POINTERS FOR REVIEW-SELF-ASSESSMENT TEST-MONDAY, JUNE 8,2020

BSA12M1/12M2

1. PRINCIPLES OF ACCOUNTING
a. BUSINESS ENTITY CONCEPT’
b. GOING CONCERN ASSUMPTION
c. HISTORICAL COST BASIS
d. STABLE MONETARY CONCEPT
e. CONSISTENCY, CONSERVATISM, OBJECTIVITY, MATERIALITY
f. FULL -DISCLOSURE
g. ACCRUAL BASIS VS. CASH BASIS OF ACCOUNTING
h. OTHER CONCEPTS AND THEORIES
2. ACCOUNTANCY ACT OF 2004
a. FUNCTIONS OF BOARD OF ACCOUNTANCY
b. COMPOSITION OF THE BOA
c. TERM OF OFFICE OF BOA CHAIRMAN AND MEMBERS
d. CPALE
e. SUBJECTS COVERED BY THE CPALE
f. QUALIFICATIONS AND REQUIREMENTS TO TAKE THE CPALE
g. CODE OF PROFESSIONAL ETHICS FOR CPA’s
h. PRACTICE AREAS FOR CPAs
3. DEFINITION OF ACCOUNTING
a. ACCOUNTING AND BUSINESS ENVIRONMENTS
b. FORMS OF BUSINESS ORGANIZATIONS
c. ACCOUNTING AS LANGUAGE OF BUSINESS
d. BUSINESS TRANSACTIONS
e. BUSINESS DOCUMENTS
f. OTHER KEY ACCOUNTING TERMS
4. RULES OF DEBIT AND CREDIT-DOUBLE ENTRY ACCOUNTING SYSTEM, BASIC AND EXPANDED
ACCOUNTING EQUATIONS
5. TEN STEPS IN THE ACCOUNTING CYCLE
a. IDENTIFYING AND ANALYZNG
b. JOURNALIZING-GENERAL AND SPECIAL JOURNALS
c. POSTING-GENERAL AND SUBSIDIARY LEDGER, CHART OF ACCOUNTS
d. TRIAL BALANCE- UNADJUSTED, ADJUSTED AND POST-CLOSING TRIAL BALANCE
e. ADJUSTING ENTRIES-PREPAYMENTS, DEFERMENTS, ACCRUALS, DEPRECIATION, BAD
DEBTS, ETC.
f. PREPARATION OF WORKSHEET
g. PREPARATION OF FINANCIAL STATEMENTS
i. COMPLETE SET OF FINANCIAL STATEMENTS
ii. QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS
 iii. OBJECTIVES OF FINANCIAL STATEMENTS
h. CLOSING ENTRIES- NOMINAL/TEMPORARY ACCOUNTS
i. POST-CLOSING TRIAL BALANCE
j. REVERSING ENTRIES
6. PHILIPPINE FINANCIAL REPORTING STANDARDS AND PHILIPPINE ACCOUNTING STANDARDS
KNOWN AS “GENERALLY ACCEPTED ACCOUNTING PRINCIPLES” IN THE PHILIPPINES.
7. SIMPLE AND EASY COMPUTATIONS OF FINANCIAL TRANSACTIONS
8. ELEMENTS OF FINANCIAL STATEMENTS-ASSETS, LIABILITIES, OWNER’S EQUITY, INCOME AND
EXPENSES
9. RECOGNITION , MEASUREMENT AND PRESENTATION OF THE ELEMENTS OF FINANCIAL
STATEMENTS
10. CRITERIA FOR CLASSIFICATION OF CURRENT AND NON-CURRENT ASSETS AND CURRENT AND
NON-CURRENT LIABILITIES