ACCOUNTING SUBJECT AFAR RFBT

Major Topic
Sub Topic 50 EASY MOD HARD 50
FINANCIAL ACCOUNTING AND REPORTING 1
Conceptual Framework
Purpose
Fundamental Characteristics
Asset Recognition Principle
Measurement Bases
Cash and Cash Equivalents
Classification
Bank Reconciliation
Proof of Cash
Receivables
Accounts Receivables
Percentage of AR
Aging of Receivable
Receivable Financing
Factoring
Journal Entry
Notes Receivable
Journal Entry
Impairment
Loans Receivable
Inventories
Measurement
Cost Flow
FIFO
Moving Average
Inventory Estimation
Gross Profit Method
Retail Inventory
Biological Assets
Measurement
Agricultural Produce
Financial Instruments
Financial Liability
Investment at Fair Value
Held for trading
Direct Attributable Cost
Debt Investments
Dividend Income
Fair Value Changes
Investment at Amortized Cost
Basic Concepts
Subsequent Measurements
Serial Bonds
Derecognition
Change in Business Model
Derivatives
Interest Rate Swaps
Futures
Options
Investment in Associates
Significant Influence
Equity Method
Subsequent Measurements
Upstream Transaction
Step-Acquisition
Discontinuance of Equity Method
Other Long-Term Investments
Deposits to the fund
Cash Surrender Value
Property, Plant and Equipment
Initial Acquisition
Cost of Building
Subsequent Measurements
Depreciation - SYD
Composite Life of Assets
Government Grants
Borrowing Cost
General and Specific Borrowing
Wasting Assets
Depletion Expense
Investment Property
Revaluation
Intangible Assets
Basic Concepts
Capitalizable Cost
Factors determining useful life
Subsequent Measurement
Specific Intangible Assets
Leasehold Improvement
Research and Development
Impairment of Non-financial Assets
Basic Concepts
Cash Generating Unit
Reversal of Impairment
Not Reversed
FINANCIAL ACCOUNTING AND REPORTING 2
Current Liabilities, Accrual and Deferrals
Classification
Presentation
Customer Loyalty Program
Provisions
Recognition
Contingent Asset
Bonds Payable
Basic Concepts
Bond Issuance Costs
Issued between Interest Dates
Effective Interest Method
Compound Financial Instruments
Equity Component
Interest Expense
Conversion of Bonds
Notes Payable
Initial Measurement
Non-interest bearing note
Subsequent Mesurement
Debt Restructuring
Asset Swap
Equity Swap
Substancial Modification
Leases
Period Costs
Operating Lease
Characteristics
Finance Lease
Finance Lease Liability
Journal Entry
Direct Financing Lease
Lessor
Accounting for Income Tax
Basic Concepts
Comprehensive
Deferred Tax Expense
Total Income Tax
Employee Benefits
Short-term Employee Benefits
Projected Benefit Obligation
Defined Benefit Plan
Formula
Actuarial Gains and Losses
Service Cost
Other Employee Benefits
Termination Benefits
Shareholders Equity
Basic Concepts
Preference Shares
Par Value
Issuance of Shares
Non-cash Consideration
Services Rendered
Various transactions
Classification
Issuance of no par value shares
Treasury shares
Various transactions
Disclosures
Shareholders Equity
Shares Issued and Outstanding
Dividends, Split and Warrants
Cash Dividend
Cumulative, non-participating preference shares
Cumulative, fully participating
Comprehensive
Property Dividends
Stock Dividends
Share Plit
Dividends to ordinary shareholders
Retained Earnings
Unappropriated Retained Earnings
Retained Earnings balance
Total Retained Earnings
Share-Based Compensation
Measurement
Share Option
Based on condition
Based on condition - Y2
Based on condition - Y3
Book Value per Share
Basic Concepts
Cumulative and non-participating preference share
Cumulative and participating
Basic and Diluted Earnings per Share
Basic EPS
Basic loss per share
Diluted EPS
with Convertible bonds
with Convertible bonds and preferred shares
FINANCIAL ACCOUNTING and REPORTING 3
Statement of Financial Position
Classification
Working Capital
Reported as Assets
Statement of Comprehensive Income
Transaction Approach
Cost of Goods Sold
Comprehensive Income
Statement of Cash Flow
Purpose
Indirect Method
Cash Flow from Operating
Cash Flow from Investing
Notes to Financial Statements
Events after Reporting Period
Significant Accounting Policies
Accounting Changes
Classification of Accounting Changes
Change in Accounting Policy
Correction of Error
Interim Reporting
Scope
Quarterly Reporting
Comprehensive
Single Entry, Cash Basis & Accrual Basis
Single Entry
Accrual to Cash
Cash to Accrual
Operating Segments
Quantitative Threshold
Revenue Test
Segment Revenue
Non-current Assets Held for Sale
Recognition Criteria
Discontinued Operations
Classification
Hyper-inflation
Loss in Purchasing Power
Indication of Inflation
Small and Medium Enterprise
Equity Method
Public Accountability

