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AUDITING PROBLEMS
I. Topic(s):
AUDIT OF REVENUE
III. Rundown
Assertion Transactions Balances
Existence/ Recorded sales are valid Recorded accounts receivable
Occurrence and represent goods exist at the balance sheet
actually shipped or date.
services actually rendered.
Recorded cash receipts
represent cash collected
during the period.
Recorded sales
adjustments represent
authorized discounts,
returns or uncollectible
amounts.
Completeness All sales, cash collection, and sales Accounts receivable includes
adjustments are recorded. all amounts due from
customers.
Obligations/ Rights The entity has the rights to collect Accounts receivable represent
recorded receivables. legal enforceable claims.
Audit Procedures
I. Recommended Reference(s):
1. Local auditing books like Cabrera etc.
2. AASC website
3. Internet
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
TAXATION
II. Topic(s):
Fundamentals of Taxation
IV. Rundown
V. Recommended Reference(s):
4. Local taxation books authored by Reyes, Tamayo, Litonjua etc.
5. BIR Website
6. Internet
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
PRACTICAL ACCOUNTING 1
I. Topic(s):
Cash and Receivables
III. Rundown
A. Cash and receivables represent two of the most liquid of assets. Liquidity is an indication of
an enterprise’s ability to meet its obligations as they come due.
1. Includes coin, currency, bank deposits including checking and savings accounts, and
negotiable instruments such as money orders, cashiers’ checks, personal checks, and
bank drafts.
1. Cash equivalents.
a. This category includes items that are both (1) readily convertible to known amounts
of cash, and (2) so near their maturity that they present insignificant risk of changes
in interest rates (generally 3 months or less).
2. Restricted cash.
a. Cash restricted for some special purpose (such as the retirement of bonds) is
reported separately in either the current asset section or the noncurrent asset
section of the balance sheet, depending on the date of availability or disbursement.
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BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
3. Bank overdrafts should be reported as current liabilities. They are not offset against
the cash account unless there is available cash in another account at the same bank.
C. Receivables: Claims held against customers and others for money, goods, or services.
Classified as either trade or nontrade.
1. Accounts receivable are oral promises of the purchaser to pay for goods and services
sold.
2. Notes receivable are written promises to pay a certain sum of money on a specified
future date.
3. Nontrade receivables includes advances to employees or subsidiaries and dividends
and interest receivable.
1. Trade Discounts. These reductions from the list price are not recognized in the
accounting records; customers are billed net of trade discounts.
2. Cash Discounts (Sales Discounts). These are inducements for prompt payment.
Discuss the gross and net methods of recording receivables.
a. Gross Method (more practical than the net method). Sales and receivables are
recorded at the gross amount. Sales discounts taken by customers are debited
to the Sales Discounts account which is reported in the income statement as
a reduction of sales.
b. Net Method. Sales and receivables are recorded at the net amount. Sales
discounts not taken by customers are credited to the Sales Discounts Forfeited
account, which is reported in the other expense and revenue section of the income
statement.
3. Interest Element. Theoretically, receivables should be measured at their present value
but the accounting profession has chosen to ignore the implicit interest element in
receivables which are due within one year.
(i) First the required ending balance in the Allowance for Doubtful
Accounts is estimated by multiplying a percentage (a single
composite rate or an aging schedule) times the ending outstanding
receivables.
(ii) Then bad debt expense is equal to the difference between the required
ending balance and the existing balance in the Allowance account.
F. Notes Receivable—Recognition Issues. The present value of the future cash flows is the
proper amount to record for notes.
a. Face value—The principal amount due that is stated on the face of the note. The
debit balance of the Notes Receivable account is always equal to the face amount.
b. Stated interest rate—The rate that is stated on the face of the note. This rate is
used to determine the amount of periodic interest payments. A note may be non-
interest-bearing (i.e. have a stated rate of zero).
d. Present value—At the date of issuance, a note is valued at the present value of
the future principal and interest cash flows, discounted at the market rate of
interest. Changes in the market rate of interest are ignored throughout the
remainder of the life of the note.
