ERROR IN UNDERSTANDING FACTS. MISTAKE
502077 - VALID OR INVALID CONSENT: MISTAKE REFERS TO
THE SUBSTANCE OF THE THING WHICH IS THE OBJECT OF INVALID CONSENT
THE CONTRACT.
THOSE CONDITIONS WHICH HAVE PRINCIPALLY MOVED ONE INVALID CONSENT
OR BOTH PARTIES TO ENTER INTO THE CONTRACT.
THE IDENTITY OR QUALIFICATIONS OF ONE OF THE PARTIES
INVALID CONSENT
AND SUCH IDENTITY OR QUALIFICATIONS HAVE BEEN THE
PRINCIPAL CAUSE OF THE CONTRACT.
THE LEGAL EFFECT OF AN AGREEMENT WHEN THE REAL
INVALID CONSENT
PURPOSE OF THE PARTIES IS FRUSTRATED AND THE SAME
IS MUTUAL.
502081 - VALID OR INVALID CONSENT: MISTAKE REFERS TO A VALID CONSENT (SUCH MISTAKE SHALL ONLY BE
SIMPLE MISTAKE OF ACCOUNT. CORRECTED.)
VALID CONSENT (E.G., A THING IS SOLD AT A VERY LOW
502082 - VALID OR INVALID CONSENT: THE PARTY ALLEGING
PRICE. BUYER THEN ALLEGES THAT THE THING SOLD TO HIM
MISTAKE KNEW THE DOUBT, CONTINGENCY OR RISK
HAS BEEN STOLEN BY THE SELLER FROM ANOTHER
AFFECTING THE OBJECT OF A CONTRACT.
PERSON.)
GR: HE WHO ALLEGES FRAUD OR MISTAKE MUST PROVE
THE SAME.
XPN: WHEN ONE PARTY IS UNABLE TO READ OR DOES NOT
502083 - RULE ON WHO HAS THE BURDEN OF PROOF WITH
UNDERSTAND THE LANGUAGE OF THE CONTRACT, IF
REGARD TO THE ALLEGATIONS OF MISTAKE OR FRAUD
MISTAKE OR FRAUD IS ALLEGED, THE PERSON ENFORCING
THE CONTRACT MUST SHOW THAT THE TERMS THEREOF
HAVE BEEN FULLY EXPLAINED TO THE FORMER.
502084 - THERE IS ___________ WHEN IN ORDER TO WREST
CONSENT, SERIOUS OR IRRESISTIBLE FORCE IS EMPLOYED
(WHETHER BY ONE OF THE CONTRACTING PARTIES TO THE VIOLENCE
OTHER OR A THIRD PERSON WHO DID NOT TAKE PART IN
THE CONTRACT).
502085 - THERE IS ___________ WHEN ONE OF THE
CONTRACTING PARTIES IS COMPELLED BY A REASONABLE
AND WELL-GROUNDED FEAR OF AN IMMINENT AND GRAVE
INTIMIDATION
EVIL UPON HIS PERSON OR PROPERTY, OR UPON THE
PERSON OR PROPERTY OF HIS SPOUSE, DESCENDANTS OR
ASCENDANTS TO GIVE HIS CONSENT.
1. AGE
502086 - FACTORS TO BE CONSIDERED IN DETERMINING THE
2. SEX
DEGREE OF INTIMIDATION (3 ITEMS)
3. CONDITION OF THE PERSON
NO INTIMIDATION EXISTS IN CASE OF A THREAT TO
502087 - WHEN NO INTIMIDATION EXISTS ENFORCE ONE'S CLAIM THROUGH COMPETENT AUTHORITY,
IF THE CLAIM IS JUST AND LEGAL.
502088 - THERE IS __________ WHEN A PERSON TAKES
IMPROPER ADVANTAGE OF HIS POWER OVER THE WILL OF
UNDUE INFLUENCE
ANOTHER, DEPRIVING THE LATTER OF A REASONABLE
FREEDOM OF CHOICE.
502089 - KIND OF FRAUD THAT VITIATES CONSENT DOLO CAUSANTE OR CAUSAL FRAUD
502090 - KIND OF FRAUD: WHEN THROUGH THE INSIDIOUS
WORDS OR MCHINATIONS OF ONE OF THE CONTRACTING
PARTIES, THE OTHER IS INDUCED TO ENTER INTO A ACTIVE FRAUD
CONTRACT WHICH, WITHOUT THEM, HE WOULD NOT HAVE
AGREED TO.
