UNIVERSITY OF SAN JOSE - RECOLETOS

School of Business and Management

Accountancy and Finance Department

LEVEL 1 QUALIFYING EXAMINATION

FAR - TOS

Theories Application
Subject Weight No. of items
(30%) (70%)
75% 25%
1.0 DEVELOPMENT OF FINANCIAL REPORTING FRAMEWORK, STANDARD-SETTING BODIES, REGULATION OF 11.43% 8.00 6.00 2.00
THE ACCOUNTANCY PROFESSION, CONCEPTUAL FRAMEWORK OF FINANCIAL STATEMENTS AND
ACCOUNTING PROCESS
1.4 Accounting Process (Adjusting Entries and Accounting Cycle) ACCTG101A 4.00 2.00 2.00
1.4.1 Adjusting Entries
1.4.1.1 Apply accrual basis for adjusting entries (accrual or deferral)
1.4.2 Accounting Cycle
1.4.2.1 Illustrate the accounting cycle
1.5 Conceptual Framework (March 2018) ACCTG 102 4.00 4.00
1.5.1 Describe the basic objective of financial statements
1.5.2 Interpret the qualitative characteristic of financial information
1.5.3 Define and distinguish the elements of financial statements
1.5.4 Distinguish financial capital from physical capital
44% 56%
2.0 PRESENTATION OF FINANCIAL STATEMENTS 12.86% 9.00 4.00 5.00
2.1.1 Describe any of the general Features of Financial Statement ACCTG101A 3.00 3.00
2.1.2 Compute current and and non-current assets ACCTG101A 2.00 1.00 1.00
2.1.3 Compute current and non-current liabilities ACCTG101A 1.00 1.00
2.1.4 Compute profit from continuing operations ACCTG101A 1.00 1.00
2.1.6 Compute cash flows from operating, investing or financing activities ACCTG101A 2.00 2.00
33% 67%
3.0 FINANCIAL ASSETS 25.71% 18.00 6.00 12.00
3.1 Cash & Cash Equivalents ACCTG 102 8.00 3.00 5.00
3.1.1 Describe the nature and measurement of cash and cash equivalents
3.1.2 Reconcile bank balance and book balance of cash
3.2 Loans and Receivables ACCTG 102/ACCTG 103 6.00 2.00 4.00
3.2.1 Describe the nature and classification on the financial statements of receivables
3.2.2 Measure trade receivables and long-term receivables.
3.3 Investments in Debt Instruments ACCTG 103 4.00 1.00 3.00
3.3.1 Identify the nature of financial assets included in the classification
Financial Assets at Fair Value through Profit or Loss
3.3.2 Formulate entries for recognition, measurement and disposal of
Equity Securities at Fair Value through Other Comprehensive Income
3.3.3 Apply the business model test for classifying financial assets at
Fair Value through Other Comprehensive Income (Debt Securities)
3.3.4 Describe the nature of debt investments that are classified as Held to Maturity
Securities (old PAS) or at Amortized Cost (new PFRS)
17% 83%
4.0 NON-FINANCIAL ASSETS 8.57% 6.00 1.00 5.00
4.1 Inventories ACCTG 102 6.00 1.00 5.00
4.2.1 Describe the nature of inventories using the definition of PAS 2
4.2.2 Compute the cost of inventories based on FIFO, weighted average, specific
identification method.
4.2.3 Apply the lower of cost and net realizable value for measurement of inventories
or cost of goods sold.
4.2.4 Use estimating procedures (average retail inventory or gross profit method in
measuring inventories shortage or loss from catastrophe.
38% 62%
5.0 FINANCIAL LIABILITIES AND NON-FINANCIAL LIABILITIES 18.57% 13.00 5.00 8.00
5.1 Financial Liabilities ACTG 102/104 6.00 2.00 4.00
5.1.1 Record accounts payable and other trade liabilities
5.1.2 Apply the principles for initial recognition and subsequent measurement of short-term
ACCTG 103
and long-term financial liabilities
5.1.3 Describe the nature and three forms of debt restructuring.
5.1.4 Apply the principles for derecogntion of financial liabilities.
5.2 Non-financial liabilities ACCTG 102 4.00 2.00 2.00
5.2.1 Formulate entries for premiums, warranties, and loyalties.
5.2.2 Measure unearned revenues for gift certificates and subscriptions
5.3 Provisions and Contingencies ACCTG 102 3.00 1.00 2.00
5.3.1 Define contingent liabilities, contingent assets, and provisions.
5.3.2 Apply the recognition criteria for liabilities and assess the status of uncertainties
relating to provisions, contingent liabilities and contingent assets.
5.3.3 Apply measurement principles for provisions.
38% 62%
6.0 EQUITY 18.57% 13.00 5.00 8.00
6.1 Share Capital Transactions (PAS 32, PFRS 7) ACCTG 104 5.00 2.00 3.00
6.1.1 Describe the nature, recognition, measurement of share capital
6.1.2 Record issuance and retirement of preference and ordinary share.
6.1.3 Record purchase and subsequent sale of treasury shares.
6.1.4 Evaluate the effects of share split, purchase and resale of treasury shares and
other equity transactions.
6.1.5 Record recapitalization and quasi-reorganization
6.2 Dividends ACCTG 104 3.00 1.00 2.00
6.2.1 Describe the different types of dividends.
6.2.2 Analyze the effects of dividends on assets, liabilities and equity.
6.3 Retained Earnings ACCTG 104 3.00 1.00 2.00
6.3.1 Describe the nature of retained earnings
6.3.2 Analyze the effects of dividends, profit, change in accounting policy, correction of
prior period errors, and recapitalization on retained earnings.
6.4 Other Comprehensive Income ACCTG 102/103/104 2.00 1.00 1.00
6.4.1 Identify the elements that affect other comprehensive income
6.6 Share-Based Payments
6.6.1 Describe the nature and types of share-based payment transac ons.
6.6.2 Prepare entries and compute for equity-settled, cash settled, and equity-settled with
cash alternative share-based payment transactions.
33% 67%
7.0 OTHER TOPICS 4.29% 3.00 1.00 2.00
7.1 Leases (PAS 17/ PFRS 16) ACCTG 103 3.00 1.00 2.00
7.2.1 Apply accounting standards applicable to operating leases.
7.2.2 Apply accounting standards applicable to finance leases.