e. Discount on notes receivable—At the date of issuance, this represents the excess of
the face value of the note over the present value. A discount arises because
the market rate is greater than the stated interest rate. The Discount on Notes
Receivable account is a valuation (contra-asset) account with a credit balance.
f. Premium on notes receivable—At the date of issuance, this represents the excess
of the present value of the note over the face value. A premium arises because the
market rate is less than the stated rate. The Premium on Notes Receivable account
has a debit balance.
g. Net carrying amount of the note—This is the amount at which notes are
reported on the statement of financial position. It is equal to the face value of the
note less the unamortized discount or plus the unamortized premium.
h. Amortization—The process of writing off the discount or premium over the life
of the note. The effective interest method of amortization should be used.
2. Notes Bearing Interest Equal to the Effective Rate—The interest element is ignored
for short-term notes and therefore they are carried at face value. However, long-term
notes are recorded at the present value of the cash expected to be collected.
a. The present value of the note can be determined by measuring the fair market
value of the cash or other property, goods, and services exchanged for the note.
b. If the fair market value of the note or other property is not determinable, an interest
rate may be imputed on the basis of the issuer’s credit standing, collateral, etc.
1. Recording bad debt expense and the related allowance for short-term notes receivable
parallels that for trade accounts receivable.
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
3. Long-term notes receivable measure impairment as the difference between the carrying
value of the note at the note’s present value, discounted at its original effective interest
rate.
(1) The borrower and lender agree as to the specific accounts that serve as
security. The assignor (borrower) typically makes collections on the assigned
accounts and remits the collections plus a finance charge (interest cost) to the
lender.
(2) The borrower also recognizes all discounts, returns and allowances, and bad
debts.
H. Sale (Factoring). These transfers of accounts and notes receivable may be without recourse
or with recourse.
I. Accounts receivable turnover ratio: measures the number of times, on average, receivables
are collected during the period.
Net Sales
a. A/R Turnover =
Average Trade Receivables (net)
365
b. Days to Collect =
A/R Turnover
J. Cash Controls.
a. Imprest bank accounts are used to make a specific amount of cash available for
a limited purpose.
b. Review the accounting procedures for a petty cash system:
(1) The Petty Cash account is debited or credited only when the fund is first
established or is changed in size.
(2) Each disbursement from the fund should be evidenced by a signed receipt
indicating the recipient and the purpose of the expenditure.
(3) Reimbursements of the petty cash fund are recorded by debiting the expenses,
assets, or liabilities involved and crediting the Cash account.
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BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
(4) The Cash Over and Short account is used as a plug (miscellaneous expense
or miscellaneous revenue) when the petty cash fund fails to prove out.
2. Bank Reconciliations.
(1) Reconciliation from the bank statement balance to the book balance or vice
versa.
(2) Reconciliation of bank and book balances to the corrected cash balance. This
form consists of two separate sections:
(3) The latter form is illustrated in the text. It is useful because it facilitates com-
putation of the correct cash balance, which is the amount that should be
reported on the balance sheet.
(a) The “balance per bank statement” is the amount shown on the most
recent bank statement as of the bank’s closing date for the month.
(b) Add deposits recorded in the company’s books but not yet credited by
the bank (e.g., deposits in transit).
(c) Deduct charges recorded in the company’s books but not yet recorded
by the bank (e.g., outstanding checks).
(a) The “balance per books” is the amount shown in the company’s Cash
or Cash in Checking Account general ledger account as of the desired
reconciliation date (i.e., as of the balance sheet date, the month-end
date, or whatever date for which it is desired to compute the correct
cash balance).
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
(b) Add deposits credited by the bank but not yet recorded by the company
(e.g., collection of notes, interest earned on interest-bearing checking
accounts, etc.).
(c) Deduct charges recorded by the bank but not yet recorded by the
company (e.g., service charges, NSF checks, etc.).
(3) Both sections end with the correct cash balance, which is the amount that
should be reported on the balance sheet.
(4) Every reconciling item that appears in the “balance per books” section
requires an adjusting entry to bring the books to the correct cash balance.
K. Impairments.
1. An impaired loan receivable exists when it is probable that the company will be unable
to collect all amounts due (principal and interest) according to terms of the note.