502091 - KIND OF FRAUD: WHEN THERE IS A FAILURE TO
DISCLOSE FACTS, WHEN THERE IS A DUTY TO REVEAL
PASSIVE FRAUD
THEM, AS WHEN THE PARTIES ARE BOUND BY
CONFIDENTIAL RELATIONS.
502092 - IF CAUSAL FRAUD VITIATES CONSENT, EFFECT OF INCIDENTAL FRAUD ONLY OBLIGES THE PERSON
INCIDENTAL FRAUD TO A CONTRACT EMPLOYING IT TO PAY DAMAGES.
THE BAD FAITH OF ONE WILL NEGATE THE BAD FAITH OF
502093 - EFFECT WHEN FRAUD HAS BEEN EMPLOYED BY
THE OTHER. THE LAW WILL CONSIDER BOTH OF THEM IN
BOTH CONTRACTING PARTIES
GOOD FAITH; HENCE, THE CONTRACT WILL BE VALID.
502094 - EFFECT IN CASE OF THE USUAL EXAGERRATIONS IN
TRADE IN ORDER TO OBTAIN CONSENT, WHEN THE OTHER NO FRAUD EXISTS.
PARTY HAD AN OPPORTUNITY TO KNOW THE FACTS.
502095 - EFFECT IN CASE OF A MERE EXPRESSION OF AN
OPINION IN ORDER TO OBTAIN CONSENT, UNLESS MADE BY
NO FRAUD EXISTS.
AN EXPERT AND THE OTHER PARY HAS RELIED ON THE
FORMER'S SPECIAL KNOWLEDGE.
502096 - IS A CONTRACT THAT DOES NOT INTEND TO HAVE
ANY LEGAL EFFECT ON OR CHANGE IN THE JURIDICAL SIMULATED CONTRACT
SITUATION OF THE PARTIES.
1. ABSOLUTELY SIMULATED
502097 - KINDS OF SIMULATED CONTRACTS (2 ITEMS)
2. RELATIVELY SIMULATED
502098 - IS A SIMULATED CONTRACT WHERE THE PARTIES
DO NOT INTEND TO BE BOUND AT ALL. BEING FICTITIOUS IT ABSOLUTELY SIMULATED CONTRACT
IS VOID.
502099 - IS A SIMULATED CONTRACT WHERE THE PARTIES
CONCEAL THEIR TRUE AGREEMENT. THE PARTIES HERE ARE
BOUND BY THEIR REAL AGREEMENT PROVIDED IT DOES NOT
RELATIVELY SIMULATED CONTRACT
PREJUDICE A THIRD PERSON AND IS NOT INTENDED FOR
ANY PURPOSE CONTRARY TO LAW, MORALS, GOOD
CUSTOMS, PUBLIC ORDER AND PUBLIC POLICY.
SUBJECT TO CERTAIN CRITERIA:
502100 - ITEMS THAT MAY BE OBJECTS OF CONTRACTS (3 1. THINGS
ITEMS) 2. RIGHTS
3. SERVICES
1. MUST BE WITHIN THE COMMERCE OF MEN
2. MUST BE TRANSMISSIBLE
502101 - REQUISITES TO BE AN OBJECT OF A CONTRACT (5 3. MUST NOT BE CONTRARY TO LAW, MORALS, GOOD
ITEMS) CUSTOMS, PUBLIC ORDER AND PUBLIC POLICY
4. MUST NOT BE IMPOSSIBLE
5. MUST BE DETERMINATE OR DETERMINABLE
502102 - FOR A THING TO BECOME A VALID OBJECT OF A
CONTRACT, IT MUST BE __________ - MEANING THAT THE
OBJECT MUST BE CAPABLE OF BEING OWNED, POSSESSED, WITHIN THE COMMERCE OF MEN
ACQUIRED AND TRANSFERRED FROM ONE PERSON TO
ANOTHER.
502103 - A THING THAT IS __________ IS CAPABLE OF BEING
FIRMLY DECIDED OR DEFINITELY ASCERTAINED WITHOUT
DETERMINABLE
THE NEED OF A NEW CONTRACT OR AGREEMENT BETWEEN
THE PARTIES.
502104 - IS THE ESSENTIAL REASON THY A PARTY ENTERS
CAUSE
INTO A CONTRACT.
1. IT MUST EXIST.
502105 - REQUISITES OF CAUSE (3 ITEMS) 2. IT MUST BE LAWFUL.
