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Saturday, October 31, 2015

Reviewer in Obligations and Contracts by Ateneo Central Bar Operations (2007 edition)


PDF File/1.33MB/English/124 Pages/Secured

Summary outline of discussions related to Obligations and Contracts. The reviewer includes topic not only for accounting students but also for law students. Please click the link below for more information.


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Thursday, October 29, 2015

Audit of Cash and Cash Equivalents: Internal Control Measures and Substantive Audit


Internal Control Measures for Cash

1. Cash receipts should be deposited intact — that is, in the same amount and form as they are received.
2. All disbursements should be authorized and made by check except those involving small amounts which should be paid from petty cash fund.
3. Both receipts and disbursements should be properly accounted for in the records.
4. There should be separation of personnel duties for
     a. receiving cash
     b. recording receipts
     c. depositing cash collections
     d. reconciling bank account
     e. authorizing disbursement
     f. disbursing cash
5. Bank reconciliation statement should be prepared monthly.
6. Provide physical protection for cash.
7. Minimize cash on hand in the office.
8. Cash actually present in the office — petty cash, change fund and undepos ted receipts can be periodically counted and compared with the company records.
9. Adopt imprest fund system for petty cash.

Substantive Audit Procedures for Cash

Cash Balances

Existence: Cash recorded on the books exist

1. Count cash on hand.
2. Confirm bank balances.

Examine interbank transfers.

4. Perform analytical procedures.

Completeness: All of the entity's cash is included

5. Perform cash cutoff test.
6. Prepare proof of cash.

Tuesday, October 27, 2015

Testbanks: GAAP Accounting for Partnerships compiled by Hilario Tan (2009 Edition)



This testbank covers accounting for partnerships which include the following subtopics:
1) Partnership Formation
2) Admission of New Partners
       a) Purchase Method
       b) Bonus Method
       c) Goodwill Method
3) Distribution of Income
       a) Interest Change in Capital Account
       b) Partner's Share in Profits: Bonus Computation
       c) Total Partnership Income
4) Retirement of Partners
       a) Revaluation of Assets
       b) Bonus Method
       c) Goodwill Method
5) Liquidation of Partnerships
       a) Lump Sum Liquidation
       b) Installment Liquidation

Furthermore, the testbank covers both multiple choice theories and problems. There are several exercises and discussions at the end of the material. Several sources covered by the material include Gleim, RPCPA, and AICPA.

Here's the download link.

Enjoy learning!

*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Monday, October 26, 2015

Audit of Intangible Assets: Internal Control Measures and Substantive Audit

Internal Control Measures

1. Acquisitions, dispositions and write offs of intangible assets should be properly authorized.
2. Adequacy and consistency of accounting policies governing intangible assets should be reviewed periodically.
3. General ledger account should be supported by adequate detailed records and they should be periodically reconciled.
4. Schedules of intangibles showing their cost and basis of amortization should be prepared periodically and reviewed by a responsible official.

Substantive Audit Procedures

Existence: Recorded intangible assets exist

1. Obtain an analysis of ledger accounts for intangible assets.
2. Examine documentation supporting intangible assets.

 Completeness: All intangible assets are recorded

3. Vouch additions to or acquisitions during the year.
4. Evaluate dispositions and write offs during the year.

Rights and obligations: Intangible assets are owned by the entity

5. Examine documentation supporting intangible assets.

Valuation and allocation: Intangible assets are valued in accordance with GAAP

6. Vouch additions to or acquisitions during the year.
7. Evaluate dispositions and write offs during the year.
8. Evaluate amortization policy and verify computation of amortization.

Presentation and disclosure: Intangible assets are classified and disclosed in accordance with GAAP

9. Review financial statements and perform analytical procedures to determine whether accounts are classified and disclosed in the financial statements in accordance with GAAP.

Copyright 2015 @philcpareview

Testbank in Financial Accounting by Unknown (2009 Edition)

PDF/English/160KB/34 Pages

The following are the topics covered in this testbank:

1. Property Plant and Equipment (PPE) Acquisition
2. PPE Acquisition through Exchange
3. Accounting for Borrowing Costs
4. Accounting for Donations
5. PPE Subsequent Expenditures
6. Depreciation
7. Depletion
8. Disposal
9. Revaluation
10. Impairment
11. Intangible Assets
12. Goodwill
13. Lease
14. Accounting for Liabilities
15. Debt Restructuring
16. Accounting for Warranties
17. Accounting for Gift Certificates
18. Accounting for Bonuses
19. Bond Issue
20. Bond Interest
21. Bond Retirement
22. Tax Accounting
23. Accounting for Retirement Benefits
24. Share Capital
25. Retained Earnings/Dividend
26. Accounting for Bond Warrants
27. Book Value Per Share
28. Earnings Per Share