ADVANCED ACCOUNTING 1 10 EASY(5) MOD(3) HARD(2)

General Principles in Partnership
Characteristics of partnership
Advantages of Partnership
Partnership Capital and Drawing Account
Types of Partnership
Corporation vs Partnership
Partnership Formation 1
No Existing Business
Cash, Non-cash, Assumption of Debt 1
Contribution of Non-cash Asset
With existing business
Required investments
Adjustment of Accounts
Capital after Formation
Partnership Operation 1
Basic Concepts 1
Provision for Profit and Loss
Weighted Average Capital
Interest in Weighted Average Capital
Partner's share in net income
Bonus based on profit before bonus
Salaries
Comprehensive
Partnership Dissolution 1
Basic Concepts
Causes of Dissolution
Assignment of Interest
Admission of new partner
By Purchase 1
By Investment
By Purchase and Investment
Retirement
Asset Revaluation
Correction of Error
Partnership Liquidation 1
Basic Concepts
Order of Payment
Lump sum Liquidation
Loss absorbed by partner
Realizable value of non-cash assets
Installment Liquidation
First Cash Payment
Safe Payments
First and Second payments
Second and Third payments 1
Installment Sales 1
Installment Sale Method
 Realized Gross Profit
Multiple Year 1
Construction Contracts 1
Multiple Contracts
Percentage on Completion VS Zero-Profit
Cost Recovery Method 1
Franchise Accounting (US GAAP)
Subtantial Performance
Franshise Accounting (IFRS 15)
Sequence of Revenue Recognition
Consignment Sales
Home Office, Branch and Agency Accounting 1
Reconciliation of Accounts
Unadjusted Home Office Account
Combined Net Income 1
Joint Arrangements 1
Characteristics 1
Joint Venture
Equity Method
Insurance Contracts 1
Scope 1
Build-Operate-Transfer 1
Scope 1
10 5 3 2

ADVANCED ACCOUNTING 2 10 EASY(5) MOD(3) HARD(2)

Accounting for Business Combination 2
Basic Concepts 1
PRFS 3
Acquisition Date
Stock Acquisition
Partial Acquisition 1
Control Achieve in Stages
Consolidation at Date of Acquisition 1
Goodwill 1
Consolidated Total Assets
Consolidation - Subsequent Date 1
Consolidated Income Statement
Profit Attributable to Parent
Intercompany Transactions
Comprehensive 1
Push-down accounting
Corporate Liquidation 1
Statement of Affairs
Amount recoverable by partially secured 1
Effects of Changes in the Foreign Exchange Rates 2
Functional Currency 1
 Purchase Transaction
Value of the Asset 1
Sale Transaction
Journal Entry
Foreign Operation and Translation 1
Translation Adjustment
Cost of Goods Sold 1
Derivatives and Hedging 2
Futures Contract
Firm Commitment 1
Options
Call Option - Total Gain/Loss 1
10 5 3 2

COST ACCOUNTING 20 EASY(10) MOD(6) HARD(4)

Job Order Costing 4
Factory Overhead Costs
Over/Under Applied 1
Predetermined Overhead Rates 1
Total Cost of Specific Job 1
Reconstruction of Accounts
Direct Materials
Service Cost Allocation
Step Method
Spoilage, Scrap and Rework
Rework - Specific Job
Rework - Unit Cost 1
Joint and By Product Costing 3
Basic Concepts
Allocation Method 1
Joint Products
Physical Measurement Method 1
Sales Value at Split-off Method
By Products
Basic Concepts
Reduction of Joint Cost 1
Activity Based Costing 3
Basic Concepts
Cost Allocation Bases
Cost Driver 1
Work in Process 1
Set-up Cost 1
Cost per Unit
Standard Costing 4
Basic Concepts
Total Variance 1
Standard Setting
 Direct Material Variance
DM Price Variance
DM Quantity Variance 1
Reconstruction of Accounts 1
Factory Overhead Variance
Standard hours allowed
Uncontrollable Variance 1
Disposition of Variances
Reconstruction of Accounts
Budgeted Fixed Overhead Costs
Just in Time and Backflush 1
Just-in-Time Concepts
Backflush Costing
Cost of Goods Sold
Ending Inventories 1
Process Costing 5
Basic Concepts
Disposition of Normal Loss 1
Transferred0-in Costs 1
Equivalent Units of Production
Conversion 1
First Department
FIFO - Cost of finished goods
AVE - Cost per EUP 1
Subsequent Department
Average - Transferred in cost
Accounting for production losses
Cost of normal units
Cost assigned to ending inventory
Cost of Finished Goods 1
20 10 6 4

