iACCOUNT: akawnting

EVSU 2nd top performer in the CPA Licensure exam in region 8

noreply@blogger.com (Noelomit) — Fri, 16 Oct 2015 14:29:00 +0000

Ranking	SCHOOL	OVERALL PERFORMANCE
Ranking	SCHOOL	% PASSED
1	UNIVERSITY OF THE PHILIPPINES- VISAYAS-TACLOBAN CITY	100.00%
2	EASTERN VISAYAS STATE UNIVERSITY (for.L.I.T.)TACLOBAN	57.14%
3	WESTERN LEYTE COLLEGE- ORMOC	50.00%
4	SAINT PAUL'S BUSINESS SCHOOL- PALO	46.10%
5	ABE INTERNATIONAL COLL. OF BUS. & ACCOUNTANCY-TACLOBAN	33.33%
6	EASTERN VISAYAS STATE UNIV. (for. L.I.T.)-TANAUAN CAMPUS	33.33%
7	SAINT PETER'S COLLEGE OF ORMOC	33.33%
8	EASTERN SAMAR STATE UNIVERSITY - BORONGAN	26.09%
9	SAINT PAUL BUSINESS SCHOOL OF TACLOBAN	25.71%
10	ASIAN DEVELOPMENT FOUNDATION COLLEGE	25.00%
11	UNIVERSITY OF EASTERN PHILIPPINES-CATARMAN	24.69%
12	SAINT JOSEPH'S COLLEGE- MAASIN	17.39%
13	SAINT MARY'S COLLEGE OF CATBALOGAN (SACRED HEART COLL.)	15.00%
14	AMA COMPUTER COLLEGE- TACLOBAN	0.00%
15	CHRIST THE KING OF CALBAYOG	0.00%
16	DIVINE WORD UNIVERSITY- TACLOBAN	0.00%
17	LEYTE COLLEGES	0.00%

Congrats...CPAs

noreply@blogger.com (Noelomit) — Thu, 15 Oct 2015 19:55:00 +0000

KRISCA KIZZA C. ANDRADE, CPA
MARIBETH F. ANDRIANO, CPA
WILMAN L. OREJOLA, CPA
KIRBY P. NOGADAS, CPA
CARLENE H. BITANGA, CPA
DENNIS B. CABALLES, CPA
MARK LLOYD M. GAVIOLA, CPA
BENJIE M. GELIZON, CPA
CAROLINE D. FLORENTINO, CPA
ROSEMARIE C. GERONES, CPA
GLYNN L. GARCELAZO, CPA
LOVIEJANE C. PEÑAFLOR, CPA
NINA RICA P. SABULAO, CPA
SHEENA G. TARCE, CPA
LADYLYNNIE V. TOBILLA, CPA
CHRISTINE P. SABOÑGAN, CPA (Tanuan Campus)
JOHN GILE T. YUHAN, CPA

October 2015 CPA results (PRC official website)

noreply@blogger.com (Noelomit) — Thu, 15 Oct 2015 18:54:00 +0000

Congratulations to the new CPAs who successfully nailed the CPA Licensure Exam,

http://www.prc.gov.ph/uploaded/documents/CPA1015se.pdf

Consignment

noreply@blogger.com (Noelomit) — Wed, 07 Oct 2015 19:17:00 +0000

Just click below to learn more about consignment accounting

http://www.slideshare.net/gautamagarwal31/consignment-25117437?related=1

http://www.scribd.com/doc/265771233/1-ACCOUNTING-FOR-CONSIGNMENTS-ppt#scribd

https://www.youtube.com/watch?v=jVMACPmWK9g

CPA Board Licensure Exam performing schools

noreply@blogger.com (Noelomit) — Fri, 22 May 2015 02:06:00 +0000

Performance of Schools

file:///D:/266141061-Performance-of-Schools-CPA-Board.pdf

May 2015 CPA Licensure Exam Result

noreply@blogger.com (Noelomit) — Fri, 22 May 2015 01:13:00 +0000

Correction

overall 81.82% (9 out of 11 takers)

first timer 100%

2015 May CPA Licensure

noreply@blogger.com (Noelomit) — Fri, 22 May 2015 00:17:00 +0000

100% passers ...first time takers
81.82% passers ,.. overall

http://www.prcboardnews.com/2015/05/prc-releases-may-2015-cpa-board-exam-results.html