3. IT MUST BE TRUE.
502106 - CAUSE OR MOTIVE: IS THE ESSENTIAL REASON OF
CAUSE
THE CONTRACT.
502107 - CAUSE OR MOTIVE: IS THE PRIVATE OR SECRET
MOTIVE
REASON OR INTENTION OF A CONTRACTING PARTY.
502108 - CAUSE OR MOTIVE: THE CONTRACT IS VOID IF THE
CAUSE
__________ IS ILLEGAL.
502109 - CAUSE OR MOTIVE: THE VALIDITY OF THE
CONTRACT IS NOT AFFECTED BY THE ILLEGALITY OF THE MOTIVE
__________.
502110 - CAUSE OR MOTIVE: THE __________ OF A
CONTRACT IS ALWAYS KNOWN TO THE CONTRACTING CAUSE
PARTIES.
502111 - CAUSE OR MOTIVE: THE __________ OF ONE PARTY
MOTIVE
MAY NOT BE KNOWN TO THE OTHER.
502112 - IS THE INADEQUACY OF CAUSE. LESION
1. RESCISSIBLE CONTRACT
2. VOIDABLE CONTRACT
502113 - TYPES OF DEFECTIVE CONTRACTS (4 ITEMS)
3. UNENFORCEABLE CONTRACT
4. VOID CONTRACT
502114 - IS A DEFECTIVE CONTRACT WHICH HAS ALL THE
ESSENTIAL REQUISITES OF A CONTRACT BUT WHICH MAY BE
RESCISSIBLE CONTRACT
SET ASIDE BY REASON OF EQUITY ON ACCOUNT OF DAMAGE
TO ONE OF THE PARTIES OR UPON A THIRD PERSON.
1. CONTRACTS ENTERED INTO BY GUARDIANS WHENEVER
THE WARD WHOM THEY REPRESENT SUFFER LESION OF
MORE THAN ONE-FOURTH OF THE THINGS WHICH ARE THE
OBJECT THEREOF.
2. THOSE AGREED TO IN REPRESENTATION OF ABSENTEES,
IF THE LATTER SUFFER LESION BY MORE THAN ONE-
FOURTH OF THE VALUE OF THE THING WHICH ARE THE
OBJECT THEREOF.
502115 - EXAMPLES OF RESCISSIBLE CONTRACTS (5 ITEMS) 3. CONTRACTS UNDERTAKEN IN FRAUD OF CREDITORS
WHEN THE LATTER CANNOT IN ANY MANNER COLLECT THE
CLAIMS DUE THEM.
4. THOSE WHICH REFER TO THINGS UNDER LITIGATION IF
THEY HAVE BEEN ENTERED INTO BY THE DEFENDANT
WITHOUT THE KNOWLEDGE AND APPROVAL OF THE
LITIGANTS OR OF COMPETENT JUDICIAL AUTHORITY.
5. ALL OTHER CONTRACTS SPECIALLY DECLARED BY LAW
TO BE SUBJECT TO RESCISSION.
502116 - IS THE REMEDY ALLOWED BY LAW TO THE
CONTRACTING PARTIES AND EVEN TO THIRD PERSONS, TO
SECURE THE REPARATION OF DAMAGES CAUSED TO THEM
BY A CONTRACT, EVEN IF IT SHOULD BE VALID, BY MEANS RESCISSION
OF THE RESTORATION OF THINGS TO THEIR CONDITION AT
THE MOMENT PRIOR TO THE CELEBRATION OF SAID
CONTRACT.
STILL UNFINISHED
AUDIT - OVERVIEW OF AUDITNG (601001 - STILL UNFINISHED)
601001 - IS AN INDIVIDUAL WHO HOLDS A VALID CERTIFICATE
ISSUED BY THE BOARD OF ACCOUNTANCY, WHETHER PROFESSIONAL ACCOUNTANT OR CERTIFIED PUBLIC
HE/SHE BE IN PUBLIC PRACTICE, INDUSTRY, COMMERCE, ACCOUNTANT
THE PUBLIC SECTOR OR EDUCATION.
1. PRACTICE OF PUBLIC ACCOUNTANCY
2. PRACTICE IN COMMERCE & INDUSTRY (COMMERCE -
601002 - SCOPE OF PRACTICE OF ACCOUNTANCY IN THE DISTRIBUTION OF GOODS AND SERVICES; INDUSTRY -
PHILIPPINES (4 ITEMS) CONVERSION OF RAW MATERIALS TO FINISHED GOODS)
3. PRACTICE IN EDUCATION/ACADEME
4. PRACTICE IN THE GOVERNMENT
601003 - ACCOUNTANTS IN __________ ARE WORKING IN
ACCOUNTING FIRMS OR INDIVIDUALLY TO PROVIDE AUDIT
PUBLIC PRACTICE
AND ATTESTATION, TAX PLANNING AND PREPARATION, AND
ADVISORY SERVICES TO THEIR CLIENTS.