PARTNERSHIP AND CORPORATION ACCOUNTING 10 EASY(5) MOD(3) HARD(2)

General Principles in Partnership 1
Characteristics of partnership
Advantages of Partnership
Partnership Capital and Drawing Account
Types of Partnership
Corporation vs Partnership 1
Partnership Formation 1
No Existing Business
Cash, Non-cash, Assumption of Debt
Contribution of Non-cash Asset
With existing business
Required investments
Adjustment of Accounts
Capital after Formation 1
Partnership Operation 1
Basic Concepts
Provision for Profit and Loss
Weighted Average Capital 1
Interest in Weighted Average Capital
Partner's share in net income
Bonus based on profit before bonus
Salaries
Comprehensive
Partnership Dissolution 1
Basic Concepts
Causes of Dissolution
Assignment of Interest
Admission of new partner
By Purchase
By Investment
By Purchase and Investment
Retirement
Asset Revaluation
Correction of Error 1
Partnership Liquidation 1
Basic Concepts
Order of Payment
Lump sum Liquidation
Loss absorbed by partner 1
Realizable value of non-cash assets
Installment Liquidation
First Cash Payment
Safe Payments
First and Second payments
Second and Third payments
Shareholders' Equity
Basic Concepts 2
Preference Shares
Par Value 1
Issuance of Shares
Non-cash Consideration
Services Rendered 1
Various transactions
Classification
Issuance of no par value shares
Treasury shares
Various transactions
Shareholders Equity
Shares Issued and Outstanding
Dividends 1
Cash Dividend
 Cumulative, non-participating preference shares
Cumulative, fully participating 1
Comprehensive
Property Dividends
Stock Dividends
Share Plit
Retained Earnings 1
Basic Concepts
Unappropriated Retained Earnings
Retained Earnings balance 1
Book Value per Share 1
Cumulative and non-participating preference share
Cumulative and participating 1
Basic and Diluted Earnings per Share
Basic EPS
Basic loss per share
Diluted EPS
with Convertible bonds and preferred shares
NOTE: these topics are merged to Advanced Accounting 1 an10 5 3 2

FUNDAMENTALS OF ACCOUNTING
Basic Business Environment
Basic purpose of accounting
Types of Business
Transaction Analysis and Account Analysis
Effect in total assets
Accounts Payable Balance
Reconstruction of Accounts
Equity , beginning
Double Entry Systems
Account Balance
Cash Balance
Revenues
Accounts Receivable
Introduction to Accounting Information Systems
Basic Function
Processing and Reporting Accounting Information
Adjusting Entries
Accrued Revenues
Royalty Revenues
Accrued Expenses
Interest Payable
Various transactions
Prepayments
Asset Method
Deferred Revenue
Gift Certificates
 Professional Fees
Depreciation
Depreciation Expense
Bad Debts
Percentage of Accounts Receivable
Effect of Accounting Errors
Accounting for Merchandising
Cash Discounts
Purchases
Sales
Trade Discount and Cash Discounts
Purchases
Shipping terms
Net Income
Periodic Inventory System
Purchase of Inventory
Perpetual Inventory System
Cost of Goods Sold

