EVSU 2nd top performer in the CPA Licensure exam in region 8

Ranking	SCHOOL	OVERALL PERFORMANCE
		% PASSED
1	UNIVERSITY OF THE PHILIPPINES- VISAYAS-TACLOBAN CITY	100.00%
2	EASTERN VISAYAS STATE UNIVERSITY (for.L.I.T.)TACLOBAN	57.14%
3	WESTERN LEYTE COLLEGE- ORMOC	50.00%
4	SAINT PAUL'S BUSINESS SCHOOL- PALO	46.10%
5	ABE INTERNATIONAL COLL. OF BUS. & ACCOUNTANCY-TACLOBAN	33.33%
6	EASTERN VISAYAS STATE UNIV. (for. L.I.T.)-TANAUAN CAMPUS	33.33%
7	SAINT PETER'S COLLEGE OF ORMOC	33.33%
8	EASTERN SAMAR STATE UNIVERSITY - BORONGAN	26.09%
9	SAINT PAUL BUSINESS SCHOOL OF TACLOBAN	25.71%
10	ASIAN DEVELOPMENT FOUNDATION COLLEGE	25.00%
11	UNIVERSITY OF EASTERN PHILIPPINES-CATARMAN	24.69%
12	SAINT JOSEPH'S COLLEGE- MAASIN	17.39%
13	SAINT MARY'S COLLEGE OF CATBALOGAN (SACRED HEART COLL.)	15.00%
14	AMA COMPUTER COLLEGE- TACLOBAN	0.00%
15	CHRIST THE KING OF CALBAYOG	0.00%
16	DIVINE WORD UNIVERSITY- TACLOBAN	0.00%
17	LEYTE COLLEGES	0.00%

 

Congrats...CPAs

KRISCA KIZZA C. ANDRADE, CPA
MARIBETH F. ANDRIANO, CPA
WILMAN L. OREJOLA, CPA
KIRBY P. NOGADAS, CPA
CARLENE H. BITANGA, CPA
DENNIS B. CABALLES, CPA
MARK LLOYD M. GAVIOLA, CPA
BENJIE M. GELIZON, CPA
CAROLINE D. FLORENTINO, CPA
ROSEMARIE C. GERONES, CPA
GLYNN L. GARCELAZO, CPA
LOVIEJANE C. PEÑAFLOR, CPA
NINA RICA P. SABULAO, CPA
SHEENA G. TARCE, CPA
LADYLYNNIE V. TOBILLA, CPA
CHRISTINE P. SABOÑGAN, CPA (Tanuan Campus)
JOHN GILE T. YUHAN, CPA

October 2015 CPA results (PRC official website)

Congratulations to the new CPAs who successfully nailed the CPA Licensure Exam,

http://www.prc.gov.ph/uploaded/documents/CPA1015se.pdf

Consignment

Just click below to learn more about consignment accounting

http://www.slideshare.net/gautamagarwal31/consignment-25117437?related=1


http://www.scribd.com/doc/265771233/1-ACCOUNTING-FOR-CONSIGNMENTS-ppt#scribd


https://www.youtube.com/watch?v=jVMACPmWK9g

CPA Board Licensure Exam performing schools

Performance of Schools

file:///D:/266141061-Performance-of-Schools-CPA-Board.pdf

May 2015 CPA Licensure Exam Result

Correction

overall 81.82% (9 out of 11 takers)

first timer 100%

2015 May CPA Licensure

100% passers ...first time takers
81.82% passers ,.. overall



http://www.prcboardnews.com/2015/05/prc-releases-may-2015-cpa-board-exam-results.html

October 2014 CPA Board Exam Results

The PRC announced the October 2014 CPA Licensure in 3 days after the last day of examination.  To find out if you have passed the CPA Board:

http://www.prc.gov.ph/news/?id=851

Assignment 10: Akawnting

Retained Earnings

Problem # 1.

 Lam-ang's board of directors declared a P 710,000 cash dividend on October 5, 2015.  The board decided to include all shareholders as of November 5, 2015, beyond the date would no longer entitle the shareholder to receive any dividend declared on October 5, 2015.  On December 20, 2015, the shareholders received their share of the profit.

Required:

Prepare the necessary journal entries to record the above transactions.

