2020 Study Calendar

Sunday Monday Tuesday Wednesday Thursday Friday Saturday NOTES

July July FAR
Week 1 28 29 30 1 2 3 4 AFAR
AuP
Week 2 5 6 7 8 9 10 11 AuT
MAS
Week 3 12 13 14 15 16 17 18 Cost
Tax
Week 4 19 20 21 22 23 24 25 RFBT

August August
Week 5 26 27 28 29 30 31 1

Week 6 2 3 4 5 6 7 8

Week 7 9 10 11 12 13 14 15

Week 8 16 17 18 19 20 21 22

Week 9 23 24 25 26 27 28 29

September September
Week 10 30 31 1 2 3 4 5

Week 11 6 7 8 9 10 11 12

Week 12 13 14 15 16 17 18 19

Week 13 20 21 22 23 24 25 26

October October
Week 14 27 28 29 30 1 2 3

Week 15 4 5 6 7 8 9 10

Week 16 11 12 13 14 15 16 17

Week 17 18 19 20 21 22 23 24

Week 18 25 26 27 28 29 30 31

November November
Week 19 1 2 3 4 5 6 7

Week 20 8 9 10 11 12 13 14

Week 21 15 16 17 18 19 20 21

Week 22 22 23 24 25 26 27 28

December December
Week 23 29 30 1 2 3 4 5

Week 24 6 7 8 9 10 11 12

Week 25 13 14 15 16 17 18 19

Week 26 20 21 22 23 24 25 26

Week 27 27 28 29 30 31 1 2
 2021 Study Calendar

Sunday Monday Tuesday Wednesday Thursday Friday Saturday NOTES

January January
Week 28 3 4 5 6 7 8 9

Week 29 10 11 12 13 14 15 16

Week 30 17 18 19 20 21 22 23

Week 31 24 25 26 27 28 29 30

February February
Week 32 31 1 2 3 4 5 6

Week 33 7 8 9 10 11 12 13

Week 34 14 15 16 17 18 19 20

Week 35 21 22 23 24 25 26 27

March March
Week 36 28 1 2 3 4 5 6

Week 37 7 8 9 10 11 12 13

Week 38 14 15 16 17 18 19 20

Week 39 21 22 23 24 25 26 27

April April
Week 40 28 29 30 31 1 2 3

Week 41 4 5 6 7 8 9 10

Week 42 11 12 13 14 15 16 17

Week 43 18 19 20 21 22 23 24

May May
Week 44 25 26 27 28 29 30 1

Week 45 2 3 4 5 6 7 8

Week 46 9 10 11 12 13 14 15

Week 47 16 17 18 19 20 21 22
 FAR AFAR
Seventy (70) multiple choice questions Seventy (70) multi
TOPIC Recommended Hours TOPIC
Conceptual framework and regulation 4 Partnership Accounting
Basic Objectives of Financial Statements
Qualitative Characteristics of Financial Statements
Elements of Financial Statements
Financial Capital and Physical Capital
Regulators of the Profession Corporate Liquidation
Accreditation of CPA Professionals
Accounting process 8
Adjusting Entries
Accounting Cycle
Financial Statements 14 Joint Arrangements
Statement of Financial Position
Statement of Comprehensive Income
Statement of Cash Flows
Statement of Changes in Equity Revenue Recognition
Notes to the Financial Statements
Financial Assets 24
Cash and cash equivalents
Loans and receivables
Investments in debt instruments Home Office & Branch
Investment in associates
Investment In Equity Securities
Basic Derivatives
Non financial assets 50
Inventories
Property, Plant and Equipment Business Combination
Investment Property
Intangible Assets
Biological Assets Separate Financial State
Noncurrent assets held for sale
Impairment of Assets
Impairment of Assets Consolidated Financial
Mineral Resources
Financial Liabilities 14
Accounts payable
Bonds payable
Debt restructuring
Non-financial liabilities 6 Foreign Currency Tran
Premiums and warranties
Unearned revenues
Provision and Contingent Liability
Equity 20 Not for Profit Organiza
Shareholders’ equity
Share capital
Dividends and retained earnings
Other comprehensive income
Book value and earnings per share Government Accountin
Other topics 28
Share Options
Related party
Borrowing costs Other Special Topics (B
Government grants
Leases
Income tax Revenue from contracts
Employee benefits
Segment Reporting
Interim Financial Reporting
SME & micro reporting Cost Accounting
 MAS
Seventy (70) multiple choice questions Seventy (70) multipl
Recommended Hours TOPIC
Partnership Accounting 25 Objective, role and scope
Formation
Operations
Dissolution and changes in ownership
Liquidation
Corporate Liquidation 4
Statement of affairs
Statement of deficiency
Statement of realization and liquidation Cost terms, concepts and b
Order of priority of claims
Joint Arrangements 6
Joint operations
Joint venture Cost Volume Profit Analy
SME
Revenue Recognition 16
Installment Sales
Long – term Construction Contracts
Franchise Operations – Franchisor’s point of view
Consignment Sales
Home Office & Branch Accounting 7
Transactions on the books of head office and branch
Reconciliation of reciprocal accounts Standard costing and vari
Preparation of individual and combined FS
Special procedures in home office and branch operations
Accounting for agency transactions
Business Combination 16 Variable costing and abso
Acquisition of assets and liabilities
Financial Statement Presentation
Separate Financial Statements 16
Investment in subsidiary
FS presentation Financial Planning and Bu
Consolidated Financial Statements 16
Date of Acquisition
Subsequent to Date of Acquisition
Net Income / Total Comprehensive Income / Equity
Retained Earnings / Common Share / Dividends Activity-based costing
Changes in Ownership Interests
Foreign Currency Transactions and Translations 32
Without hedging activities
Hedging activities
Translation from functional currency to presentation currency
Remeasurement from a foreign currency to the functional currency
Not for Profit Organizations 2 Strategic cost managemen
Voluntary health and welfare organizations
Hospitals and other health organizations
College and universities
Other non profit organizations
Government Accounting 6
Basic Concepts
Budget Process
JE - Books of National Government Agency Responsibility Accounting
Other Special Topics (Basic Knowledge) 4
Insurance Contracts
Build, Operate and Transfer
Revenue from contracts with customers (NEW) 10
Five Steps Model Framework
Other revenue recognition issues
FS presentation
Cost Accounting 60
Cost accumulation Transfer Pricing
Job Order Costing
Process Costing
Backflush costing system (JIT system) Balance Scorecard
Service Cost Allocation
Activity Based Costing
Joint & By Product Costing Quantitative techniques
Standard Costing