Download link is provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Saturday, October 24, 2015

Reviewer in Business Law by Obeso (2008 Edition)

This reviewer is an old compilation of multiple choice questions for business law. I forgot where did I obtain this reviewer. Somehow, the reviewer is quite comprehensive with a total of 214 multiple choice questions. The answers are written just before the numbers. A sample screenshot of the reviewer is provided below for your easy reference:


Download link is provided below:


*Author's Note: These materials are intended solely for review and academic use specifically published to help aspiring CPA Reviewees and accountancy students prepare for the Philippine Certified Public Accountant (CPA) Board Examinations. Copying and distributing such materials are considered violations of the copyright law and may result to legal proceedings.

Audit of Property, Plant and Equipment: Internal Control Measures and Substantive Audit Procedures

Internal Control Measures

1. Additions and dispositions of fixed assets should be properly authorized and approved by the board of directors or executive committee or person to whom authority has been delegated.
2. A clearly defined and sound policy for differentiation of capital and revenue expenditures shculd be established.
3. Cost of constructed fixed assets should be controlled through work orders.
4. Fixed assets controlling account should be supported by detailed plant records.

5. Physical inspection of fixed assets should be conducted and investigated.

Substantive Audit of Property, Plant and Equipment

Existence: Recorded property, plant and equipment exist
1. Physically inspect the assets for a sample of property, plant and equipment recorded in the plant ledger.
2. Physically inspect the assets and examine supporting documentation for additions to property, plant and equipment.
3. Verify that existing retirements and disposals are recorded and properly valued.

Completeness: All property, plant and equipment are recorded
4. Perform analytical procedures.
5. Analyze repairs and maintenance for expenditures that should have been capitalized.
6. Examine lease and loan agreements to identify any liabilities that should be recorded.

Rights and obligations: Property, plant and equipment are owned by the entity
7. Determine whether liens or mortgages have been placed on property, plant and equipment by examining bank confirmations and reading minutes of the board of directors' meetings.
Valuation and allocation: Property, plant and equipment are valued in accordance with GAAP
8. Verify accuracy of recorded property, plant and equipment.
9. Verify depreciation.

Presentation and • disclosure: Property, plant and equipment are classified and disclosed in accordance with GAAP
10. Review financial statements and perform analytical procedures to determine whether accounts are classified and disclosed in the financial statements in accordance with GAAP.

Copyright 2015 @philcpareview

Sunday, October 18, 2015

Audit of Receivables: Theory

DEFINITION:
Receivables refer to claims against others for money, goods or services arising from sale of merchandise or money lent or the performance of services.  For accounting purposes however, the term is employed to mean claims expected to be settled by the receipts of cash.

RECOGNITION:
Receivables are recognized when title to the goods passes to the buyer or when transfer of resources take place.  The point at which title passes may vary with the terms of the sales.

MEASUREMENT:
    1. At face value
    2. At discounted amount (present value)

VALUATION:

1. Receivable are valued at their net realizable value or their expected  cash value.

Determination of NRV requires estimation of uncollectible receivables, as such, an allowance account should be set up for doubtful accounts and for any anticipated adjustments which in the normal course of the business will reduce the amount receivable.

Net realizable value - is the estimated amount of cash that will be collected or realized from receivables.

2. Long term note receivables should be valued at an amount  representing the present value of the expected future cash receipts.

3. Receivable denominated in foreign currency should be translated to local currency at the exchange rate on balance sheet date.

October 2015 CPA Board Exam Results (Top Performing Examinees)

Logo owned by the Professional Regulation Commission (PRC).
Visit www.prc.gov.ph for more information.


The Professional Regulation Commission (PRC) announces that 5,468 out of 13,317 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo, Legazpi and Lucena this October 2015.

The results were released in four (4) working days after the last day of examination.

