Answered: This committee is created by the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Question 3

S sold to B a lot with an area of 100 square meters of garden soil at a price of P1,000 per square meter. Within six (6) months from the date of delivery of the lot, B discovered that the actual area of the said lot consists of 90 square meters garden soil and 10 square meters sand soil. What is the remedy available to B regarding this inferior quality of the lot?

Group of answer choices

Ask for proportionate reduction of price

Ask for rescission or cancellation of contract of sale of the 100 square meters lot

Either a or b

Neither a nor b

Question 4

In case of double sale of titled immovable or real property, who among the buyers of the said immovable property from the same seller shall prevail?

Group of answer choices

Buyer with the oldest title

First possessor, either actual or constructive possession, of the immovable property in good faith

First payor of the immovable in good faith

First registrant of the deed of sale of immovable property in good faith.

Question 5

This committee is created by the General Assembly and not by the BODs:

Group of answer choices

Ethics Committee

Audit Committee

Mediator and Grievance Committee

Executive Committee

Question 6

What is the only group for right of stoppage in transitu?

Group of answer choices

Where the goods have been sold without any stipulation as to credit

Where the goods have been sold on credit, but the credit term has expired

Where the buyer is insolvent

Where the goods are perishable in nature

Question 7

It refers to one of the two alternative remedies available to buyer of a thing in case of breach of warranties against hidden defects, of merchantability, of merchantable quality or fitness for a particular purpose whereby there is a prayer by the buyer for withdrawal or for rescission or for cancellation of the contract of sale.

Group of answer choices

Accion redhibitoria

Accion quanti minoris

Accion pauliana

Accion reindivicatoria

Question 8

A, B and C are co-owners of a specific land. On October 1,2020, C absolutely sold his 1/3 share in the said land to D under a deed of absolute sale. Which of the following statements is correct?

Group of answer choices

A and B may legally repurchase the 1/3 share of the land sold by C to D proportionately despite the absence of the agreement in the deed of sale for repurchase.

C may legally repurchase the 1/3 share of the land he sold to D by virtue of legal redemption.

No one from A, B or C can repurchase the 1/3 share of the land sold by C to D because the deed states it is an absolute sale.

None of the choices.

Question 9

Under the Statute of Frauds, the following contracts must be in writing, otherwise they cannot be enforced in court litigation except

Group of answer choices

Sale of personal property at a price not more than P300.00

Sale of real property regardless of the price involved

Sale of property not to be performed within a year from the date thereof regardless of the nature of the property and price involved

Answer not given

Question 10

Only natural persons can form this cooperative.

Group of answer choices

Primary Cooperative

Subsidiary Cooperative

Tertiary Cooperative

Secondary Cooperative

Question 11

A cooperative has a net surplus of P10M for the fiscal year 2018. How much should be spent for Land & Building Improvement?

Group of answer choices

Not more than P700,000

Not more than P300,000

Not more than P1,000,000

Not more than P2,500,000

Question 12

On January 1, 2021, S sold a specific lot to B. Unfortunately, the said lot is encumbered by a nonapparent and unregistered burden or servitude of septic tank. On July 1, 2021, B discovered the said servitude. What is the legal remedy still available to B?

Group of answer choices

Action for rescission or cancellation of the sale of the lot

Action for indemnification for damages

Either a or b

Neither a nor b

Question 13

What is the minimum grace period allowed by law to pay a defaulted instalment without additional interest to a buyer of residential real property in instalment when he has only paid less than two years of instalments?

Group of answer choices

30 days

60 days

90 days

120 days

Question 14

Which of the following contracts is not governed by the rule on double sale?

Group of answer choices

Contract to sell

Agency to sell

Both a and b

Neither a nor b

Question 15

Which of the following is not a requisite to enforce vendor’s liability in case of eviction of the buyer on the ownership of the thing sold?

Group of answer choices

There must be a final judgment depriving the vendee of the whole or part of the thing sold.

The deprivation is based on a right prior to the sale or an act imputable to the vendor.

The vendor must have been notified of the suit for eviction at the instance of the vendee.

The vendor must have acted in bad faith.

Expert Solution

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.