SVFC BS Accountancy - 6th Set Online Resources SY20-19 1st Semester PDF

SAINT VINCENT DE FERRER COLLEGE AUGUST 2019
BS ACCOUNTANCY (1st semester SY 2020-2019) Part 6

ONLINE RESOURCES
AUDITING THEORY
I. Topic(s):
Pre-Engagement/Client Acceptance
II. Learning Objective(s):

Understand concepts about client acceptance and pre-audit engagement.
III. Rundown
Terms of Audit Engagements
The auditor and the client should agree on the terms of the engagement. The agreed terms
would need to be recorded in an audit engagement letter or other suitable form of contract.
It is in the interest of both client and auditor that the auditor sends an engagement letter,
preferably before the commencement of the engagement, to help in avoiding misunderstandings
with respect to the engagement.
The engagement letter documents and confirms:

1. the auditor’s acceptance of the appointment;
2. the objective and scope of the audit;
3. the extent of the auditor’s responsibilities to the client; and
4. the form of any reports.
Principal Contents
The form and content of audit engagement letters may vary for each client, but they would
generally include reference to:
 The objective of the audit of financial statements.
 Management’s responsibility for the financial statements.
 The scope of the audit, including reference to applicable legislation, regulations, or
pronouncements of professional bodies to which the auditor adheres.
 The form of any reports or other communication of results of the engagement.
 The fact that because of the test nature and other inherent limitations of an audit,
together with the inherent limitations of any accounting and internal control system,
there is an unavoidable risk that even some material misstatement may remain
undiscovered.
 Unrestricted access to whatever records, documentation and other information
requested in connection with the audit.
The auditor may also wish to include in the letter:

 Arrangements regarding the planning of the audit.
 Expectation of receiving from management written confirmation concerning
representations made in connection with the audit.
 Request for the client to confirm the terms of the engagement by acknowledging
receipt of the engagement letter.
 Description of any other letters or reports the auditor expects to issue to the client.
 Basis on which fees are computed and any billing arrangements.
When relevant, the following points could also be made:

 Arrangements concerning the involvement of other auditors and experts in some
aspects of the audit.
 Arrangements concerning the involvement of internal auditors and other client staff.
 Arrangements to be made with the predecessor auditor, if any, in the case of an initial
audit.
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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.
ONLINE RESOURCES
 Any restriction of the auditor’s liability when such possibility exists.

 A reference to any further agreements between the auditor and the client.
Audits of Components
When the auditor of a parent entity is also the auditor of its subsidiary, branch or division
(component), the factors that influence the decision whether to send a separate engagement
letter to the component include:
 Who appoints the auditor of the component.
 Whether a separate audit report is to be issued on the component.
 Legal requirements.
 The extent of any work performed by other auditors.
 Degree of ownership by parent.
 Degree of independence of the component’s management.
Recurring Audits
On recurring audits, the auditor should consider whether circumstances require the terms of the
engagement to be revised and whether there is a need to remind the client of the existing terms
of the engagement.
The auditor may decide not to send a new engagement letter each period. However, the
following factors may make it appropriate to send a new letter:
 Any indication that the client misunderstands the objective and scope of the audit.
 Any revised or special terms of the engagement.
 A recent change of senior management, board of directors or ownership.
 A significant change in nature or size of the client’s business.
 Legal requirements.
Acceptance of a Change in Engagement

A request from the client for the auditor to change the engagement may result from:
1. a change in circumstances affecting the need for the service;
2. a misunderstanding as to the nature of an audit or related service originally requested;
or
3. a restriction on the scope of the engagement, whether imposed by management or
caused by circumstances.
Items 1 and 2 would ordinarily be considered a reasonable basis for requesting a change in the
engagement. In contrast a change would not be considered reasonable if it appeared that the
change relates to information that is incorrect, incomplete or otherwise unsatisfactory.
If the auditor agreed to a change of the engagement:

 the auditor and the client should agree on the new terms;
 the report issued would be that appropriate for the revised terms of engagement; and
 in order to avoid confusing the reader, the report would not include reference to:
(a) The original engagement; or
(b) Any procedures that may have been performed in the original engagement,
except where the engagement is changed to an engagement to undertake
agreed-upon procedures and thus reference to the procedures performed is a
normal part of the report.
If the auditor is unable to agree to a change of engagement and is not permitted to continue the
original agreement:
 the auditor should withdraw; and
 consider whether there is any obligation, either contractual or otherwise, to report to
other parties, such as the board of directors or shareholders, the circumstances
necessitating the withdrawal.
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ONLINE RESOURCES
IV. Recommended Reference(s):