2. Impairment loss is the difference between the carrying amount of the note principle
plus account interest and the present value of the future cash flows discounted at the
note’s historical effective interest rate.
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION
METHODS OF ESTIMATING THE YEAR-END ADJUSTING
ENTRY FOR BAD DEBT EXPENSE
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION
ESTIMATING BAD DEBT EXPENSE
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION
INTEREST BEARING AND ZERO-INTEREST-BEARING
NOTES RECEIVABLE
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION (continued)
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION
ACCOUNTING FOR TRANSFERS OF RECEIVABLES
ILLUSTRATION
PETTY CASH
SAINT VINCENT DE FERRER COLLEGE DECEMBER 2019
BS ACCOUNTANCY (2nd semester SY 2019-2020) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr.
ILLUSTRATION
BANK RECONCILIATION
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
PRACTICAL ACCOUNTING 2
I. Topic(s):
Partnership
III. Rundown
I. Introduction
All assets contributed to the partnership are recorded by the partnership of their
agreed values (or fair market values, in the absence of the agreed values). Thus, if a
partner contributes a noncash assets to the partnership (e.g., land or equipment)
subject to mortgage, the contributing partner’s capital account is credited for the
agreed value (or fair values) of the noncash assets less the mortgage assumed by
the partnership.
Methods- Various methods exist for the division of partnership profits and
losses, including the following:
1. Equally,
2. Arbitrary ratio,
3. Capital contribution ratio:
a. Original Capital or initial investment
b. Beginning Capital each year
c. Ending Capital of each year
The method of division to be used in any situation is generally the method specified
in partnership agreement. This agreement must always be consulted first, since it is
legally binding on the partners. If no profit and loss sharing arrangement is specified
in the partnership agreement, the partnership requires that the profits and losses be
shared according to capital contribution. Capital contribution should be interpreted to
be original capital/ beginning capital of each year in the absence of original capital;
similarly, if the agreement specifies how profits are to be shared but is silent as to
losses, losses are to be shared in the same manner as profit. Notice that the profit
and loss sharing ratio is totally independent of the partner’s ownership interests.
Thus, two partners may haveownership interest of 70% and 30% but share profits
and losses equally.
IV. Dissolution
A new partner may be admitted to the partnership by purchasing the interest of one
or more of the existing partners or contributing cash or other assets (i.e., investment
of additional capital). These two situations are discussed below:
Bonus method- This method is based upon the historical cost principle.
Admittance of a new partner involves debiting cash or other assets for the FMV
of the assets contributed and crediting the new partner’s capital for the agreed
(i.e., purchased) percentage of total capital. Total capital equals the book value
of the net assets prior to admittance of the new partner, plus the FMV of the
assets contributed and the interest granted to the new partner results in the
recognition of a bonus.
b. Bonus granted to the old partner- when the FMV of the assets contributed
by an incoming partner exceeds the amount of ownership interest to be
credited to his capital account, the old partner recognize a bonus equal to his
excess. This bonus is allocated on the basis of the same ratio used for
income allocation (unless otherwise specified in the partnership agreement).
Recording involves crediting the old partner’s capital accounts by the
allocated amount.
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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
bonus is granted to the new partner, and the capital accounts of the old
partners are reduced on the basic of their profit and loss ratio.
Goodwill method. In PFRS No. 3, Goodwill represents the excess of the cost of
the business combination over the fair value of the identifiable net assets
obtained. Therefore, the standard provides that goodwill attaches only to a
business as a whole and is recognized only when a business is requires.
This provision of PFRS No. 3 outlawed the use of the goodwill method in
partnership accounting particularly admission and retirement of a partner
because there is no business involved. The term “business” is defined in the
Appendix A of the PFRS No. 3 as:
An integrated set of activities and assets conducted and managed for the
purpose of providing:
B. Withdrawal of a Partner
Admission of a new partner is not the only manner by which a partnership can
undergo a change in composition. Over the life of any partnership, partner may leave
the organization. Thus, some method of establishing an equitable settlement of the
withdrawing partner’s interest in the business properly is necessary.