Relevant Costing

Objectives and Scope of F

Financial statement analy

Working Capital Finance

Capital Budgeting

Investments, risks and rat

Capital structure and long

Management Consultancy

Project Feasibility Studies

Macroeconomics
Microeconomics
 AUDITING
Seventy (70) multiple choice questions Seventy (70) multiple c
Recommended Hours TOPIC
Objective, role and scope of management accounting 4 AUDITING THEORY (34 Po
Management functions and concepts Fundamentals of auditing and
Distinction of management, cost and financial accounting
Role and activities of controller and treasurer
International certifications in management accounting Audit Client Acceptance
Nature of management consultancy engagements
Professional attributes of management consultants Audit Planning
Areas, stages and management consultancy engagements
Cost terms, concepts and behavior 6
Nature and classification of costs
Analysis of cost behavior
Splitting mixed cost
Cost Volume Profit Analysis (CVP) 12
Uses, assumptions and limitations of CVP Audit Supervision and Monito
Factors affecting profit Understanding the entity and
Breakeven point in unit sales and peso sales
Required selling price, unit sales and peso sales to achieve a target
profit
Sensitivity analysis (indifference point in unit and peso sales Internal control
Use of sales mix in multi-product companies
Margin of safety and degree of operating leverage
Standard costing and variance analysis 12
Direct material variance
Direct labor variance Risk Assessment
Factory overhead variance
Variable costing and absorption costing 12
Nature and treatment of fixed factory overhead costs
Distinction between product cost and period cost
Inventory costs
Reconciliation of operating income
Financial Planning and Budgets 8 Audit Evidence
Budgeting process
Master budget and its components
Types of budgets (static, flexible, zero-based, continuous)
Budget variance analysis
Activity-based costing (ABC) and Activity-based management (ABM) 12 Audit Sampling
Activity levels, cost pools and activity drivers Completing the audit and aud
Cost pool rates and application of overhead costs
Traditional costing versus activity-based costing
Process value analysis (value-added activities and non-value-added
activities)
Strategic cost management 14 Post audit responsibilities
Total quality management
Just-in-time production system
Continuous improvement Audit Reporting
Business process reengineering
Kaizen costing
Product life cycle costing
Target costing Computerized Auditing
Responsibility Accounting 8
Types of responsibility centers
Decentralization and segment reporting Other assurance and non assu
Controllable and non-controllable costs
Direct and common costs
Performance margin (manager vs segment performance)
Segmented income statement AUDITING PROBLEM (36 P
Return on investment, residual income and economic value added Audit of the revenue and rece