October 2014 CPA Board Exam Results

noreply@blogger.com (Noelomit) — Thu, 21 May 2015 12:26:00 +0000

The PRC announced the October 2014 CPA Licensure in 3 days after the last day of examination. To find out if you have passed the CPA Board:

http://www.prc.gov.ph/news/?id=851

Assignment 10: Akawnting

noreply@blogger.com (Noelomit) — Sun, 08 Mar 2015 02:53:00 +0000

Retained Earnings

Problem # 1.

Lam-ang's board of directors declared a P 710,000 cash dividend on October 5, 2015. The board decided to include all shareholders as of November 5, 2015, beyond the date would no longer entitle the shareholder to receive any dividend declared on October 5, 2015. On December 20, 2015, the shareholders received their share of the profit.

Required:

Prepare the necessary journal entries to record the above transactions.

Problem # 2

Pinoy Corporation's board of directors declared on December 1, 2014 a property dividend of a"one-bedroom flat" for each of the five original shareholders. The property dividend is payable on January 31, 2015.

On December 1, 2014, the carrying amount of a one-bedroom flat is P 1,000,000 and the fair value is P 1,500,000. However, the fair value is P 1,800,000 on December 31, 2014 and P 1,900,000 on January 31, 2015.

Required:

Prepare the entry on December 1, 2014
Prepare the entry on December 31, 2014
Prepare the entries on January 31, 2015

Assignment 9: Akawnting

noreply@blogger.com (Noelomit) — Sat, 07 Mar 2015 10:58:00 +0000

Shareholders' Equity Section

The shareholders' equity of Moonlight Corporation at January 2, 2015, appeared below:

8% Preference Shares, P 150 par, 100,000 shares authorized, 20,000 shares issued and outstanding P 3,000,000

Ordinary shares, P 100 par, 200,000 shares authorized, 50,000 shares issued and outstanding P 5,000,000

Share premium - preference P 300,000

Share Premium - Ordinary P 200,000

Retained Earnings P 1,500,000

During 2015 the following transactions occurred:

Jan 5, issued 6,500 ordinary shares in exchange for a piece of land . The land had a cost of P 500,000. There was no available fair value of shares stock.
Feb 10, purchased 6,000 ordinary shares for the treasury at P 90 per share.
Feb 15 shareholders donated P 10,000 cash
May 7, issued 10,000 preference shares for P 160 per share
June 29, received subscription to 10,000 ordinary shares at P 120
Aug 17, received donation from ordinary shareholders, 2,000 ordinary shares
Sept 11, received full amount from subscribers and issued the shares
Oct 20, sold 3,000 treasury shares at P 160 per share
Nov 22, retired 2,000 treasury shares.
Dec 31, Closed profit of P 450,000

Required:

Prepare journal entries to record transactions (to be posted online)
Prepare the December 31, 2015 Shareholders' equity section (yellow paper)

Note: To be submitted on or before March 8, 2015 (8 pm)

Assignment 8: Akawnting

noreply@blogger.com (Noelomit) — Tue, 03 Mar 2015 07:54:00 +0000

Treasury Shares

On January 1, 2015 Malcolm Corporation had the following balances in its shareholders' equity section:

Ordinary shares, P 20 par P 600,000

Share Premium - Ordinary 1,400,000

Retained Earnings 2,000,000

On April 13, 2015 the corporation purchased 5,000 shares from its own ordinary shares at P 18 per share. On May 5, 2015 it sold 3,000 shares of the treasury shares at P P 22 per share. On July 20, 2015, it sold 2,000 shares at P 17.50 per share.

Required:

Prepare the Entries to record treasury transactions
Prepare the Stockholders' Equity Section as of April 13, 2015 after the purchase of treasury shares.