601004 - AN ACCOUNTANT PRACTICING IN __________
SERVES ONLY ONE COMPANY. HE PROVIDES A STAFF
INDUSTRY & COMMERCE (ALSO PRIVATE ACCOUNTING)
FUNCTION WHICH SUPPORTS THE COMPANY BY
PERFORMING ACCOUNTING-RELATED TASKS.
601005 - AN ACCOUNTANT PRACTICING IN ___________ CAN
PURSUE A CAREER AS A FACULTY MEMBER IN A SCHOOL, AN
(ACCOUNTING) EDUCATION/ACADEME
AUTHOR OF AN ACCOUNTING BOOK, A RESEARCHER, A
TRAINER OR A REVIEWER.
601006 - AN ACCOUNTANT PRACTICING IN __________
PROVIDE ACCOUNTING INFORMATION THAT HELP
GOVERNMENT
GOVERNMENT AGENCIES PLAN, BUDGET, FORECAST AND
ALLOCATE GOVERNMENT FUNDS.
601007 - IS A SYSTEMATIC PROCESS BY WHICH A
COMPETENT, INDEPENDENT PERSON OBJECTIVELY OBTAINS
AND EVALUATES EVIDENCE REGARDING ASSERTIONS
ABOUT ECONOMIC ACTIONS AND EVENTS TO ASCERTAIN AUDITING
THE DEGREE OF CORRESPONDENCE BETWEEN THOSE
ASSERTIONS AND ESTABLISHED CRITERIA AND
COMMUNICATING THE RESULTS TO INTERESTED USERS,
601008 - IS A KEY PHRASE IN THE DEFINITION OF AUDITING
WHICH IMPLIES A STRUCTURED, LOGICAL AND ORGANIZED SYSTEMATIC PROCESS
SERIES OF STEPS AND PROCEDURES.
601009 - INCLUDE INFORMATION CONTAINED IN FINANCIAL
STATEMENTS, INTERNAL OPERATING REPORTS AND TAX ASSERTIONS
RETURNS.
601010 - REFERS TO THE CLOSENESS WITH WHICH THE
ASSERTIONS CAN BE IDENTIFIED WITH ESTABLISHED DEGREE OF CORRESPONDENCE
CRITERIA.
601011 - ARE THE STANDARDS AGAINST WHICH THE
ESTABLISHED CRITERIA
ASSERTIONS OR REPRESENTATIONS ARE JUDGED.
601012 - IS THE REPORTING OF THE RESULTS ANALYZED
ATTESTATION
AND CONFIRMED IN THE AUDITING PROCESS.
601013 - ARE THE INDIVIDUALS WHO USE (RELY ON) THE
INTERESTED USERS
AUDITOR’S FINDINGS.
1. STOCKHOLDERS
2. MANAGEMENT
601014 - EXAMPLES OF INTERESTED USERS (5 ITEMS) 3. CREDITORS
4. GOVERNMENTAL AGENCIES
5. PUBLIC
1. SHAREHOLDERS ARE NUMEROUS.
601015 - REASONS WHY IT IS RARE THAT OWNERS
2. THEY OFTEN LACK SPECIFIC MANAGEMENT SKILLS
(SHAREHOLDERS) OF THE BUSINESS ALSO RUN (CONTROL)
REQUIRED TO SUCCESSFULLY MANAGE LARGE
THE BUSINESS (2 ITEMS)
ENTERPRISES.
601016 - THE SHAREHOLDERS VEST CONTROL OF THE
BUSINESS IN __________ WHO EMPLOY SPECIALIST
BOARD OF DIRECTORS; MANAGEMENT
_________ TO RUN THE BUSINESS AND RETURN THE
PROFITS OF THE BUSINESS BACK TO SHAREHOLDERS.
601017 - IS THE RISK THAT UNRELIABLE INFORMATION WILL
INFORMATION RISK
BE PROVIDED TO DECISION MAKERS.