Transfer Pricing 8
Rational and need for transfer price Audit of expenditure and disb
Transfer pricing schemes
Balance Scorecard 4
Nature and perspectives of balance scorecard
Financial and non-financial performance measures
Quantitative techniques 13
Regression and correlation analysis Audit of production cycle
Gantt chart
Program evaluation review technique (PERT) – Critical Path Method
(CPM)
Probability analysis (expected value concept) Audit of the financing cycle
Decision tree diagram
Learning curve
Inventory models
Relevant Costing 14
Identification of relevant costs Audit of investing cycle
Opportunity costs
Approaches in analyzing alternatives in non-routing decisions
Types of decision
Objectives and Scope of Financial Management 4
Nature, purpose and scope Audit of cash balances
Role of financial managers in investment, operating and financing
decisions
Financial statement analysis 12
Vertical analysis (common-size FS)
Horizontal analysis
 Cash flow analysis
Gross profit variance analysis
Financial ratios
Financial forecasting using additional funds needed (FAN)
Working Capital Finance 46
Significance of working capital management
Working capital investment and financing policies
Cash and marketable securities management
Receivables management
Inventory management
Sources of short-term funds
Estimating cost of short-term funds
Capital Budgeting 38
Capital investment decision factors
Non-discounted capital budgeting techniques
Discounted capital budgeting techniques
Project screening, project ranking and capital rationing
Sensitivity analysis
Investments, risks and rates of returns 30
Types of risks (business/operating, financing)

Measures of risks (beta, coefficient or variation and standard deviation)

Degree of operating, financial and total leverage
Investment models (Black Sholes, CAPM)
Capital markets
Types of investment products
Capital structure and long-term financing decisions 18
Concepts and tools of capital structure management
Sources of intermediate and long- term financing
Cost of capital
Management Consultancy 4
Nature of management consultancy engagements
Professional attributes of management consultants
Areas, stages and management
IFAC & Philippine Code of Ethics for the Accountancy Profession
NOCLAR provisions and implications
Project Feasibility Studies 4
Nature, purpose and components
Analysis of project revenue and costs under specific assumptions
Preparation of projected financial statements
Analysis of financial projections
Macroeconomics 6
GDP and GNP
Unemployment
Inflation
 Fiscal and monetary policies
International trade
Foreign exchange rates

Microeconomics 6
Demand
Supply
Market equilibrium
Price elasticity of demand
Market structure
Production and cost functions
AUDITING TAXATION
Seventy (70) multiple choice questions Seventy (70) multip
Recommended Hours TOPIC
AUDITING THEORY (34 Points) Principles of Taxation
Fundamentals of auditing and assurance 2
Assurance engagements
Introduction to Auditing
Audit Client Acceptance 2
Pre engagement procedures
Audit Planning 6 Tax remedies
Essential planning requirements
Knowledge of the business
Preliminary analytical procedures
Materiality
Assessing and managing audit risks
Audit plan and program Income Tax
Audit Supervision and Monitoring 4
Understanding the entity and its environment 6
Nature of the entity
Objectives, strategies and business risks
Measurement and review of financial performance
Internal control 20
Concepts and elements of internal control
Understanding of internal control systems
Test of controls Transfer taxes
Documentation
Risk Assessment 10
Risk assessment procedures Value added tax
Discussion among team Percentage tax
Significant risks that require special audit consideration Other taxes
Risks for which substantive procedures alone do not provide sufficient
appropriate audit evidence
Revision of risk assessment
Audit Evidence 8
Nature and significance
Evidential matters
Audit procedures and techniques
Audit working papers
Audit Sampling 4
Completing the audit and audit report preparation 10
Analytical procedures for overall review
Related party transactions
Subsequent events review
Assessment of going concern assumption
Representation letter
 Evaluating findings, formulating an opinion and drafting audit report
Post audit responsibilities 2
Subsequent discovery of facts
Subsequent discovery of omitted procedures
Audit Reporting 12
Unqualified report and basic elements
Modified auditor’s report
Report on comparatives
Computerized Auditing 10
Internal control in a CIS environment
Computer assisted audit techniques
Other assurance and non assurance services 6
Special purpose audit engagements
Non-audit engagements
Non-assurance engagements
AUDITING PROBLEM (36 Points)
Audit of the revenue and receipt cycle 20
Audit of sales and revenue transactions
Audit of receivable balances
Audit of expenditure and disbursement cycle 20
Audit of acquisitions and purchases
Audit of payroll transactions
Audit of inventory balances
Audit of trade payable balances
Audit of prepaid expenses and accrued liabilities
Audit of production cycle 20
Audit of conversion activities
Audit of inventory balances: work-in-process and finished goods
Audit of cost of goods sold balance
Audit of the financing cycle 20
Audit of financing cycle transactions
Audit of non-trade liability balances
Audit of interest expense and finance cost balances
Audit of equity accounts
Audit of investing cycle 20
Audit of investing transactions
Audit of investment account balances
Audit of property, plant and equipment account balances
Audit of intangible account balances
Audit of cash balances 20
Audit of cash receipt transactions balance
Audit of cash disbursement transactions balance
TAXATION RFBT
Seventy (70) multiple choice questions One hundred (100) m
Recommended Hours TOPIC
Principles of Taxation 2 Obligations
Nature, scope, classification and essential characteristics
Principles of tax system
Limitations on the power of taxation
Tax evasion vs tax avoidance
Place of taxation
Tax remedies 12 Contracts
Remedies of the government
Scope and prescriptive period
Administrative remedies
Judicial actions
Additions to tax (S,I,C)
Income Tax 64
Taxpayer and Tax Base
Gross Income
Deductions from Gross Income
Accounting Periods Sales
Accounting Methods
Tax Return Preparation and Filing of Tax Payments
Withholding taxes
Compliance Requirements
Transfer taxes 48
Estate Tax Pledge, real and chattel mo
Donor’s Tax
Value added tax 24
Percentage tax 2
Other taxes 20
Excise tax
Documentary stamp tax
Local government taxation Negotiable instruments
Senior Citizens Law
Magna Carta for Disabled Persons
Special Economic Zone Act
Omnibus Investment Code
Barangay Micro Business
Enterprises
Double Taxation Agreement Bouncing checks
Tariff and Customs Code