For a partner to withdraw or retire from the partnership, the total interest of a partner
should be properly determined which includes the following;
C. Incorporation of a Partner
For a variety of reasons, including legal and/or tax reasons, the partners Of a
partnership may choose to incorporate. Two approaches of opening the corporate
books are in general use. One is to retain the books of the partnership and to record
all assets and liabilities as fair market value concomitant with the closing of the
partner’s capital accounts and the opening of a Common Stock account. The other
approach is to close out the partnership books completely and to open a new set of
books for corporation. In this case, the fair market values are used as the basis for
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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
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BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
recording all assets and liabilities with the balancing amount credited to Common
Stock. Occasionally, additional cash or assets may be invested in the corporation.
D. Liquidation
Liquidation is the process of converting partnership assets into cash and distributing
the cash to creditors and partners. Frequently, the sale of assets will provide
sufficient cash to pay both creditors and partners. The creditors have priority on any
distribution. The basic rule is that distribution is made to any partner until all possible
losses and liquidation expenses have been paid or provided for. An individual
prematurely distributing cash to a partner whose capital account later shows a deficit
maybe held personally liable if the insolvent partner is unable to repay such a
distribution. The proceed of a liquidation may be distributed in a lump sum after all
assets have been sold and all creditors satisfied., or the proceeds may be distributed
to partners in instalment as excess cash becomes available.
A. Lump Sum Distribution- The first steps in the liquidation process is to sell all
noncash assets and allocate the resulting gain and loss to the capital accounts of
the partners in accordance with their profit and loss sharing ratio. The second
step is to satisfy the liabilities owing the creditors other than partners. The third
step is to satisfy liabilities owing to partners other than capital and profits. The
final step is to distribute any cash remaining to the partners for capital and finally
profits. Any deficiency (i.e., debit balance) in a solvent partner’s capital will
require that partner to contribute any cash equal to the debit balance. If the
deficient partner is insolvent, the debit balance must be absorbed by the
remaining partner (usually in accordance with their profit and loss sharing ratio)
note, however, that in order to achieve an equitable distribution, a partner’s loan
to the partnership will first be used to offset a debit balance in his capital
account. Therefore, under this so-called right of offset doctrine, a partner’s loan
to the partnership will have distribution priority only to the extend it exceeds a
debit balance in the partner’s capital account.
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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
ONLINE ASSESSMENTS
Reminders:
1. Should be submitted on or before April 30, 2020 exclusively to
svfconlinebsa@yahoo.com
Online
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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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
QUESTIONS:
(Multiple Choice, Computation & Identification)
Auditing Problems
2. On July 1, 2011, Panther, Inc. sold goods to Smart Company for €1,800,000 in exchange
for a 4-year zero-interest-bearing note in the face amount of €2,832,326. The goods have
an inventory cost on Panther’s books of €1,180,000. Later in the month, Smart Company
expects to be able to re-sell the goods for €2,040,000. How much revenue should Panther,
Inc. recognize on its books on July 1, 2011?
a. €1,800,000.
b. €2,040,000.
c. €2,832,326.
d. €1,180,000.
4. Multnomah Publishing Co. publishes textbooks for colleges and universities across the
U.S. and Canada. Bookstores purchase books with terms f.o.b. shipping point and
payment is due 60 days after shipment. The bookstore may return 40% of each order (at
the bookstore’s expense). Multnomah’s experience indicates that the normal return rate is
10%, and the average collection period is 72 days. Multnomah shipped and invoiced
$300,000 of books during September 2012. The books were recorded on Multnomah’s
books for $120,000. Under IFRS, what amount of net sales revenue will Multnomah
record for the September 2012 sales?
a. $180,000.
b. $300,000.
c. $120,000.
d. $270,000.
5. Safe Skies Travel sells airplane tickets for Global Airways, Inc. Safe Skies collects the
full airfare from the client and remits this amount, less a commission, to Global Airways,
Inc. Safe Skies receives a commission of 6% of the total price. During June, 2012, Safe
Skies sold tickets worth €640,000 and remits €601,600 to Global Airways, Inc. For June
2012, what amount of revenue should Safe Skies Travel record?
a. €640,000
b. €601,600
c. €38,400
d. €36,096
26
Copyright of Prof. Hector U. Santos Jr., CPA, MBA
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any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be
unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
Taxation
1. Palito Lippi, an American singer, engaged to sing for one week at the Sofitel Philippines
Plaza after which he returned to USA. For income tax purposes, Palito Lippi should be
classified as:
a. Resident alien.
b. Non-resident alien engaged in trade or business.
c. Non-resident alien not engaged I the trade or business.
d. Resident citizen.
