REVIEWER FOR THE FINAL EXAM MAY 25, 2023
PART 1 –OBJECTIVE
A, MULTIPLE CHOICE ,CHOOSE THE CORRECT ANSWER.
1. The Russian accountants found the climate and the environment in the Philippines as better ,
hence they decide to put up an Accounting firm in Baguio. What is the required foreign equity
participation in such an accounting firm to be established by Russians ?
a) 40%
b) 60%
c) 100%
d) 20%
2. CANDY BOUGHT FROM SHARON’S BOUTIQUE SOME DESIGNER BAGS
AMOUNTING TO PESOS 200,000.00 WHICH SHE PAID FOR IN CHECK.
WHEN THE CHECK WAS DEPOSITED BY SHARON , IT WAS RETURNED /
BOUNCED FOR BEING AN “ACCOUNT CLOSED”. BECAUSE THE CHECK ISSUED
BORE NO ACCOUNT NAME ON IT , SHARON WENT TO THE DRAWEE BANK
ASKING FOR THE NAME OF ACCOUNT HOLDER OF THE CHECK. DRAWEE BANK
REFUSED TO COMPLY CITING RA 1405 , BANK SECRECY LAW.
a) YES THE DRAWEE BANK IS CORRECT IN REFUSING TO COMPLY
b) YES THE DRAWEE BANK MAY DISCLOSE THE ACCOUNT NAME
BECAUSE BANK SECRECY ONLY PROHIBITS INFORMATION ON THE
AMOUNT OF DEPOSITS AND NOT THE NAME UNDER THE ACCOUNT
c) YES THE DRAWEE BANK IS CORRECT IN REFUSING TO DISCLOSE
BECAUSE SHARON IS NOT A CLIENT OF BANK, HENCE SHARON IS A
MERE STRANGER TO THE BANK.
, 3. . SENATOR RICHARD, AN AVID CRITIC OF THE RULING PARTY OF THE
COUNTRY , WHILE HAVING HIS PRIVILEGED SPEECH IN SENATE, ACCUSED
SENATOR ROLLY, THE SENATE PRESIDENT , OF ILL-GOTTEN WEALTH.
SENATOR RICHARD ANNOUNCED THAT THE ILLGOTTEN WEALTH OF
SENATOR ROLLY IS DEPOSITED IN STATE BANK AND CHARGED THAT THE ANTI-
MONEY LAUNDERING COUNCIL (AMLAC) SHOULD INITIATE ACTIONS TO
EXAMINE STATE BANK FOR ULTIMATE FREEZING OF THE MONEYS OF SENATOR
ROLLY.
THE AMLAC IMMEDIATELY ORDERED STATE BANK TO REPORT ALL
TRANSACTIONS OF SENATOR ROLLY TO THE COUNCIL AND TO HOLD ALL
TRANSACTIONS THEREUNDER.
a) STATE BANK MUST COMPLY WITH AMLAC FREEZE ORDER BECAUSE
AMLAC IS ALLOWED BY THE ANTI MONEY LAUNDERING ACT TO ISSUE
FREEZE ORDER .
b) STATE BANK CANNOT COMPLY BECAUSE THE FREEZE ORDER IS NOT
ALLOWED TO BE ISSUED BY AMLAC
c) STATE BANK CANNOT COMPLY BECAUSE THE FREEZE ORDER SHOULD
BE ISSUED BY THE COURT OF APPEALS
4. . UNDER R.A. 1405 , WHICH OF THE FOLLOWING IS NOT COVERED BY THE BANK
SECRECY LAW?
a) INVESTMENT IN TIME DEPOSIT
b) SAVINGS DEPOSIT AND CHECKING ACCOUNT
c) MONEY MARKET PLACEMENTS
d) ALL OF THE ABOVE
5. . WHICH OF THE FOLLOWING IS NOT PROTECTED BY RA 1405 :
a) CERTIFICATE OF TIME DEPOSIT
b) DEMAND ACCOUNT
c) TRUST CERTICATES
d) INVESTMENT IN BONDS ISSUED BY PUBLICLY LISTED COMPANIES
PART 1 –OBJECTIVE
A, MULTIPLE CHOICE ,CHOOSE THE CORRECT ANSWER.