Partnership
Corporation

Cooperatives

PDIC Law

Secrecy of Bank Deposits a

AMLA Law
Intellectual Property Law

Data Privacy Act

Electronic Commerce
One hundred (100) multiple choice questions
Recommended Hours
Obligations 20
Sources
Kinds of obligations
Specific circumstances
Duties of obligor
Extinguishment of obligations
Contracts 27
Classification
Elements and stages
Freedom from contract vs. limitation
Persons bound
Consent and its requisites
Object and cause of contracts
Formalities of contract
Reformation and interpretation of contracts
Defective contracts
10
Nature, forms and requisites
Earnest money from option money
Rights and obligations of vendor and vendee
Warranties to consumer laws
Instalment sales, right and remedies of parties
Pledge, real and chattel mortgage 5
Requisites
Requirements to bind parties and third persons
Obligations and rights of pledgor and pledge
Obligations and rights of mortgagor and mortgagee effect of
pactum commissorium
Modes of extinguishment
Negotiable instruments 12
Negotiability of instruments
Abnormal negotiable instruments
Incomplete but undelivered instruments
Incomplete but delivered instruments
Complete but undelivered instruments
Instruments with forged signatures
Bouncing checks 8
Checks without insufficient funds
Evidence of knowledge of insufficient funds
Duty of drawable
Credit construed
Partnership 10
 Distinguish from corporation
Elements and kinds
Formalities required
Rules of management
Distribution of profits and losses
Sharing of losses and liabilities
Modes and retirement requirements
Limited partnership
Corporation 35
Nature and classes of corporation
Incorporation and organization of private corporation
Powers of a corporation
Board of Directors and Corporate Officers
Classes of stock
Powers, duties, rights and obligations of stockholders
Majority and minority control
By laws
Meetings
Corporate reorganization
Non-stock corporation
Modes of dissolution and liquidation
Foreign corporations
Rights of foreign corporations
Suspension and revocation of license
Kinds and availability of books
Securities Regulations Code
Cooperatives 30
Organization and registration
Administration
Responsibilities, rights and privileges
Membership, rights and obligations
Capital property of funds
Audit, inquiry and member’s right to examine
Allocation and distribution of funds
Types and categories of cooperatives
Merger and consolidation of cooperatives
Dissolution of cooperatives
PDIC Law 6
Insurable deposits
Maximum liability
Requirements of claims
Secrecy of Bank Deposits and Unclaimed Balances Law 2
AMLA Law 13
Unlawful activities
Covered institutions and transactions
 Suspicious transactions
Record keeping requirements
Powers of AMLC
Reporting requirements
Intellectual Property Law 6
Patents
Trademark
Copyright
Data Privacy Act 10
Provisions and powers of National Privacy Commission
Processing and security of personal information
Rights of the data subject
Accountability for transfer of information
Penalties for violation of law
Electronic Commerce 6
General provisions
Legal recognition and communication of electronic data
messages and electronic documents

Electronic commerce in carriage of goods and electronic

transactions