Monthly Archives: June 2016


A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. FLOWCHART TO IDENTIFY OPERATING OR FINANCE LEASE: CRITERIA : Operating Lease Analysis in point of view of Lessor and … Continue reading

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Safeguarding of Controls

Safeguarding of controls limit access to an organization’s assets to authorized personnel. Access includes both direct physical access and indirect access through the preparation or processing o f documents that authorize the use or disposition of assets. 1) EXAMPLES: a) … Continue reading

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Segregation of Duties

Segregation of duties involves assigning different employees to perform functions such that an employee acting alone is prevented from committing an error or concealing a fraud in the normal course of his or her duties. 1) Four types of functional … Continue reading

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COSO Framework

Internal Control – Integrated Framework is widely accepted as the standard for the design and operation of internal control systems. COSO Model defines; Internal control is  a process, effected by an entity’s board of directors, management, and other personnel, designed … Continue reading

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How to pass the upcoming CPA board exam?

I might not be the right person to give an advice on how to pass the upcoming CPA board examination because I also suffering from laziness, overload, overwhelming materials and time. I would like to encourage those that are on … Continue reading

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How to Register on SPLBE CPA?

We are one step forward to become a CPA, here is the procedure to register for the upcoming exam on Sept 14,15 and 16; Prepare the following documents: Passport Size Photo (jpg format) Transcript of Records NSO Birth Certificate If … Continue reading

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VAT rules on Sale of Real Property

In general. sale of real property primarily held in the normal course of business is a VAT taxable transaction except: a. Residential lot valued at 1,500,000 and below. b. Sale of house and lot and other residential dwellings valued at … Continue reading

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