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  SAINT VINCENT DE FERRER COLLEGE JULY 19, 2014 BS ACCOUNTANCY (1 st  semester SY 2014-2015) Part 2 ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA 1 Copyright of Prof. Hector U. Santos Jr., CPA, MBA This online resource is intended solely to whom it is authorized to receive it. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. AUDITING THEORY I.   Topic(s): Republic Act 9298 II.   Learning Objective(s): To understand the rules and regulations covering Republic Act 9298, otherwise known as Philippine Accountancy Act of 2004 III.   Rundown Please read and understand the other file entitled “RA 9298.pdf” IV.   Recommended Reference(s): 1. Text Book - Auditing Theory 2011 Edition by Salosagcol 2. Text Book  –   Assurance Principle by Cabrera 3. Text Book Auditing & Assurance Services - David Ricchiute 4. Internet  SAINT VINCENT DE FERRER COLLEGE JULY 19, 2014 BS ACCOUNTANCY (1 st  semester SY 2014-2015) Part 2 ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA 2 Copyright of Prof. Hector U. Santos Jr., CPA, MBA This online resource is intended solely to whom it is authorized to receive it. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. MANAGEMENT ADVISORY SERVICES I.   Topic(s): Managerial Accounting and Cost Concepts II.   Learning Objective(s) (after studying the topic, you should be able to): 1. Identify the major differences and similarities between financial and managerial accounting. 2. Identify and give examples of each of the three basic manufacturing cost categories. 3. Distinguish between product costs and period costs and give examples of each. 4. Prepare an income statement including calculation of the cost of goods sold. 5. Prepare a schedule of cost of goods manufactured. 6. Understand the differences between variable costs and fixed costs. 7. Understand the differences between direct and indirect costs. 8. Understand cost classifications used in making decisions: differential costs, opportunity costs, and sunk costs. III.   Rundown 1.   Please watch below link to know and understand the topic http://highered.mcgraw-hill.com/sites/0073379611/student_view0/chapter2/narrated_slides.html 2.   P lease see attached slide entitled “Cost Concepts”  3.   After watching and reading above (1 and 2), try to answer this online multiple quiz for self assessment. http://highered.mcgraw-hill.com/sites/0073379611/student_view0/chapter2/multiple_choice_quiz.html 4.   After watching and reading above (1 and 2), try to answer the practice exam for self assessment http://highered.mcgraw-hill.com/sites/0073379611/student_view0/chapter2/practice_exams.html  IV.   Recommended Reference(s): 1.   Managerial Accounting by Garrison 2.   Managerial Accounting by Kieso Weyganth 3.   Managerial Accounting by local authors 4.   Internet  SAINT VINCENT DE FERRER COLLEGE JULY 19, 2014 BS ACCOUNTANCY (1 st  semester SY 2014-2015) Part 2 ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA 3 Copyright of Prof. Hector U. Santos Jr., CPA, MBA This online resource is intended solely to whom it is authorized to receive it. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. THEORY OF ACCOUNTS I.   Topic(s): Presentation of Financial Statements   II.   Learning Objectives: Understand concepts of Presentation of Financial Statements III.   Rundown 1.   Please read the latest tex tbook version of “Financial Accounting Volume 1” by Valix  Chapter 2 2.   Also read Philippine Accounting Standard 1 Important things to remember Going concern  When preparing financial statements, management shall make an assessment of an entity’s ability to continue as a going concern. Financial statements shall be prepared on a going concern basis unless management either intends to liquidate he entity or to cease trading, or has no realistic alternative but to do so. Accrual basis of accounting  An entity shall prepare its financial statements, except for cash flow information, using the accrual basis of accounting. . Materiality and aggregation Each material class of similar items shall be presented separately in the financial statements. Items of a dissimilar nature or function shall be presented separately unless they are immaterial. Offsetting Assets and liabilities, and income and expenses, shall not be offset unless required or  permitted by a Standard or an Interpretation. Comparative information Except when a Standard or an Interpretation permits or requires otherwise, comparative information shall be disclosed in respect of the previous period for all amounts reported in the financial statements. Identification of the financial statements The financial statements shall be identified clearly and distinguished from other nformation in the same published document. Each component of the financial statements shall  be identified clearly.In addition, the following information shall be displayed prominently, andrepeated when it is necessary for a proper understanding of the information presented. Reporting period Financial statements shall be presented at least annually. When an entity’s   balance sheet date changes and the annual financial statements are presented for a period longer or shorter than one year, an entity shall disclose, in addition to the period covered by the financial statements . Balance sheet Current/non-current distinction An entity shall present current and non-current assets, and current and non-current liabilities, as separate classifications on the face of its balance sheet except when a  presentation based on liquidity provides information that is reliable and is more relevant.  SAINT VINCENT DE FERRER COLLEGE JULY 19, 2014 BS ACCOUNTANCY (1 st  semester SY 2014-2015) Part 2 ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA 4 Copyright of Prof. Hector U. Santos Jr., CPA, MBA This online resource is intended solely to whom it is authorized to receive it. If you are not the intended recipient you are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Current assets An asset shall be classified as current when it satisfies any of the following criteria: (a) it is expected to be realized in, or is intended for sale or consumption in, the entity’s normal operating cycle;  (b) it is held primarily for the purpose of being traded; (c) it is expected to be realized within twelve months after the balance sheet date; or (d) it is cash or a cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the balance sheet date. All other assets shall be classified as non-current. Current liabilities A liability shall be classified as current when it satisfies any of the following criteria: (a) it is expected to be settled in the entity’s normal operating cycle;  (b) it is held primarily for the purpose of being traded; (c) it is due to be settled within twelve months after the balance sheet date; or (d) the entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the balance sheet date. An entity shall disclose the following, either on the face of the balance sheet or in the notes: (a) for each class of share capital: (i) the number of shares authorized; (ii) the number of shares issued and fully paid, and issued but not fully  paid; (iii) par value per share, or that the shares have no par value; (iv) a reconciliation of the number of shares outstanding at the beginning and at the end of the period; (v) the rights, preferences and restrictions attaching to that class including restrictions on the distribution of dividends and the repayment of capital; (vi) shares in the entity held by the entity or by its subsidiaries or associates; and (vii) shares reserved for issue under options and contracts for the sale of shares, including the terms and amounts; Profit or loss for the period All items of income and expense recognized in a period shall be included in profit or loss unless a Standard or an Interpretation requires otherwise. The notes to financial statements shall: (a) present information about the basis of preparation of the financial statements and the specific accounting policies ; (b) disclose the information required by IFRSs that is not presented on the face of the balance sheet, income statement, statement of changes in equity or cash flow statement; and (c) provide additional information that is not presented on the face of the  balance sheet, income statement, statement of changes in equity or cash flow statement, but is relevant to an understanding of any of them . Disclosure of accounting policies An entity shall disclose in the summary of significant accounting policies: (a) the measurement basis (or bases) used in preparing the financial statements; and (b) the other accounting policies used that are relevant to an understanding of the financial statements. An entity shall disclose, in the summary of significant accounting policies or other notes, the  judgments, apart from those involving estimations, that management has made in the process of
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