Assignment 7: Akawnting

noreply@blogger.com (Noelomit) — Mon, 02 Mar 2015 13:53:00 +0000

Subscription of Shares

The Akawnting Corporation has been authorized to issue 127,000 shares of P 7 par ordinary shares. The following 2015 transactions relate to the initial issuance of shares.

June 1, Akawnting sold subscriptions for 35,000 shares for P 12 per share. The subscribers made down-payments amounting to 25% of the subscription price.
June 7, the corporation issued 15,000 shares for P 160,000
July 10, Akawnting exchanged 1,000 shares for a computer costing P 15,000 but with fair value of P 12,000.
August 1, an installment amounting to 40% of the subscription price was received.
September 1, the final installment was received and the shares were issued.

Required:

Prepare the journal entries to record the above transactions
How would you present in the Balance Sheet the Subscription Receivable account? (Write your answer in two - three sentences.)

Assignment 6: Akawnting

noreply@blogger.com (Noelomit) — Sat, 28 Feb 2015 11:30:00 +0000

Share Capital

The Shareholders' Equity section of Masaya Corporation as of December 31, 2015 is presented below:

6% Preference Shares, P 75 par, 200,000 shares authorized,

70,000 shares issued P ?

Ordinary Shares, P5 stated value, 500,000 shares authorized,

______share issued and _____ shares outstanding 500,000

Share Premium - Ordinary 600,000

Retained Earnings 500,000

Total Shareholders' Equity ?

========

Required:

What is the total issue price (per share) of the preference shares?
How many ordinary shares were issued?
What is the amount of the minimum subscription?
Compute the total legal capital of the corporation

10 Reasons why you want to watch That Thing Called Tadhana

noreply@blogger.com (Noelomit) — Sat, 21 Feb 2015 12:59:00 +0000

That Thing Called Tadhana

Number 10 =====>>> it offers tips on how to forget your Ex-girlfriend/boyfriend...

Number 9 =====>>> truly, loneliness also loves company...

Number 8 =====>>> you will realize how important it is to do what you love...

Number 7 =====>>> if you love someone you have to let her/him know how you really feel before it would be too late...

Number 6 =====>>> sometimes love comes in so many mysterious ways...

Number 5 =====>>> you will find that falling in love with someone again is easier than forgetting the one you have loved but had to break your heart...

Number 4 =====>>> you will learn that letting go is an option if you want to live a happy life...

Number 3 =====>>> in love, the number of years you have been together does not really count when it comes to destiny...

Number 2 =====>>> a good/love story movie does not need to have lots of actors to be great, just a nice feeling of love and chemistry...

Number 1 =====>>> it is okay to fall in love over and over again, it may not be the same each time you fall, but at least you will end up with someone you truly love...

Assignment 5: Akawnting

noreply@blogger.com (Noelomit) — Mon, 16 Feb 2015 11:19:00 +0000

Installment Liquidation

Luna, Ingred and Tony decided to liquidate their partnership on March 31, 2015. On this date, their capital balances were as follows:

Luna P 150,000

Ingred 90,000

Tony 120,000

The partners share profits and losses in 40%, 30% and 30% to Luna, Ingred and Tony respectively. The net income from January 1 to March 31, 2015 was 65,000. Assume Tony received P 21,000 cash from the liquidation process.

Compute the amount of loss/gain on realization
How much cash must be received by each partner?

For BSA 1B: Answer the problem given inside the class

noreply@blogger.com (Noelomit) — Mon, 16 Feb 2015 04:30:00 +0000

Post your answers on or before 4 pm this day, February 16, 2015

Babatngon, Leyte: Home of the peace and quite people

noreply@blogger.com (Noelomit) — Sun, 15 Feb 2015 12:02:00 +0000

Babatngon, Leyte

February 15, 2015 - some faculty, students and staff of the College of Business and Entrepreneurship of the Eastern Visayas State University visited Babatngon, Leyte, to conduct a field observation in consonance with the College extension program SPACE (Sustainable Program and Advocacy for Community Extension). The place could be considered as the home of peace and quite people.

