. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks? A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank. B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank. C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court. D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date. 2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”? A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within the second degree, legitimate or common-law,shall not be presumed to have been effected while in possession of material nonpublic information B. The insider proves that the information was not gained from such relationship. C. If the other party selling to or buying from the insider (or his agent) is identified, the insider proves that he had reason to believe that the other party otherwise is not also in possession of the information. D. If transacted after such information came into existence but prior to dissemination of such information to the public and the lapse of a reasonable time for market to absorb such information the presumption is not rebuttable. 3. May the BSP Monetary Board order the closing of a bank with the hearing to follow despite the absence of a prior hearing for closure? A. Yes, even if there is no justifiable or factual basis for the closure B. No, because right to due process always requires prior hearing before closure C. No, because that is violative of right to property of the bank’s stockholders D. Yes, because close now hear later has already been justified as a measure for the protection of the public interest

. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks? A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank. B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank. C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court. D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date. 2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”? A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within the second degree, legitimate or common-law,shall not be presumed to have been effected while in possession of material nonpublic information B. The insider proves that the information was not gained from such relationship. C. If the other party selling to or buying from the insider (or his agent) is identified, the insider proves that he had reason to believe that the other party otherwise is not also in possession of the information. D. If transacted after such information came into existence but prior to dissemination of such information to the public and the lapse of a reasonable time for market to absorb such information the presumption is not rebuttable. 3. May the BSP Monetary Board order the closing of a bank with the hearing to follow despite the absence of a prior hearing for closure? A. Yes, even if there is no justifiable or factual basis for the closure B. No, because right to due process always requires prior hearing before closure C. No, because that is violative of right to property of the bank’s stockholders D. Yes, because close now hear later has already been justified as a measure for the protection of the public interest

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks?

A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank.

B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank.

C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court.

D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date.

2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”?

A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within the second degree, legitimate or common-law,shall not be presumed to have been effected while in possession of material nonpublic information

B. The insider proves that the information was not gained from such relationship.

C. If the other party selling to or buying from the insider (or his agent) is identified, the insider proves that he had reason to believe that the other party otherwise is not also in possession of the information.

D. If transacted after such information came into existence but prior to dissemination of such information to the public and the lapse of a reasonable time for market to absorb such information the presumption is not rebuttable.

3. May the BSP Monetary Board order the closing of a bank with the hearing to follow despite the absence of a prior hearing for closure?

A. Yes, even if there is no justifiable or factual basis for the closure

B. No, because right to due process always requires prior hearing before closure

C. No, because that is violative of right to property of the bank’s stockholders

D. Yes, because close now hear later has already been justified as a measure for the protection of the public interest

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