of Not Being DEBARRED
Pierre Edison S. Guimary BSA, CPA
James Cristopher D. Domingo BSA, CPA
Ramil I. Felipe BSA, CPA
Cover Design & Layout by: Guillermo L. Francisco II
All Rights Reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means – electronic, mechanical, photocopying, recording, xerographic, photographic, or otherwise – without the express permission in writing of all the authors.
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“Hairy Potter at and Simula ng Katapusan”
Taglish Accounting Textbook in Basic Accounting 1A&B
By: James Cristopher D. Domingo, BSA, CPA
You can also visit our website http://www.1001questions.multiply.com
once in a while to read possible announcements about the book.
LET US REVEAL THE SECRET…
There is only one trick on how not to get debarred:
STUDY VERY WELL.
But this is easier said than done. In order to become a Certified Public Accountant in the future, there should be
Commitment . Perseverance. Attitude.
You need to be very committed in your chosen course. You should persevere and not give up easily at the start. You must develop the proper attitude in dealing with the subject, and that is to focus very well and not to be distracted with unnecessary things in life.
When you study your Accounting lessons, you need to have
Comprehension . Practice . Analysis.
Learn how to comprehend the problems properly. You cannot answer a problem without really understanding what is being asked. Verify what you have learned in class by answering as much problems as you can. As the saying goes, Practice makes Perfect. And lastly, everytime you study and review an accounting problem, don’t just memorize, you should analyze!
There may be 1001 Questions found in this book, but you will never ever take an exam that will have the exact figures or amounts as found in this book. Never ask “What is the Answer?”. Rather, ask yourself “Why and How did we arrive at this Answer?”.
With this in mind, you can answer the thousands of accounting problems that you will encounter towards the fulfillment of your dream of being a
Certified Public Accountant.
Preface to the 2009 Edition
Published review materials and books abound for every subject in the CPA Board Exam, but there is none at the moment for the first & most important subject every Accountancy student will take,
BASIC ACCOUNTING 1A&B.
This inspired the authors to make one and fill up that demand of a Basic Accounting Reviewer. The outcome is
“The Trick of Not Being Debarred”.
A reference material with numerous questions and verifiable answers & solutions prepared by the authors after each problem.
These different problems would help prepare the students for every quiz, prelims, midterms, finals, and qualifying exam that they will have to take. Students will develop mastery of the subject because they will now be familiarized with the different formats of problems being asked during the exams. Aside from the author constructed problems, some of the questions were adapted from various international & local financial and cost accounting textbooks and past Philippine CPA and AICPA exams on Theory of Accounts, Practical Accounting 1 and Practical Accounting 2.
The authors hope that this simple work would help every accountancy student in his or her studies. May this book guide them at the start of their journey towards becoming a CERTIFIED PUBLIC ACCOUNTANT in the future.
Good Luck, and Godspeed…
Table of Contents
General Concepts and Conceptual Framework 6-62
Accounting for Service Business 63-188
Accounting for Merchandising Business 189-302
Accounting for Manufacturing Business 303-363
Accounting for Cash 364-460