1. Text Book - Auditing Theory Latest Edition by Salosagcol
2. Text Book – Assurance Principle by Latest Edition Cabrera
3. Text Book Auditing & Assurance Services - David Ricchiute
4. Philippine Standards on Auditing Compilations
5. Internet
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ONLINE RESOURCES
MANAGEMENT ADVISORY SERVICES
I. Topic(s):
Variable & Absorption Costing
Activity Based Costing also known as (ABC)
II. Learning Objective(s)

(after studying the topics, you should be able to):
Variable & Absorption Costing

1 Explain how variable costing differs from absorption costing and compute unit product costs
under each method.
2 Prepare income statements using both variable and absorption costing.
3 Reconcile variable costing and absorption costing net operating incomes and explain why
the two amounts differ.
4 Understand the advantages and disadvantages of both variable and absorption costing.
Activity Based Costing (ABC)

1 Understand activity-based costing and how it differs from a traditional costing system.
2 Assign costs to cost pools using a first-stage allocation.
3 Compute activity rates for cost pools.
4 Assign costs to a cost object using a second-stage allocation.
5 Use activity-based costing to compute product and customer margins.
III. Rundown
1. Please watch below link to know and understand the topic
https://www.youtube.com/watch?v=mR8M4zD33dI
https://www.youtube.com/watch?v=SHv0ZGxSDWs&t=8s
https://www.youtube.com/watch?v=7hlmC2QR_YE
https://www.youtube.com/watch?v=OP5LzCVNH4I

1. Managerial Accounting by Garrison
2. Managerial Accounting by Kieso Weyganth
3. Managerial Accounting by local authors
4. Internet
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ONLINE RESOURCES
THEORY OF ACCOUNTS
I. Topic(s):
Financial Assets at Fair Value
Investment in Equity Securities
Investment in Associates
Financial Assets at Amortized Cost
Investment Property
II. Learning Objectives:

Understand their and concepts of the following:
Financial Assets at Fair Value
Investment in Equity Securities
Investment in Associates
Financial Assets at Amortized Cost
Investment Property
III. Rundown
Please read the latest version of “Financial Accounting Volume 1 – PART 1” by Valix
Important things to remember
Investment
 Investments are assets held by an enterprise for the accretion of wealth through
distribution such as interest, royalties, dividends and rentals, for capital appreciation or
for other benefits to the investing enterprise such as those obtained through trading
relationship.
 Financial Instrument is any contract that gives rise to both a financial asset of one
enterprise and a financial liability of another enterprise.
Financial Asset is any asset that is:
a. Cash
b. A contractual right to receive cash or another financial asset from another enterprise.
c. A contractual right to exchange financial instruments with another enterprise under
conditions that are potentially favorable.
d. An equity instrument of another enterprise. An equity instrument is any contract that
evidences residual interest in the assets of an enterprise after deducting all of its
liabilities.
Financial liability is any liability that is a contractual obligation:

a. To deliver cash or other financial asset to another enterprise.
b. To exchange financial instruments with another enterprise under conditions that are
potentially unfavorable.
Equity Securities represent an ownership interest in an enterprise.
Debt Securities represents a creditor relationship with an enterprise.
INVESTMENT IN EQUITY SECURITIES