1. REMOTENESS OF INFORMATION USERS FROM
INFORMATION PROVIDERS
601018 - FACTORS THAT CONTRIBUTE TO INFORMATION RISK 2. POTENTIAL BIAS AND MOTIVES OF INFORMATION
(4 ITEMS) PROVIDER
3. VOLUMINOUS DATA
4. COMPLEX BUSINESS TRANSACTIONS
1. ALLOW USERS TO VERIFY INFORMATION (GENERALLY
IMPRACTICABLE)
601019 - WAYS ON HOW INFORMATION RISK MAY BE 2. USER SHARES INFORMATION RISK WITH MANAGEMENT (I.
REDUCED (3 ITEMS) E., HAVING A WAY FOR OWNERS TO RECOVER PART OF
OPERATING LOSSES FROM THE MANAGEMENT)
3. HAVE THE FINANCIAL STATEMENTS AUDITED
1. INDEPENDENT FINANCIAL STATEMENTS AUDIT
601020 - GENERAL TYPES OF AUDIT (3 ITEMS) 2. INTERNAL AUDIT
3. GOVERNMENT AUDIT
601021 - IS A TYPE OF AUDIT THAT CONSISTS OF
METHODOLOGICAL REVIEW AND OBJECTIVE EXAMINATION
OF FINANCIAL STATEMENTS PREPARED BY AN ENTERPRISE
INDEPENDENT FINANCIAL STATEMENTS AUDIT
(AUDITEE) TO DETERMINE IF SUCH STATEMENTS HAVE BEEN
PREPARED IN CONFORMITY WITH FINANCIAL REPORTING
PRACTICES THAT ARE APPROPRIATE FOR THE AUDITEE.
601022 - IS A TYPE OF AUDIT DESCRIBED AS AN
INDEPENDENT, OBJECTIVE ASSURANCE AND CONSULTING
INTERNAL AUDIT
ACTIVITY DESIGNED TO ADD VALUE AND IMPROVE AN
ORGANIZATION’S OPERATIONS.
601023 - IS A TYPE OF AUDIT WHICH INVOLVES THE
DETERMINATION OF WHETHER GOVERNMENT FUNDS ARE
BEING HANDLED PROPERLY AND IN COMPLIANCE WITH GOVERNMENT AUDIT
EXISTING LAWS AND WETHER THE PROGRAMS ARE BEING
CONDUCTED EFFICIENTLY AND ECONOMICALLY.
601024 - IS THE LEVEL OF ASSURANCE THAT THE FINANCIAL
STATEMENTS ARE NOT MATERIALLY MISSTATED THAT AN
REASONABLE (OR HIGH) ASSURANCE
AUDITOR, EXERCISING PROFESSIONAL SKILL AND CARE, IS
EXPECTED TO ATTAIN FROM AN AUDIT.
601025 - IS THE HIGHEST LEVEL OF ASSURANCE AN AUDITOR
ABSOLUTE ASSURANCE
CAN GIVE, IF HE CHECKS EACH AND EVERY TRANSACTION.
1. USE OF SAMPLING (SAMPLING RISK)
2. INHERENT LIMITATIONS OF ANY ACCOUNTING AND
INTERNAL CONTROL SYSTEM (E.G., POSSIBILITY OF
COLLUSION)
601026 - FACTORS THAT LIMIT THE AUDITOR FROM GIVING
3. MOST AUDIT EVIDENCE IS PERSUASIVE RATHER THAN
ABSOLUTE ASSURANCE (3 ITEMS)
CONCLUSIVE
4. HUMAN WEAKNESSES SUCH AS FATIGUE,
MISINTERPRETATION OF EVIDENCE, MISAPPLICATION OF
PROCEDURE (NON-SAMPLING RISKS)
601027 - IS EVIDENCE THAT HAS THE POWER TO INFLUENCE
OR PERSUADE SOMEONE TO BELIEVE IN ITS TRUTH (E.G.,
PERSUASIVE EVIDENCE
CONFIRMATION OF ACCOUNT RECEIVABLE FROM 75% OF
CLIENTS).
601028 - IS A SOLID EVIDENCE AFTER WHICH NO FURTHER
PROOF OR INQUIRY IS REQUIRED & EVIDENCE IN ITSELF IS
COMPLETE (E.G., SENDING OF CONFIRMATION LETTER TO CONCLUSIVE EVIDENCE
ALL CUSTOMERS AND PURSUING ALL OF THEM UNTIL THEY
RESPOND).

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Accounting Reviewers PDF

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FAR - ACCOUNTING PROCESS (101001 - 101052)

101001 - THERE ARE __________ BASIC STEPS IN THE

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