MANAGEMENT ACCOUNTING
Basic Concepts
Management Accounting vs Financial Accounting
Management Accountant
Cost Classification Concepts
Cost Behavior
Regression Analysis
Variable cost per unit
Hi-Low Method
Total Cost Formula
Cost-Volume-Profit Analysis
CVP Graph
Sensitivity Analysis
Contribution Margin
Breakeven Point in Peso
Margin of Safety
Profit Planning
Variable-Absorption Costing
Difference in Profit
Product Cost
Absorption costing
Net Income
Variable Costing
Standard Costing
Materials Variance
Price Variance
Direct Labor Variance
 Actual Direct labor rate
Factory Overhead Variance
Non-controlable Variance
Controlable Variance
Relevant/Incremental Analysis
Opportunity Costs
Make or Buy
Special Order
Product Mix
Limitation
Comprehensive Budgeting
Purpose of Budget
Sales Forecast
Accounts Receivable Budget
Activity-Based Costing
Features of Activity-Based Costing
Activity Levels
Application
Allocated Cost
Risks and Returns
Financial Leverage
Expected rate of return
Capital Budgeting
Capital Budgeting Method
Payback Period
Internal Rate of Return
Financial Statement Analysis
Limitation of Ratio Analysis
Quick Ratio
Degree of Financial Leverage
Times Interest Earned Ratio
Working Capital Management
Credit and Collection Policy
Short-term Financing
Effective Rates
Performance Measurement
Decentralization
Residual Income
Quantitative Techniques
Critical Path Method
Probability of Outcomes

REGULATORY FRAMEWORK FOR BUSINESS TRANSACTIONS 50

Law on Obligations 5
General Provision
Type of Obligation
 Conditional Obligation
Void Obligation
Requisites of an Obligation
Application
Nature and Effects of Obligations
Kinds of Obligation
Alternative Obligations
Conditional Obligation
Extinguishment of Obligation
Loss of the Thing Due
Compensation
Substitution
Comprehensive
Law on Contracts 5
Stages in the Life of a Contract
Concepts of Contract
Relativity of Contracts
Requisites of a Contract
Consent
Cause of Contract
Application
Application
Defective Contracts
Unenforceable Contracts
Statutes of Fraud
Voidable Contracts
Basic Concepts
Vitiates Consent
Application
Void Contracts
Law on Partnership 5
Type of Partnership
Universal Partnership
Limited Partnership
Type of Partner
Industrial Partner
Comprehensive
Articles of Co-partnership
Date of Formation
Designation of Profit and Loss
Obligations of a partner
Liability of Partners
General Partner
Industrial Partner engaged in Business
Application
Limited Partner
Substituted Limited Partner
 Dissolution
Causes
Order of Payment of Liabilities
Corporation Code 5
General Provision
Type of Corporation
Legal Status
Subscriptions
Power of a Corporation
Expressed Power
Articles of Incorporation
Grounds for Disapproval
Increase in capital stock
Board of Directors
Election
Removal of a Director
Management Contract
Rights of a Stockholder
Application
Grounds for revocation of corporate franchise
Special Corporations
Non-profit Educational Institution
Law on Sales 5
Basic Provision
Characteristics
Object of Sale
Barter
Application
Liability of the Vendee
Contract of Agency 5
Characteristics
Acts of an Agent
General Power of Attorney
Special Power of Attorney
Authority vs Instruction
Application
Negotiable Instruments 20
Form
Payable to bearer
Forgery on the Instrument
Legal Tender
Negotiability
Not payable at a determinable future
Liabilities of the maker
Acceptance for Honor
Bill of Exchange
Alteration
 Holder in Due Course
Requisite
Application
Accomodation party
Endorsement
Not Valid
Restricted endorsement
Facultative Endorsement
Blank endorsement
Application
Presentment for payment
Comprehensive
Banking Laws
Cooperative Code
Special Laws
50

TAXATION
General Provisions
Characteristics of Tax
Public Purpose
Inherent Powers of the State
Purpose of Taxation
Inherent Limitation
Police Power vs Taxation
Double Taxation
Tax on Individual
Final Tax
General Provision
Capital Gains Tax
Gross Income
Allowable Deductions
Deductible Loss
Taxable Income
Non-resident Alien ETB
Non-resident Alien NETB
Resident Citizen
Installment Method
Fringe Benefits
Cost of Life or Health Insurance
Sale or Exchange of Capital Assets
Tax on Corporation
Final Tax
Dividend received by a citizen
Tax Credits
Net Operating Loss Carry-over
Quarter Income Tax
 Minimum Corporate Income Tax
Improperly Accumulated Earnings Tax
Non-resident Foreign Operation
Special Corporation
Predominance Test
Tax on Partnership, Estate and Trust
Estate
Business Partnership
Taxable Income
Remedies of the Taxpayer
Prescriptive period of assessment
Letter of Authority
Compromise
Preliminary Assessment Notice
Response time
Application
Estate Tax
Net Taxable Estate
Within and without
Gross Estate
Proceeds of Life Insurance
Not Included in Gross Estate
Gross Estate of Married Individuals
Conjugal Partnership of Gain
Deductions from Gross Estate
Funeral Expenses
Vanishing Deductions
Donors Tax
Gross Gifts
Resident Citizen
Non-resident Alien
Mortgage on Property
Shares of Stock
Deductions from Gross Gifts
Obligations
Filing
Value Added Tax
VAT Exempt
Gross Receipts from Prefessional Prac
Regular Sales
Output VAT
Zero-Rated Sales
Presumptive Input VAT
VAT Payable
Export Sales
Sale to Government
Filing and Registration
Other Percentage Tax
Overseas Communication Tax
Franchise
Gross Receipt Tax
Tax on Winnings
Transport of Pasengers
Initial Public Offerings