 Investment in equity securities means the acquisition of equity securities for the purpose
of accruing income through dividends and increase in market value, or controlling
another enterprise.
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ONLINE RESOURCES
 Equity Securities represent ownership shares such as common stock, preferred stock and
other capital. They may also represent rights and options to acquire ownership shares.
 Acquisition of Equity Securities
- The acquisition cost includes the purchase price, brokerage commission,

taxes, fees and all other costs incidental to the acquisition.
- In the absence of fair value, the cost or book value of the asset given is the
basis for recording.
- If two or more securities are acquired at a single cost is allocated to the
securities acquired on the basis of their fair value. If only one security has
known market value, the single cost is allocated to the security with a known
market value an amount equal to its market value and the remainder to the
other security with no known market value.
 Current equity securities may be described as trading securities or available for sale
securities.
 Noncurrent equity securities may be described as investment in stock, investment in
equity securities or simply long term investment.
 Sale of equity security
- Ordinarily on disposal of an investment, the difference between net disposal
proceeds and carrying amount should be recognized as gain or loss.
- If equity securities are of the same class acquired on different costs, the first
rule is specific identification and the second rule is FIFO.
 Dividends
a. Cash dividends- on the part of the stockholder are considered as income.
b. Property dividends or dividends in kind are dividends in the property or assets other
than cash and are also considered as income and recorded at fair value.
c. Liquidating dividends represent return of invested capital, and therefore, are not
income. The payment maybe in form of cash or noncash assets.
Normally, liquidating dividends are paid when the corporation is dissolved
liquidated. However, in the case of wasting asset corporation or mining company,
liquidating dividends maybe paid even before dissolution and liquidation. It is
designated as partly income and partly return of capital.
d. Stock Dividends- are in form of the issuing company’s own stock. Shares of another
company declared as dividends are not stock dividends but property dividends. Stock
dividends whether of the same class or different are not income.
- Stock dividends of the same class are recorded only be means of a
memorandum entry on the part of the stockholder. It does not affect the total
cost of the investment but reduce the cost of the investment per share.
- Stock dividends of different class are not income. However, the original cost
of the investment is apportioned between the original shares and the stock
dividends on the basis of market value of each at the date of receipt.
- Shares received in lieu of cash dividends are income at fair value of the shares
received. Ina the absence of fair value of the shares received, the income is
equal to the cash dividends that would have been received.
- Cash received in lieu of stock dividends, stock dividends are assumed to be
received and subsequently sold at the cash received.
 Stock Split
- A corporation may restructure its capital by effecting a change in the number
of shares of stock without capitalizing retained earnings or changing the
amount of its legal capital. This restructuring is stock split.
- It does not affect the total cost of investment. But there is a decrease or an
increase in the cost per share because the total cost now will apply to a larger
or smaller number of shares.
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ONLINE RESOURCES
- Only memorandum entry is made to record the receipt of new shares by virtue
of stock split.
 Stock rights
- It pertains when a corporation issues additional or new shares of stock,
stockholders of record are given the legal right to subscribe for the same before
the new shares are offered for sale to the public.
- Right on- means that the stock and the right are inseparable and treated as one.
And accordingly, in the event of the subsequent sale prior to the record date,
the difference between the sales price and the cost of the investment is simply
considered as gain or loss on the sale of investment.
- Ex-right- means stock can now be sold separate from the right or vise versa. In
determination of the cost of the rights upon receipt of the warrants. A portion
of the cost of the original shares should be allocated to the stock rights. The
allocation is based on the relative fair value of the rights and the stock at the
date of receipt of the warrant.
- Theoretical or parity value is assumed value of the right that is derived from
the market value of the stock.
INVESTMENT IN ASSOCIATES
Intercorporate share investment
– is the purchase of the equity securities of the one corporation by another corporation. In other
words, it is a case when an entity investing through the acquisition of share capital.
Methods used in acquiring interest to other corporations:

a. Cost method – acquires interest not more than 20% of the voting power of the investee
b. Equity method - acquires interest 20% or more but not more than 50% of the voting power of
the investee or it has a significant interest.
Significant influence
-is the power to participate in the financial and operating policy decisions of the investee
but is not control or joint control over those policies. The existence of significant influence by an
investor is usually evidenced in one/ more of the following: (even investors acquires not more
than 20% interest)
a. Representation in the Board of Directors
b. Participation in policy making process
c. Material transaction between the investor and the investee
d. Interchange of managerial personnel
e. provision of the essential technical information
An investment in associate shall be accounted for using the Equity Method except:
a. investment is classified as held for sale
b. a parent has also an investment in associate not to present consolidated F/F
c. all of the following apply:
1. the investor is a wholly-owned subsidiary, or is a partially-owned subsidiary of another entity
and its other owner have been informed about and do not object to, the investors not applying the
equity method.
2. the investor’s debt and equity instruments are not traded in a public market
3. the investor did not file, nor is it in the process of filling its F/S with SEC or other regulatory
agency.
4. ultimate/ any intermediate parent of the investor produces consolidated F/S available for
public use.
Recognition of Investment in Associate
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ONLINE RESOURCES
- Initially recorded at cost and the carrying amount is increased/ decreased to recognized
file investor’s share of the profit/ loss of the investee after the date of acquisition. The following
affects the carrying amount of Investment in Associate:
1. Shares on Net income – addition to carrying amount
2. Shares on Net Loss – deduction to carrying amount
3. Received Cash Dividends – deduction to carrying amount
4. Excess of cost over book value – may be attributed to:
a. undervaluation of the investor’s depreciable asset – excess shall be amortized
over the remaining life of the asset (deduction to carrying amount)
b. goodwill (excess shall not amortized)
A. Investee w/ heavy losses

- If an investor’s share of losses of an associate equals/ exceeds the carrying amount of an
investment, the investor discontinues recognizing its share of further losses. The
investment is reported at nil or zero value. If the associates subsequently reports income,
the investor resumes including its share of such income after its share of the income
equals the share of losses not recognized.
B. Investee w/ cumulative preference share

- When there is cumulative P/S, the investor shall compute its share of earnings after
deducting the preference dividend, whether dividend is declared or not. If non
cumulative P/S, preferred dividend shall be deducted only when declared.
C. Discontinuance of equity method

- Pas 28 provides that an investor shall discontinue the use of equity method from the
date that it ceases to have significant influence over an associate.
D. Adjustment of Investee’s Operation

- The most recent available F/S of the associate are used by the investor in applying the
equity method. When the reporting dates of the investee and invesrtor are different, the
associate shall prepare for the use of the investor F/S as of the same date as the F/S of the
investor unless, it is practicable to do so. (Difference shall not be more than three
months)
E. Change from Cost or Fair Value method to Equity method

- When an Investment in Associate previously classified as held for sale no longer meets
the criteria to be so classified, it shall be accounted for using equity method as from the
date of its classification as held for sale. The effect of the change is shown as
retrospective adjustment of Retained Earnings because this is treated as a change in
accounting policy.
F. Impairment Losses
- Impairment of Asset, requires that an impairment loss shall be recognized whenever the
carrying amount of investment in associate exceeds its recoverable amount.
G. Disclosure
- the investor shall disclose any necessary information regarding to Investment in
Associate.

1. Latest Edition - Financial Accounting 1 by Conrado Valix
Philippine Accounting Standards
2. Philippine Accounting Standards Compilation
3. Internet
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ONLINE RESOURCES
BUSINESS LAW
I. Topic(s):
Law on Business Transactions – Contract of Sales
II. Learning Objective(s):

To learn about the following concepts of contracts:
1. Nature, forms and requisites
2. Distinguished from dation in payment, cession in payment
3. Earnest money distinguished from option money
4. Rights/obligations of vendor and vendee
5. Remedies of unpaid seller
6. Warranties
7. Rules on installment sales, personal property
III. Rundown
Please read above topic in the latest textbook version of “Law on Sales, Agency, Pledge and
Mortgage” by Filipino Business Law authors

Latest Edition - “Law on Sales, Agency, Pledge and Mortgage” by Filipino Business Law
authors
Civil Code
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ONLINE RESOURCES
ONLINE ASSESSMENTS
Reminders:
1. Should be submitted on or before January 15, 2020 exclusively to
saintvincentdeferrercollege@yahoo.com
2. Answers should follow below format for easy checking
On Line
Exam AT TOA MAS BL
1 a a b true
2 c a a a
3 PSA c c false
4 a d d c
5 a e a d
3. Failure to follow instruction 1 and 2 will automatically get zero score from this
edition of online assessment
4. Not all the answer in the online assessments can be found here, so it’s your
responsibility to read, read, read and read other resources such as text books etc.
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ONLINE RESOURCES
QUESTIONS:
(Multiple Choice, Computation, True or False & Identification)
Auditing Theory
1. Which of the following is least likely included in an audit engagement letter?