2. Which of the following individual is taxed on income from sources within and without the
Philippines?
a. A citizen of the Philippines residing therein.
b. A non-resident citizen.
c. An individual citizen of the Philippines who is working and deriving income aboard as an
overseas worker.
d. An alien individual, whether a resident or not of the Philippines.
3. Which of the following shall not be subject to income tax under Section 24 (A) on their
income from Philippines sources?
a. Individual citizen of the Philippines residing therein.
b. Individual citizen of the Philippines residing outside the Philippines including overseas
contract workers.
c. Individual alien who is resident of the Philippines.
d. Individual alien who is not a resident of the Philippines.
4. Which of the following shall not be included in the term “trade, business or profession”?
a. Performance of the functions of a public office.
b. Performance of services to the general public for a fee.
c. Performance of services as an employee.
d. None of the choices.
5. Which of the following shall be the qualification of a parent for head of the family purposes?
I- Living with taxpayer
II- Dependent upon taxpayer for the chief support
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unlawful.
SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
Practical Accounting 1
1. On December 31, 2010, Green Company finished consultation services and accepted in
exchange a promissory note with a face value of $400,000, a due date of December 31,
2013, and a stated rate of 5%, with interest receivable at the end of each year. The fair
value of the services is not readily determinable and the note is not readily marketable.
Under the circumstances, the note is considered to have an appropriate imputed rate of
interest of 10%.
Items 2 to 4
Benson Plastics Company deposits all receipts and makes all payments by check. The following
information is available from the cash records:
Instructions
Calculate the amount of the April 30:
2. Deposits in transit
3. Outstanding checks
4. Adjusted Cash Balance
5. Balance per Bank
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SAINT VINCENT DE FERRER COLLEGE December 2019
BS ACCOUNTANCY (2nd semester SY 2013-2014) Part 1
ONLINE RESOURCES by Prof. Hector Santos Jr., CPA, MBA
Practical Accounting 2
1. On December 1, 2012, Sam and Fam formed a partnership, agreeing to share for profit and losses in the ration 2:3,
respectively. Sam invested a parcel of land that cost him P 25,000. Fam invested P30,000 cash. The land was sold for
P60,000 on the same date, three hours after formulation of the partnership.
How much should be the capital balance of Sam right after formulation?
a. P25,000 c. P60,000
b. 30,000 d. 50,000
a. P20,000 c. P5,000
b. 18,000 d. (3,000)
3. The partnership agreement of Tico and Basa provides that interest at 11% per year is to be credited to each partner on
the basis of weighted-average capital balances. A summary of the capital account of Basa for the year ended December
31, 2012, is as follows:
What amount of interest should be credited to Basa’s capital account for 2012?
a. P50,738 c. P46,125
b. 49,500 d. 51,750
4. On March 1, 2012, Mira and Ilano formed a partnership with each contributing the following assets:
Mira Ilano
Cash……………………………… P300,000 P 700,000
Machinery and equipment…….. 250,000 750,000
Building………………………….. ---- 2,250,000
Furniture and Fixtures…………. 3,150,000 ---
The building is subject to mortgage loan of P800,000, which is to be assumed by the partnership agreement provides
that Mira and Ilano share profits and losses 30% and 70% respectively. On March 1, 2012 the balance in Mira’s
capital account should be:
a. P3,700,000 c. P3,050,000
b. 3,140,000 d. 2,900,000
5. The same information in Number 4, except that mortgage loan is not assumed by the partnership, on March 1, 2012
the balance in Mira’s capital account should be:
a. P3,700,000 c. P3,050,00
a. 3,140,000 d. 2,900,000
29
Copyright of Prof. Hector U. Santos Jr., CPA, MBA
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