The list of top performing examinees are the following:

RANK
NAME
SCHOOL
RATING (%)
1
RALLEY SORIANO PARAGAS
COLEGIO DE DAGUPAN (for.COMPUTRONIX COLL)
         92.86
2
IAN KIER JAVATE VALENCIA
BATANGAS STATE UNIVERSITY- BATANGAS CITY (PBMIT)
         92.57
3
RONNA MAE ENTERIA FERRER
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES-MAIN-STA. MESA
         92.14
4
MICHAEL JOHN DATU DAVID
HOLY ANGEL UNIVERSITY
         91.86

SHARMAINE DIANNE CHUA MAMAED
ATENEO DE DAVAO UNIVERSITY
         91.86
5
JAMES ROBERT DELA TORRE AGUILA
POLYTECHNIC UNIVERSITY OF THE PHILIPPINES-MAIN-STA. MESA
         91.71

MASAKO MANIAGO PINEDA
HOLY ANGEL UNIVERSITY
         91.71

STEPHANIE ALACAR SOLOMON
UNIVERSITY OF BAGUIO
         91.71
6
CATHERINE JOYCE CALARA ESPINEDA
WESLEYAN UNIVERSITY- PHILIPPINES-CABANATUAN CITY
         91.43

BETHANY CHELUHI NORA PEDRO
UNIVERSITY OF SAINT LOUIS- TUGUEGARAO
         91.43

HANNAH FAYE KRYSTLE ALBARRACIN REYES
DE LA SALLE UNIVERSITY-LIPA
         91.43
7
CHARLES REGINALD KHU HWANG
DE LA SALLE UNIVERSITY-MANILA
         91.29

KENNETH GUEVARRA LIMOSNERO
UNIVERSITY OF SAINT LA SALLE
         91.29

MAY ANNE RIVERA REYES
UNIVERSITY OF SANTO TOMAS
         91.29
8
MA ROSA MIA ROBLES REYES
UNIVERSITY OF SANTO TOMAS
         91.14

FERN ADRIEL MISSION VELASCO
COLEGIO DE DAGUPAN (for.COMPUTRONIX COLL)
         91.14
9
KEREN KRISTEL MARALIT DIMACULANGAN
DE LA SALLE UNIVERSITY-LIPA
         91.00

ANNE FRANCES ONG LEE
UNIVERSITY OF THE PHILIPPINES- DILIMAN
         91.00
10
GERREMIE OYA BUAL
SAN PABLO COLLEGES
         90.86

EDWARD DEL FIN MANALOTO
HOLY ANGEL UNIVERSITY
         90.86

MONICO PAULO BALLERAS RANOSA
BICOL UNIVERSITY-DARAGA
         90.86

Thursday, October 15, 2015

October 2015 CPA Board Exam Results (List of Passers)

Logo owned by the Professional Regulation Commission (PRC).
Visit www.prc.gov.ph for more information.


The Professional Regulation Commission (PRC) announces that 5,468 out of 13,317 passed the Certified Public Accountant Licensure Examination given by the Board of Accountancy in the cities of Manila, Baguio, Cagayan De Oro, Cebu, Davao, Iloilo, Legazpi and Lucena this October 2015.

The results were released in four (4) working days after the last day of examination.

The list of successful examinees can be accessed through the Professional Regulation Commission (PRC) Website. You can access the list in the link provided below:

List of Successful Examinees

Source: www.prc.gov.ph

Wednesday, October 14, 2015

Audit of Inventories: Internal Control Measures and Substantive Audit Procedures


Internal Control Measures

1. Authority and responsibility for controlling the inventories should be centralized in management and in one person.
2. There should be careful selection of inventory personnel and intensive training of such personnel in policies, objectives and system of inventory control.
3. Adequate physical facilities for handling and storage of inventory should be provided.
4. Adequate system of procedures, forms and reports related to the management of inventories should be developed and implemented.
5. Quantitative controls through perpetual inventory records; book quantities verified with physical counts at least once a year and differences being investigated, promptly adjusted and reported to higher authority should be implemented.
6. Deliveries of materials, finished stock and merchandise should be made only upon specific authorizations emanating at authorized levels.
7. Slow-moving, obsolete and damaged stock should be identified and reported following periodic reviews of physical and book records by qualified employees. Valuation on the basis of approved cost-mark-down methods should be reviewed.
8. Safeguards against that action of the element and inaccuracies in recording receipts and issues should be adopted. Example - Maintaining adequate insurance coverage.

Substantive Audit of Inventories

Inventory Balances

Existence: Recorded inventory exist
1. Before the client takes the physical inventory, review and approve the client's written plan for taking it.
2. Observe the client personnel physically counting inventory.
3. Confirm inventories on consignment and held in public warehouses.

Completeness: All inventory of the entity recorded
4. Obtain a copy of prenumbered inventory tags used by the client in taking inventory and reconcile the tags to the listing.
5. For selected items, trace from tags to listing.
6. Perform cutoff procedures. Obtain the receiving report number for the last shipment received prior to year-end and determine that the item is included in inventory. Also, identify the last shipping document and determine, based on shipping terms, whether the item was properly recorded in sales or inventory.
7. Perform analytical procedures.

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