The field observation was conducted with the permission granted by the Brgy. Captain. The filed observation consisted of roving the area in District I, talking with the folks, interviewing about their livelihoods, resources, and other pertinent information that will be used in the conduct and implementation of possible extension activities for the district in the future.

District I: Regular Session

The Brgy captain and her officials were conducting their regular session when the team arrived. We asked permission if we could conduct the said field observation. Fortunately, the whole body agreed and was happy to know that the college is so serious about the program.

Team COBE: planning how to conduct the field observation

So the team immediately got the map of the District and divided the team into four groups for the conduct of the said field observation. We were so happy that the people were approachable and accommodating. After an hour or two, we were done with the interview and we were able to gather some pertinent information about the people, their livelihoods and background.

After the conduct of the field observation: a photo with the Brgy Captain (lady in yellow, 4th from right)

Accounting News: Holding auditors blameless

noreply@blogger.com (Noelomit) — Wed, 11 Feb 2015 14:52:00 +0000

Holding auditors blameless

by the Editorial Board, New York Times

The list of accounting scandals, which includes Arthur Andersen’s disastrous thumbs-up of Enron, the Internet stock bust and the financial crisis, has just gotten longer.

Matthew Goldstein of The Times reported this week that an arbitration panel of three former judges has found no basis for a malpractice claim against Ernst & Young, the auditor of Lehman Brothers. The panel held that Lehman and its former executives were “more culpable than EY” for accounting maneuvers that misled investors about the firm’s financial condition before its catastrophic collapse in 2008.

Translation: When it comes to cooking the books, not being as guilty as someone else is the same as being blameless. That sounds appalling, and it is. But it echoes a misguided law from 1995 that set an exceedingly high bar for holding outside auditors liable — along with corporate management — for accounting fraud, a law that has encouraged slippery audits.

Ernst has argued all along that Lehman’s accounting tactics, deceptive or not, complied with generally accepted accounting principles. That may be so, but it is a dubious defense for one of the biggest firms in a profession that is presumably based on integrity.

The problem is larger than Ernst and goes beyond this specific case, which was brought by the holding company charged with recovering and selling Lehman’s assets and paying off creditors. The big auditing firms are virtually never the first to uncover and publicly report financial frauds; credit for that goes to the press, whistle-blowers, hedge funds, independent research firms, bankruptcy trustees or regulators. With each failure by auditors to sound warnings, it becomes increasingly clear that the investing public is being shortchanged when it comes to the reliable information it needs to make sound investing decisions.

Among many needed reforms is a revamped system in which audits are paid for not by company management, but by fees that companies pay to a public entity for the purpose of financing audits. In the near term, the Securities and Exchange Commission should require audited statements to be signed by the lead auditor, rather than merely affixing the firm name.

Without reforms, the role played by Ernst in the Lehman bust — and the role of auditors in undetected frauds and in the financial crisis more broadly — is sure to be reprised in future financial catastrophes.

Source: New York Times

http://www.nytimes.com/2014/08/16/opinion/holding-auditors-blameless.html?ref=topics&_r=0

Assignment 4: Akawnting

noreply@blogger.com (Noelomit) — Fri, 06 Feb 2015 09:45:00 +0000

Assignment 3: Akawnting

noreply@blogger.com (Noelomit) — Wed, 04 Feb 2015 12:21:00 +0000

Assignment in Akawnting: Partnership Liquidation

Answer the MULTIPLE CHOICE PROBLEMS starting from page 4-50 to 4-54. reference: Partnership and Corporation by Ballada.

Note: Make your solution as short as possible. Submission via comment/post would be on February 6, 2015 (up to 8 pm only)

Assignment 2: akawnting

noreply@blogger.com (Noelomit) — Mon, 02 Feb 2015 12:38:00 +0000

Assignment in akawnting: Partnership Liquidation

February 2, 2015

BSA 1A & BSA 1B:

Answer Problem 13 on page 4-45 of Partnership and Corporation Made Easy by Ballada. You may use EXCEL for your entries. Submission will be on February 4, 2015.

Review the lessons discussed dated February 2, 2015. We will have our first quiz for the End Term.

