The Professional Practice of Accounting Part 3
The Accountancy Law Evolution
Act. No. 3105 - 1923
RA 5166 in 1967 The Accountancy Act of 1967
PD 692 in 1975 The Revised Accountancy Law
RA 9298 The Philippine Accountancy Act of 2004
[REPUBLIC ACT NO 9298]
Description
Withholding Tax on Compensationis the tax withheld from income payments to
individualsarisingfromanemployeremployeerelationship.
ExpandedWithholdingTaxisakindofwithholdingtaxwhichisprescribedoncertain
incomepaymentsandiscreditableagainsttheinc
CHAPTERVIIALLOWABLEDEDUCTIONS
SEC. 34. Deductions from Gross Income. Except for taxpayers earning
compensation income arising from personal services rendered under an employer
employeerelationshipwherenodeductionsshallbeallowedunderthisSectionother
thanun
SEC. 24. Income Tax Rates.
(A) Rates of Income Tax on Individual Citizen and Individual Resident Alien of the Philippines.
(1) An income tax is hereby imposed:
(a) On the taxable income defined in Section 31 of this Code, other than income subject to tax
Republika ng Pilipinas
Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
For the Period
From
Part I
2 TIN
Certificate of Final Tax
Withheld At Source
BIR Form No.
2306
September 2005 (ENCS)
1
(MM/DD/YY)
Income Recipient/Payee Information
To
(MM/DD/YY)
Corporate Profile
Our Company is the largest electric distribution utility in the Philippines.
We celebrate our 111th year in service in 2014.
Act promptly on their immediate concerns and be receptive to their long-term needs and interests;
and
Make every
DLN:
Republika ng Pilipinas
Kagawaran ng Pananalapi
Kawanihan ng Rentas Internas
Certificate of Final
Income Tax Withheld
BIR Form No.
2306
July , 1999 (ENCS)
1
For the Year
(YYYY)
Part I
2 TIN
Withholding Agent/Payor Information
Income Recipient/Payee In
The tax shall be computed in accordance with and at the rates established in the following schedule:
Not over P10,000 5%
Over P10,000 but not over P30,000 P500+10% of the excess over P10,000
Over P30,000 but not over P70,000 P2,500+15% of the excess over
INSTRUCTIONS: Select the best answer for each of the following questions. Mark only one answer for each
item on the answer sheet provided. AVOID ERASURES. Answers with erasures may render your examination
answer sheet INVALID.Use PENCIL NO.2 only. GOODLUC
Rate of Contributions to SSS
The monthly contributions are based on the compensation of members ( Please see table on the last page). The current
SSS contribution rate is 11% of the monthly salary credit not exceeding P16,000 and this is being shared by t
REPUBLIC ACT NO. 8424
TAX REFORM ACT OF 1997
AN ACT AMENDING THE NATIONAL INTERNAL REVENUE CODE, AS AMENDED, AND FOR OTHER PURPOSES
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Short Title -
Honey Wine (Mead)
Producing and Costing of Mead
What is Mead?
Mead or honey wine is the oldest alcoholic drinks known to
man. It is made from honey and water via fermentation with
yeast. It may be still, carbonated, or sparkling; it may be dry,
semi-sweet
Problem 13-1
(a)
Journal Entries
Home Office Books
(1) Investment in branch
Cash
(2) Investment in branch
Cash
1 Equipment
Home office
(3) Investment in branch
Shipment to branch
Allowance for overValuation
(4)
3,000
3 Shipment from HO
Home office
100,000
SampleResignationLetter
YourName
YourAddress
YourCity,State,ZipCode
YourPhoneNumber
YourEmail
Date
Name
Title
Organization
Address
City,State,ZipCode
DearMr./Ms.LastName:
IwouldliketoinformyouthatIamresigningfrommypositionasAccount
ExecutivefortheSmithAge
CHAPTER 1: MANAGEMENT ACCOUNTING: AN OVERVIEW
I. Questions
1. Use of the word need in the quoted passage is pejorative. It implies an unlimited level of
demand for information. However, rational managers apply a cost-benefit criterion to
information and w
How and why an independent audit matters
Robert J Kueppers1 and Kristen B Sullivan2
Correspondence: Robert J. Kueppers, 1633 Broadway, New York, NY 10019-6754, USA. E-mail: [email protected]
is deputy CEO of Deloitte LLP and has 35 years of professio
AUDITING THEORY:
CASE STUDY
By: Group III
CASE I
Required 1: Describe the objectives of an
independent audit
Answer:
The objective of an independent audit is
to enable the auditor to express an
opinion whether the financial
statements are prepared in all
Malakas Company
Combination Worksheet
Year Ended December 31, 2008
Malakas
Adjustments and
Eliminations
Debit
Credit
Davao
Debits
Cash
Accounts receivable
Inventory, 12/31
Investment in branch
Land, bldg, and equipment
Shipment from office
Purchases
Depre
Bookkeeper Job Description
Position Description: Bookkeeper
Basic Function: The bookkeeper position creates financial transactions and creates financial
reports from that information. The creation of financial transactions includes posting
information to
Chapter 1 : Management
Accounting
An Overview
Mark Robert Bryan Peralta
Maria Josefina Gonzales
Jenny Bernardino
Ferdinand Lopez
Shaira Manzano
Perly Syjuco
I. Questions
1. Use of the word need in the quoted passage is pejorative. It implies an unlimited
Bookkeeper Job Description
Position Description: Bookkeeper
Basic Function: The bookkeeper position creates financial transactions and creates financial reports from that
information. The creation of financial transactions includes posting information to
13-1:
13-2:
c
a
Goods available for sale:
At billed price (P30,000 + P180,000)
At cost (P210,000 / 120%)
Balance of Allowance for Overvaluation account before adjustment
13-3:
P210,000
175,000
P 35,000
c
Inter-company inventory profit (IIP) before closing
TRANSFER AND BUSINESS TAXATION
MODES OF ACQUIRING OWNERSHIP
1. Occupation the property seized is without a known owner.
2. Intellectual Creation the composer owns his musical creation while the author owns his
literary, legal, historical, scientific or ot
Chapter 23/
Waterpark
DedicatedtoSleeplessness
ViewCast
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o
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1.3M30.9K12.1K
Chapter 23/ Waterpark Part 1
I wake up on the day of the waterpark trip with a
huge smile on my face.
Okay, so that might be a slight lie. I actually wake
up wi
Assertion Statement
We have prepared the description of (Sample Service Organization)s (type or name of) system
(description) for user entities of the system during some or all of the period December 1, 2011 to May
31, 2012, and their user auditors who ha
Introduction to Auditing Theory Part 2
Philosophy of Audit
The economic value of financial statement
audits is clear: Audits reduce information
risk (the risk that information in financial
statements is misstated materially), and
reduction in information