Assignment 9: Akawnting

Shareholders' Equity Section

The shareholders' equity of Moonlight Corporation at January 2, 2015, appeared below:

 8% Preference Shares, P 150 par, 100,000 shares authorized, 20,000 shares issued and outstanding P 3,000,000

Ordinary shares, P 100 par, 200,000 shares authorized, 50,000 shares issued and outstanding P 5,000,000

Share premium - preference P 300,000

Share Premium - Ordinary P 200,000

Retained Earnings P 1,500,000

During 2015 the following transactions occurred:

• Jan 5, issued 6,500 ordinary shares in exchange for a piece of land .  The land had a cost of P 500,000.  There was no available fair value of shares stock.
• Feb 10, purchased 6,000 ordinary shares for the treasury at P 90 per share.
• Feb 15 shareholders donated P 10,000 cash
• May 7, issued 10,000 preference shares for P 160 per share
• June 29, received subscription to 10,000 ordinary shares at P 120
• Aug 17, received donation from ordinary shareholders, 2,000 ordinary shares
• Sept 11, received full amount from subscribers and issued the shares
• Oct 20,  sold 3,000 treasury shares at P 160 per share
• Nov 22, retired 2,000 treasury shares.
• Dec 31, Closed profit of P 450,000

Required:

1. Prepare journal entries to record transactions (to be posted online)
2. Prepare the December 31, 2015 Shareholders' equity section (yellow paper)

Note: To be submitted on or before March 8, 2015  (8 pm)

Assignment 8: Akawnting

Treasury Shares

On January 1, 2015 Malcolm Corporation had the following balances in its shareholders' equity section:

Ordinary shares, P 20 par                       P 600,000

Share Premium - Ordinary                      1,400,000

Retained Earnings                                   2,000,000

On April 13, 2015 the corporation purchased 5,000 shares from its own ordinary shares at P 18 per share.  On May 5, 2015 it sold 3,000 shares of the treasury shares at P P 22 per share.  On July 20, 2015, it sold 2,000 shares at P 17.50 per share.

Required:

1. Prepare the Entries to record treasury transactions
2. Prepare the Stockholders' Equity Section as of April 13, 2015 after the purchase of treasury shares. 

Assignment 7: Akawnting

Subscription of Shares

The Akawnting Corporation has been authorized to issue 127,000 shares of P 7 par ordinary shares.  The following 2015 transactions relate to the initial issuance of shares.

• June 1, Akawnting sold subscriptions for 35,000 shares for P 12 per share.  The subscribers made down-payments  amounting to 25% of the subscription price.
• June 7, the corporation issued 15,000 shares for P 160,000
• July 10, Akawnting exchanged 1,000 shares for a computer costing P 15,000 but with fair value of P 12,000.
• August 1, an installment amounting to 40% of the subscription price was received.
• September 1, the final installment was received and the shares were issued. 

Required:

1. Prepare the journal entries to record the above transactions
2. How would you present in the Balance Sheet the Subscription Receivable account? (Write your answer in two - three sentences.)

Assignment 6: Akawnting

Share Capital

The Shareholders' Equity section of Masaya Corporation as of December 31, 2015 is presented below:

6% Preference Shares, P 75 par, 200,000 shares authorized,     70,000 shares issued                                                                                         P ? Ordinary Shares, P5 stated value, 500,000 shares authorized,     ______share issued and _____ shares outstanding                      500,000 Share Premium - Ordinary                                                                         600,000 Retained Earnings                                                                                      500,000 Total Shareholders' Equity                                                                           ?                                                                                                                       ========

Required:

1. What is the total issue price (per share) of the preference shares?
2. How many ordinary shares were issued?
3. What is the amount of the minimum subscription?
4. Compute the total legal capital of the corporation 

10 Reasons why you want to watch That Thing Called Tadhana

That Thing Called Tadhana

• Number 10   =====>>> it offers tips on how to forget your Ex-girlfriend/boyfriend...

• Number 9  =====>>> truly, loneliness also loves company...

• Number 8  =====>>>  you will realize how important it is to do what you love...

