1. The paid-up capital of ABC Corporation is Php 50,000.00. In this case, it is wrong to say that:

a. The report shall be made at the regular meeting of stockholders or members

b. The certified financial statements may be certified under oath by the treasurer or any responsible officer of the corporation

c. The board of directors or trustees shall present to the stockholders or members the financial report of operations of the corporation for the preceding year

d. The financial report shall include financial statements duly signed and certified and certified by an independent certified public accountant

2. A and B entered into a universal partnership of profits. At the time of execution of the articles of partnership, A had a two-door apartment, which he inherited from his father 3 years earlier. B on the other hand, had a fleet of taxis, which he purchased two years before. In the first year of the partnership, A earned P500,000 as a radio talent while B won P1,000,000 in the lotto. During the same period, rentals of P120,000 were collected from the apartment, while fare revenues of P200,000 were realized from the operation of the fleet of taxis. Which of the following belongs to the partnership?

a. Fleet of taxis

b. Salary of P500,000

c. Two door apartment

d. Lotto winnings of P1, 000, 000

3. A and B entered into a universal partnership of all present property. At the time of their agreement, A had a four-door apartment, which he inherited from his father 3 years earlier. B, on the other hand, had a fishpond, which he acquired by dacion en pago from C. During the first year of the partnership, rentals collected on the four-door apartment amounted to P480,000; while fish harvested from the fishpond were sold for P300,000. During the same period, B received by way of donation a vacant lot from an uncle. The partners had a stipulation that future property shall belong to the partnership. Which of the following does not belong to the common fund of the partnership?

a. Apartment

b. Vacant land

c. Fishpond

d. Rental of P480,000