72 which of the following circumstances will amortgage loan originator be permitted morethan 120 days of temporary authority?A) The application is complete and the agencyhas not yet made a decision.B) The individual has overlooked uploadingrequired documentation.C) The individual has overlooked supplying statespecific documents.D) The individual's criminal history records havenot yet been completed.

A mortgage loan originator may be permitted more than 120 days of temporary authority when the…

Answered: /2 which of the following circumstances…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 10DQ

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The following is punishable under BP Blg. 22: (I) Any person who makes or draws and issued any check to apply on account or for value, knowing at the time of issue that he does not have sufficient funds in or credit with the drawee bank for the payment of such check in full upon its presentment, which check is subsequently dishonored by the drawee bank for insufficiency of funds or credit or would have been dishonored for the same reason had not the drawer, without any valid reason, ordered the bank to stop payment. (II) Any person who, having sufficient funds in or credit with the drawee bank when he makes or draws and issues a check, shall fail to keep sufficient funds or to maintain a credit to cover the full amount of the check if presented within a period of ninety (90) days from the date appearing thereon, for which reason it is dishonored by the drawee bank. Both are true Both are false Only I is true Only II is true
2. A check was dishonored due to material alteration. Creditor filed an action against drawee bank for the amount. Is the creditor entitled?
The drawee of a check is not liable on the instrument until the check is _______. a.) Accepted. b.) Rejected. c.) Dishonored. d.) Presented.
40. When an entity breaches an undertaking under a long-term loan agreement on or before the balance sheet date with the effect that the liability becomes payable on demand, (choose the incorrect statement) a. The liability is classified as non-current, even if the lender has agreed, after the balance sheet date and before the authorization of the financial statements for issue, not to demand payment as a consequence of the breach b. The liability is classified as current because, at the balance sheet date, the entity does not have an unconditional right to defer its settlement for at least twelve months after that date. c. The liability is normally classified as current; however, the liability is classified as non-current if the lender agreed by the balance sheet date to provide a period of grace ending at least twelve months after the balance sheet date, within which the entity can rectify the breach and during which the lender cannot demand immediate repayment. d. The…
18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk of property loss by fire or other hazardsb. guarantees of indebtedness of othersc. noncollectibility of receivablesd. agreements to repurchase receivables that have been sold
TRUE OR FALSE An instrument payable out of a contingency is not negotiable even if the contingency happened. The drawee in a promissory note must be named or otherwise indicated therein with reasonable certainty. An endorsement cannot be stricken out. A person who signed an instrument without indicating in what capacity he signs shall be considered an endorser. The defense that the instrument is undelivered and was completed without authority is a real defense.
41. The most common way to perfect a security interest is by: Group of answer choices -filing a notice of lien in the appropriate legal publication -filing a financing statement at the appropriate governmental office -retaining possession of the collateral by the creditor -filing suit to obtain a money judgment
2. Which of the following is an example of conversion, the misappropriation of fiduciary monies? a . premium diversion b. False statements in official filings C. issuing a fake insurance policy d. misrepresentation on an insurance application
28. A government entity pays an accounts payable. The entry to record the payment will most likely include a Debit to “Cash-Modified Disbursement System (MDS), Regular Account. Credit to “Due to BIR” account Credit to the “Cash-Treasury/Agency Deposit, Regular’ account None of these. The event is recorded only in the registries and the obligation request and status.
V5. As FASB codification 420-10-25-12 stays “A liability for costs to terminate a contract before the end of its term shall be recognized when the entity terminates the contract in accordance with the contract terms (for example, when the entity gives written notice to the counterparty within the notification period specified by the contract or has otherwise negotiated a termination with the counterparty).” penalty for terminating early Is just a liability? Please explain. Argue about this statement
X issued check in favor of Y. X knew at the time of issue that the check has no sufficient fund in the drawee bank. Upon presentment by Y, the bank dishonored the check for insufficiency of fund. Y filed charges against X for violation of BP Blg. 22. X, however, subsequently issued another check to Y in payment of the amount covered by the original check which action was not made known to Y. Can X still be charged with violation of BP Blg. 22 A. No, because no person shall be imprisoned for debt. B. No, because there is no more unpaid debt. C. Yes, because what is punished is the act of issuing a worthless check. D. No, because the subsequent check cleared the offense. B opened a peso savings account with BPI by depositing a check issued to her for her retirement benefits amounting to P200,000. Subsequently, BPI became insolvent and when B sought to withdraw money from her account, she was unable to do so. B then filed a criminal case against D, the bank president, and the other bank…
Which of the following statements is incorrect? A A bank providing a loan to the entity is not a related party transaction. An entity should neither accrue nor disclose when it cosigned a mortgage note on the home of its president B guaranteeing the indebtedness in the event that the president should default. The entity considers the likelihood to default to be remote. Post-employment benefit is part of the compensation of key management personnel. An entity is not required to disclose if it has a common director with another entity.

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