1. The Russian accountants found the climate and the environment in the Philippines as better ,
hence they decide to put up an Accounting firm in Baguio. What is the required foreign equity
participation in such an accounting firm to be established by Russians ?
a) 40%
b) 60%
c) 100%
d) 20%
2. CANDY BOUGHT FROM SHARON’S BOUTIQUE SOME DESIGNER BAGS
AMOUNTING TO PESOS 200,000.00 WHICH SHE PAID FOR IN CHECK.
WHEN THE CHECK WAS DEPOSITED BY SHARON , IT WAS RETURNED /
BOUNCED FOR BEING AN “ACCOUNT CLOSED”. BECAUSE THE CHECK ISSUED
BORE NO ACCOUNT NAME ON IT , SHARON WENT TO THE DRAWEE BANK
ASKING FOR THE NAME OF ACCOUNT HOLDER OF THE CHECK. DRAWEE BANK
REFUSED TO COMPLY CITING RA 1405 , BANK SECRECY LAW.
a) YES THE DRAWEE BANK IS CORRECT IN REFUSING TO COMPLY
b) YES THE DRAWEE BANK MAY DISCLOSE THE ACCOUNT NAME
BECAUSE BANK SECRECY ONLY PROHIBITS INFORMATION ON THE
AMOUNT OF DEPOSITS AND NOT THE NAME UNDER THE ACCOUNT
c) YES THE DRAWEE BANK IS CORRECT IN REFUSING TO DISCLOSE
BECAUSE SHARON IS NOT A CLIENT OF BANK, HENCE SHARON IS A
MERE STRANGER TO THE BANK.
, 3. . SENATOR RICHARD, AN AVID CRITIC OF THE RULING PARTY OF THE
COUNTRY , WHILE HAVING HIS PRIVILEGED SPEECH IN SENATE, ACCUSED
SENATOR ROLLY, THE SENATE PRESIDENT , OF ILL-GOTTEN WEALTH.
SENATOR RICHARD ANNOUNCED THAT THE ILLGOTTEN WEALTH OF
SENATOR ROLLY IS DEPOSITED IN STATE BANK AND CHARGED THAT THE ANTI-
MONEY LAUNDERING COUNCIL (AMLAC) SHOULD INITIATE ACTIONS TO
EXAMINE STATE BANK FOR ULTIMATE FREEZING OF THE MONEYS OF SENATOR
ROLLY.
THE AMLAC IMMEDIATELY ORDERED STATE BANK TO REPORT ALL
TRANSACTIONS OF SENATOR ROLLY TO THE COUNCIL AND TO HOLD ALL
TRANSACTIONS THEREUNDER.
a) STATE BANK MUST COMPLY WITH AMLAC FREEZE ORDER BECAUSE
AMLAC IS ALLOWED BY THE ANTI MONEY LAUNDERING ACT TO ISSUE
FREEZE ORDER .
b) STATE BANK CANNOT COMPLY BECAUSE THE FREEZE ORDER IS NOT
ALLOWED TO BE ISSUED BY AMLAC
c) STATE BANK CANNOT COMPLY BECAUSE THE FREEZE ORDER SHOULD
BE ISSUED BY THE COURT OF APPEALS
4. . UNDER R.A. 1405 , WHICH OF THE FOLLOWING IS NOT COVERED BY THE BANK
SECRECY LAW?
a) INVESTMENT IN TIME DEPOSIT
b) SAVINGS DEPOSIT AND CHECKING ACCOUNT
c) MONEY MARKET PLACEMENTS
d) ALL OF THE ABOVE
5. . WHICH OF THE FOLLOWING IS NOT PROTECTED BY RA 1405 :
a) CERTIFICATE OF TIME DEPOSIT
b) DEMAND ACCOUNT
c) TRUST CERTICATES
d) INVESTMENT IN BONDS ISSUED BY PUBLICLY LISTED COMPANIES