• Number 7  =====>>>  if you love someone you have to let her/him know how you really feel

Assignment 5: Akawnting

Installment Liquidation

Luna, Ingred and Tony decided to liquidate their partnership on March 31, 2015.  On this date, their capital balances were as follows:

Luna                              P 150,000

 Ingred                                 90,000 

    Tony                                 120,000    

The partners share profits and losses in 40%, 30% and 30% to Luna, Ingred and Tony respectively.  The net income from January 1 to March 31, 2015 was 65,000.  Assume Tony received P 21,000 cash from the liquidation process.

 

1. Compute the amount of loss/gain on realization
2. How much cash must be received by each partner?

For BSA 1B: Answer the problem given inside the class

Post your answers on or before 4 pm this day, February 16, 2015

Babatngon, Leyte: Home of the peace and quite people

Babatngon, Leyte

February 15, 2015 - some faculty, students and staff of the College of Business and Entrepreneurship of the Eastern Visayas State University visited Babatngon, Leyte, to conduct a field observation in consonance with the College extension program SPACE (Sustainable Program and Advocacy for Community Extension).  The place could be considered as the home of peace and quite people. 

The field observation was conducted with the permission granted by the Brgy. Captain.  The filed observation consisted of roving the area in District I, talking with the folks, interviewing about their livelihoods, resources, and other pertinent information that will be used in the conduct and  implementation  of possible extension activities for the district in the future.

District I: Regular Session

The Brgy captain and her officials were conducting their regular session when the team arrived.  We asked permission if we could conduct the said field observation.  Fortunately, the whole body agreed and was happy to know that the college is so serious about the program.

Team COBE: planning how to conduct the field observation

So the team immediately got the map of the District and divided the team into four groups for the conduct of the said field observation.  We were so happy that the people were approachable and accommodating.  After an hour or two, we were done with the interview and we were able to gather some pertinent information about the people, their livelihoods and background.

After the conduct of the field observation: a photo with the Brgy Captain (lady in yellow, 4th from right)

Accounting News: Holding auditors blameless

Holding auditors blameless

by the Editorial Board, New York Times

The list of accounting scandals, which includes Arthur Andersen’s disastrous thumbs-up of Enron, the Internet stock bust and the financial crisis, has just gotten longer.

Matthew Goldstein of The Times reported this week that an arbitration panel of three former judges has found no basis for a malpractice claim against Ernst & Young, the auditor of Lehman Brothers. The panel held that Lehman and its former executives were “more culpable than EY” for accounting maneuvers that misled investors about the firm’s financial condition before its catastrophic collapse in 2008.

Translation: When it comes to cooking the books, not being as guilty as someone else is the same as being blameless. That sounds appalling, and it is. But it echoes a misguided law from 1995 that set an exceedingly high bar for holding outside auditors liable — along with corporate management — for accounting fraud, a law that has encouraged slippery audits.

Even worse, the arbitration panel acknowledged that Ernst had “some hard data” about what Lehman was up to. What was unclear, the arbitrators said, was whether Ernst “had a duty” to review some of Lehman’s management decisions. But to even raise that question is flabbergasting. If an auditor is not reviewing management decisions that are reflected in the books that are being audited, it can hardly be said to be performing an audit.

Ernst has argued all along that Lehman’s accounting tactics, deceptive or not, complied with generally accepted accounting principles. That may be so, but it is a dubious defense for one of the biggest firms in a profession that is presumably based on integrity.

The problem is larger than Ernst and goes beyond this specific case, which was brought by the holding company charged with recovering and selling Lehman’s assets and paying off creditors. The big auditing firms are virtually never the first to uncover and publicly report financial frauds; credit for that goes to the press, whistle-blowers, hedge funds, independent research firms, bankruptcy trustees or regulators. With each failure by auditors to sound warnings, it becomes increasingly clear that the investing public is being shortchanged when it comes to the reliable information it needs to make sound investing decisions.

Among many needed reforms is a revamped system in which audits are paid for not by company management, but by fees that companies pay to a public entity for the purpose of financing audits. In the near term, the Securities and Exchange Commission should require audited statements to be signed by the lead auditor, rather than merely affixing the firm name.

Without reforms, the role played by Ernst in the Lehman bust — and the role of auditors in undetected frauds and in the financial crisis more broadly — is sure to be reprised in future financial catastrophes.

Source: New York Times

http://www.nytimes.com/2014/08/16/opinion/holding-auditors-blameless.html?ref=topics&_r=0