a. The objective of financial reporting.
b. Management responsibility for the financial statements.
c. The form of any reports or other communication of the results of the engagement.
d. Arrangement concerning the involvement of other auditors or experts in some aspects of the
audit.
2. The objective and scope of the audit and the extent of the auditor’s responsibilities to the client
are best documented in
a. Independent auditor’s report c. Client’s representation letter
b. Audit engagement letter d. Audit program
3. Which of the following least likely requires the auditor to send a new engagement letter?
a. An indication that the client misunderstands the objective and scope of the audit.
b. Any revised or special terms of the engagement.
c. A recent change in the audit firm’s management.
d. Legal requirements and other government agencies’ pronouncements.
4. Which of the following should an auditor obtain from the predecessor auditor prior to accepting
an audit engagement?
a. Analysis of balance sheet accounts
b. Analysis of income statement accounts
c. All matters of continuing accounting significance
d. Facts that might bear on the integrity of management
5. When an independent auditor is approached to perform an audit for the first time, he or she
should make inquiries of the predecessor auditor. Inquiries are necessary because the predecessor
may be able to provide the successor with information that will assist the successor in
determining whether
a. The predecessor’s work should be used.
b. The company rotates auditors.
c. In the predecessor’s opinion, control risk is low.
d. The engagement should be accepted.
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ONLINE RESOURCES
Management Advisory Services
1. The controller for Gardo Machine Shop has established the following overhead cost pools
and cost drivers:
Order no. 715 has the following production requirements:
Machine setups: 7
Raw material: 11,200 units
Inspections: 16
Machine hours: 850
Required:
A. Compute the total overhead that should be assigned to order no. 715 by using activity-
based costing.
2. The following tasks are associated with an activity-based costing system:
1—Calculation of pool rates

2—Identification of cost drivers
3—Assignment of cost to products
4—Identification of cost pools
Which of the following choices correctly expresses the proper order of the preceding
tasks?
A. 1, 2, 3, 4.
B. 2, 4, 1, 3.
C. 3, 4, 2, 1.
D. 4, 2, 1, 3.
E. 4, 2, 3, 1.
3. Stanton Company has the following information for March:
Sales $470,000
Variable cost of goods sold 225,000
Fixed manufacturing costs 80,000
Variable selling and administrative expenses 52,000
Fixed selling and administrating expenses 35,000
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ONLINE RESOURCES
Determine the March (a) manufacturing margin, (b) contribution margin, and (c) income from
operations for Stanton Company.
4. The following data are for Fashionable Place Apparel:

North South
Sales volume (units):
Blouses 5,000 4,000
Shorts 3,000 8,000
Sales Price:
Blouses $20.00 $22.00
Shorts $18.00 $20.00
Variable cost per unit
Blouses $ 8.00 $ 8.00
Shorts $10.00 $10.00
Determine the contribution margin for (a) Shorts and (b) the South Region.
5. On August 31, the end of the first year of operations, during which 18,000 units were manufactured
and 13,500 units were sold, Finberg Inc. prepared the following income statement based on the
variable costing concept:
Finberg Inc.
Income Statement
For Year Ended August 31, 20--
Sales $297,000
Variable cost of goods sold:
Variable cost of goods manufactured $279,000
Less ending inventory 67,500
Variable cost of goods sold 211,500
Manufacturing margin $ 85,500
Variable selling and administrative
expenses 40,500
Contribution margin $ 45,000
Fixed costs:
Fixed manufacturing costs $ 12,000
Fixed selling and administrative
expenses 10,800 22,800
Income from operations $ 22,200
========
Determine the unit cost of goods manufactured, based on (a) the variable costing concept and (b) the
absorption costing concept.
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ONLINE RESOURCES
Theory of Accounts
1. Cash dividends are recognized as income by the investor on the

a. Date of declaration c. Date of payment
b. Date of record d. Date of balance sheet
2. Investor uses the equity method of accounting for an investment in the common stock of
another company when the investment
a. Is composed of common stock and it is the investor’s intent to vote the common stock
b. Ensures a source of supply such as raw materials
c. Enables the investor to exercise significant influence over the investee
d. Is obtained by an exchange of stock for stock
3. What is the best evidence of the fair value of a financial instrument?