Assignment in akawnting

noreply@blogger.com (Noelomit) — Fri, 30 Jan 2015 09:29:00 +0000

BSA 1A and 1B:

...please solve the following akawnting problems. Assignment will be submitted on February 2, 2015

Chapter 4

Problem # 1
Problem # 3
Problem # 8
Problem # 11

Answer to Akawnting Mid-term

noreply@blogger.com (Noelomit) — Wed, 28 Jan 2015 09:49:00 +0000

Answer - Mid-term Exam: Partnership and Corporation

Please click below for the Answers (Part I):

http://akawnting.blogspot.com/2015/01/answer-mid-term-partenrship-corporation.html

Answer - Mid-term: Partenrship & Corporation Akawnting

noreply@blogger.com (Noelomit) — Wed, 28 Jan 2015 09:48:00 +0000

Answer: Akawnting for Partnership and Corporation

Test I Identification

1. Mutual Agency
2. Articles of Partnership
3. Fair value or fair market value or market value
4. Dormant partner
5. Silent partner
6. Limited partner
7. Secret partner
8. Nominal partner or partner by estoppel
9. Dissolution
10. Bonus

Test II True or False

1. True
2. True
3. False
4. False
5. True
6. True
7. True
8. False
9. True
10. False

Test III Mutiple Choice Problems

1. D
2. C
3. B
4. B
5. D
6. C
7. D
8. C
9. D
10. C

Test IV Enuemeration

1. Kinds of partners (At least 5)

General Partner
Limited Partner
Capitalist Partner
Industrial Partner
Managing Partner
Liquidating Partner
Dormant Partner
Silent Partner
Secret Partner
Nominal Partner or Partner by estoppel

2. Causes of Dissolution

Admission of a Partner
Withdrawal, incapacity, bankruptcy, or death of a partner
Incorporation

3. Difference between Partnership and Corporation

Manner of Creation
Number of Persons
Commencement of Juridical Personality
Management
Extent of Liability
Right of Succession
Terms of Existence

4. Basic Principles in Accounting (At least 5)

Objectivity
Historical Cost
Revenue Recognition
Expense Recognition
Materiality
Adequate Disclosure
Consistency

Short Problems

1. P 7,375
2. P 271,250/ P 215,250/ P 163,000
3. P 130,300
4. P 62,250
5. P 418,750/ P 568,750/ P 512,500
6. P 45,000

Partnership Dissolution

noreply@blogger.com (Noelomit) — Sun, 25 Jan 2015 11:54:00 +0000

Akawnting Exercise 1: Admission, Operations & Retirement

1. On April 30, 2014, the partnership of Ventus, Unda, and Terra presented the following data from its statement of financial position:

Cash               P 21,000                      Accounts payable                    P   15,000
Other assets       744,000                      Mortgage payable                   30,000
                                                            Ventus, capital (40%)             360,000
                                                              Unda, capital (35%)                   225,000
Terra, capital (25%)                   135,000
                        P 765,000                                                                   P 765,000
=======                                                                   =======

On this date Flamma was admitted to the firm when she purchased a one-sixth interest in the firm for P 132,500. The partners agreed to use the revaluation approach in the admission of Flamma into the partnership. Patent was increased accordingly. Afterwards, all the partners agreed to divide profits and losses equally after considering the following:

a. Salary of P 5,000 per month to Ventus, Unda and Flamma

b. 20% bonus to Flamma. The bonus is based on net income after salary and bonus.
On June 30, 2014, Flamma invested enough cash to increase her capital to a one-fourth interest in the partnership. On December 31, 2014, the partnership reported net income amounting to P 150,000 and was distributed to the partners.

On January 1, 2015, Unda decided to sell her ½ interest to Ventus for P 310,000. A day after that Unda decided to retire from the partnership by receiving P 180,000.

Required:

I. Compute the capital balance of each partner as of (show supporting solutions)

a. April 30, 2014

b. June 30, 2014

c. December 31, 2014 after distributing of the profit

d. January 1, 2015 after retirement of Unda