FINANCIAL MANAGEMENT
Time Value of Money
Compounding
Ordinary Annuity
Risk and Rate of Returns
Cost of Capital
Weighted Average Cost of Capital
CAPM
Capital Budgeting
Net Present Value
Sensitivity Analysis
Capital Structure and Leverage
Financial Leverage
Financial Planning and Forecasting
Strategic Planning
Utilization of Assets

AUDITING THEORY AND PRACTICE

Overview and Professional Practice of Accountancy
Basic Concepts
Code of Ethics
Self-Review Threat
Client Acceptance and Retention
Engagement Letter
Purpose
Audit Planning
Audit Risk
Inherent Risk
Control Environment
Internal Control
Establishing Internal Control
Segregation of Functions
Test of Control
Basic Concepts
Purpose
Audit Objectives
Scope of an Audit
 Test of Details of Balances
Audit Sampling
Non-Sampling Error
Attribute Sampling
Subtantive Testing: Revenue Cycle
Audit of Cash
Bank Reconciliation
Cash Shortage
Accountability
Audit of Receivable
Effect on Net income
Units Sold
Confirmations
Adjusting Entries
Substantive Testing: Expenditure Cycle
Audit of Inventories
LCNRV
Cut-off Tests
Substantive Testing: Financing and Investing
Audit of Liabilities
Accounts Payables
Provisions
Accruals
Finance Lease
Bonds Payable
Audit of Shareholders Equity
Share Capital Account
Stock Sppreciation Rights
Dividends
Retained Earnings
Shareholders' Equity
Audit of Property, Plant and Equipment
Initial Recognition
Derecognition
Acquisition by Exchange
Depreciation
Property, Plant and Equipment Balance
IT Audit
General Control
Input Controls
Standard Audit Report
Basic Element
Unqualified Opinion
Audit Related Services
Compilation and Agreed-upon Procedures
Environmental Performance Report
 FOURTH YEAR
RFBT MAS TAXATION
EASY MOD HARD 50 EASY MOD HARD 50 EASY MOD HARD
40 EASY(20) MOD(12) HARD(8)
2
1
1
3
1
1

4
1
1

1
1

3
1

1
1

3
 1

1
1
4
1
1
1

1
3
1
1
1
2
1
1

2
1
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3
1
1
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2
1
1
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1
1
40 20 12 8

EASY(25) MOD(15) HARD(10)

1
1

1
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1
1

1
1
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25 15 10

50 EASY(26) MOD(14) HARD(10)

5

1
1
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1
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7

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1
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6

1
 1
1
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2
1
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1
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6

1
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1
1
1
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1
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7

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1
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1
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 6
1
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50 26 14 10

10 EASY(5) MOD(3) HARD(2)

2
1
1
1 1
2
1
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10 5 3 2
 FAR AUDITING
50 EASY MOD HARD 50 EASY MOD HARD
10 EASY(5) MOD(3) HARD(2)
1
1

1
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1
1

1
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1
10 5 3 2
10 EASY(5) MOD(3) HARD(2)
1

1
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1
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1
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1

10 5 3 2
30 EASY(15) MOD(9) HARD(6)
3
1
1
1
3
1
1
1
3
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1
1
2
1
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3
1
1
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3
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30 15 9 6
50 EASY(25) MOD(15) HARD(10)
2
1

1
1

1
3
1
1
1
2
1
1
2
1
1
2
1
 1
2
1
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5
1
1 1
1
5
2
1
1 1
1

5
1
4

5
1
1
1
1
1
5
1
1
1
1
1
5
1
1
1
1
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1
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1
1
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1
1
50 25 15 10