TOTAL 70 28 42

40% 60%
UNIVERSITY OF SAN JOSE - RECOLETOS
School of Business and Management
Accountancy and Finance Department

LEVEL 1 QUALIFYING EXAMINATION

RFBT TOS

TABLE OF SPECIFICATION 30 theory/principles 70 problems/application

RFBT 1 LAW ON OBLIGATIONS AND CONTRACTS 10 theory/principles 22 problems/application

RFBT 2 LAW ON PARTNERSHIPS AND CORPORATIONS 10 theory/principles 22 problems/application

RFBT 3 LAW ON SALES AND CREDIT TRANSACTIONS 10 theory/principles 26 problems/application

RFBT 1 OBLIGATIONS 5 theory/principles 10 problems/application

General Provisions 1 2
Nature and Effects of Obligations 1 2
Different Kinds of Obligations 2 3
Extinguishment of Obligations 1 3

CONTRACTS 5 theory/principles 12 problems/application

General Provisions (Kinds and Basic Characteristics) 1 2

Essential Requisites (Consent, Object, Cause) 2 3
Form, Reformation, and Interpretation of Contracts 1 2
Defective Kinds of Contracts 1 5

RFBT 2 PARTNERSHIP 5 theory/principles 10 problems/application

General Provisions 2 2
Rights and Obligations of Partners 1 3
Dissolution and Winding Up 1 2
Limited Partnership 1 3

CORPORATION 5 theory/principles 12 problems/application

General Provisions and Incorporation 1 2

Board of Directors and Stockholders/Stocks 1 2
Powers of the Corporation 1 3
Meetings and Dissolution/Liquidation 1 3
Other Kinds of Corps. (Non-Stock, Close, Special, and Foreign) 1 2

RFBT 3 SALES 5 theory/principles 13 problems/application

Nature, Effect, Elements and Form 1 3

Obligations of the Vendor 1 3
Obligations of the Vendee 1 3
Extinguishment of Sale 1 2
Allied Laws on Sale (Recto Law, Maceda Law, and PD 957) 1 2

CREDIT TRANSACTIONS 5 theory/principles 13 problems/application

Provisions common to Pledge and Mortgage 1 4

Provisions applicable to Pledge only 1 3
Real Estate Mortgage 1 2
Chattel Mortgage 1 2
Antichresis 1 2