a. Its cost, including transaction costs directly attributable to its purchase, originating or
issuance
b.Its estimated value determined using discounted cash low techniques, option pricing
models, etc.
c. Its quoted price, if an active market exists for the financial instrument
d. The present value of the contractual cash flows less impairment.
4. Which of the following is not true about Investment property?

a. held to earn rentals or for capital appreciation or both
b. generates cash flows largely independently of
the other assets held by an entity
c. are land held for long-term capital appreciation rather than for short-term sale in
the ordinary course of business.
d. property intended for sale in the ordinary course of business or in the process of
construction or development for such sale
5. A financial asset is any asset that is:

a. non-derivative for which the entity is or may be obliged to receive a
variable number of the entity’s own equity instruments
b. non-contractrual right
c. non-cash
d. None of the above
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ONLINE RESOURCES
Business Law
1. _____________ is the right of purchasing before others. It is exercised before the sale or
resale against the would-be-vendor
a. right of redemption b. right of pre-emption
c. conventional redemption d. redhibition
2. A remedy available to the buyer when the seller has been guilty of breach of promise or
warranty. Accepting the goods and maintain an action for damages for the breach of the
warranty.
a. Action for damages b. Rescission c. Counterclaim for damages d. Recoupment
3. There is no warranty if the defect is patent?

There is no warranty if the defect is visible?
a. True, True b. True, False c. False, True d. False, False
4. Within ___ days from notice of writing by the prospective vendor must the right of legal
pre-emption or redemption be exercise.
5. Which of the following is not a requisite for the exercise of the right of stoppage?
a. The seller must be unpaid

b. The buyer must be insolvent
c. The good must not be in transit
d. The seller must bear the expenses of delivery of the goods after the exercise of the
right
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SAINT VINCENT DE FERRER COLLEGE AUGUST 2019

BS ACCOUNTANCY (1st semester SY 2020-2019) Part 6

II. Learning Objective(s):

The engagement letter documents and confirms:

The auditor may also wish to include in the letter:

When relevant, the following points could also be made:

 Any restriction of the auditor’s liability when such possibility exists.

Acceptance of a Change in Engagement

If the auditor agreed to a change of the engagement:

IV. Recommended Reference(s):

MANAGEMENT ADVISORY SERVICES

II. Learning Objective(s)

Variable & Absorption Costing

Activity Based Costing (ABC)

2 Assign costs to cost pools using a first-stage allocation.

3 Compute activity rates for cost pools.

4 Assign costs to a cost object using a second-stage allocation.

5 Use activity-based costing to compute product and customer margins.

IV. Recommended Reference(s):

II. Learning Objectives:

Important things to remember

Financial liability is any liability that is a contractual obligation:

Equity Securities represent an ownership interest in an enterprise.

Debt Securities represents a creditor relationship with an enterprise.

INVESTMENT IN EQUITY SECURITIES

 Acquisition of Equity Securities

- The acquisition cost includes the purchase price, brokerage commission,

Methods used in acquiring interest to other corporations:

Recognition of Investment in Associate

A. Investee w/ heavy losses

B. Investee w/ cumulative preference share

C. Discontinuance of equity method

D. Adjustment of Investee’s Operation

E. Change from Cost or Fair Value method to Equity method

IV. Recommended Reference(s):

II. Learning Objective(s):

IV. Recommended Reference(s):

2. Answers should follow below format for easy checking

1. Which of the following is least likely included in an audit engagement letter?

Management Advisory Services

Order no. 715 has the following production requirements:

2. The following tasks are associated with an activity-based costing system:

1—Calculation of pool rates

3. Stanton Company has the following information for March:

4. The following data are for Fashionable Place Apparel:

1. Cash dividends are recognized as income by the investor on the

3. What is the best evidence of the fair value of a financial instrument?

4. Which of the following is not true about Investment property?

5. A financial asset is any asset that is:

3. There is no warranty if the defect is patent?

a. True, True b. True, False c. False, True d. False, False

a. The seller must be unpaid

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