In the liquidation of a partnership, the gains and losses from assets sold are

A.divided equally among the partners.

B.divided among the partners in the stated profit and loss ratio.

C.divided among the partners in proportion to their capital equity interests

D.ignored.

A deficiency in the capital of an insolvent partner is

A.loss to the other partners.

B.a gain to the other partners.

C.the result of a loss in operations.

D.the result of a sale of non-cash assets at a gain.

Statement 1: When a deficient partner is solvent and has an existing loan balance , deficiency is eliminated first by offsetting the loan balance and if there is still a deficiency, other partners will absorb it.

Statement 2: If the net proceeds received from the realization of non-cash assets is greater than its book value,a gain on realization is distributed to the partner's capital accounts using their profit and loss

A.True, true

B.False, false

C.True, falsE

D.False, true

Statement 1: The difference in the value of total assets before liquidation and after the realization of non-cash assets pertains to the gain or loss on realization of these non-cash assets.

Statement 2: Payment of liabilities to outside creditors comes first before payment of liabilities to partners.

A.True, true

B.False, false

C.True, false

D.False, true

This is an act providing for the Revised Corporation Code of the Philippines.

A.Batas Pambansa Bilang 68

B.RA No. 11232

C.RA No. 11233

D.RA No. 11332

All of the following statements under the Revised Corporation Code are correct, except

A.The articles of incorporation and the bylaws shall be filed together.

B.Corporations may now incorporate a corporation.

C.Failure of a corporation to formally organize and commence its business within 5 years from the date of its incorporation shall render the certificate of incorporation deemed revoked as of the day following the end of the 5-year period.

D.At least five persons, not exceeding fifteen may organize a corporation as incorporators.

The date of the commencement of the juridical personality of a corporation is the

A.date of filing of the articles of incorporation

B.date of issuance of certificate of registration

C.date of payment of filing and publication fees

D.date of submission of the bylaws

a corporation which is organized for charity purposes is

A.eleemosynary corporation

B.ecclesiastical corporation

C.lay corporation

D.corporation sole

a de jure corporation exist

A.in fact but not in law

B.in fact and in law

C.not in fact but in law

D.not in fact and not in law

In the issuance of shares in exchange of non-cash assets, the non- cash asset is recorded in the books of the corporation at the

A.fair market value of the shares even if the fair market value of the non-cash asset is determinable

B.fair market value of the non-cash assets or the fair market value of the shares, whichever is determinable

C.par value of the share

D.whichever is lower between the fair market value of the non-cash assets and the fair market value of the shares.

The highest bidder in the sale of delinquent shares in a public auction is

A.Bidder who is willing to receive the highest number of shares in exchange of the unpaid subscription price.

B.Bidder who is willing to receive the lowest number of shares in exchange of the full subscription price.

C.Bidder who is willing to receive the highest number of shares in exchange of the full subscription price.

D.Bidder who is willing to receive the lowest number of shares in exchange of the unpaid subscription price.