Rick

in pursuit of a dream l Discern l CPA by 2024

[Rick @rickDstar]

@Manywelll_ Forda medical na ba ito lodi?

[Joena San Diego @joenasandiego]

Don’t be afraid to let go, especially when you hear it from the Lord. 🍂

[Poem Heaven @PoemHeaven]

i swear..

[Luna @magigingcpa2k25]

Mnemonics : Law on Contracts

Vices of Contracts
- VIMFU
1. violence
2. intimidation
3. mistake
4. fraud
5. undue influence

🍃 Rescissible Contracts
- GAFUS ( igagapos kaya magreresist 🫣 )
1. entered by GUARDIAN
2. representation of ABSENTEES
3. FRAUD of creditors

[Jasper Tagle @JasperTagle]

Tax note:
Excess of de minimis benefit

1. Rank and file employees - Part of the 13th month pay and other benefits 90k exemption (the amount in excess of 90k is subjected to basic tax).

2. Managerial employees - Part of fringe benefits subjected to fringe benefit tax of 35%.

[avocado 🥑 @avothecpacma]

𝙎𝙐𝙈𝙈𝘼𝙍𝙔 𝙊𝙁 𝙈𝙀𝘼𝙎𝙐𝙍𝙀𝙈𝙀𝙉𝙏 𝙍𝙐𝙇𝙀𝙎 𝙁𝙊𝙍 𝙀𝙌𝙐𝙄𝙏𝙔 𝘼𝙉𝘿 𝘿𝙀𝘽𝙏 𝙄𝙉𝙑𝙀𝙎𝙏𝙈𝙀𝙉𝙏𝙎

𝐄𝐐𝐔𝐈𝐓𝐘 𝐈𝐍𝐕𝐄𝐒𝐓𝐌𝐄𝐍𝐓𝐒

1) Held for Trading - FVPL

2) Not Held for Trading - as a rule, at FVPL or at FVOCI by irrevocable election

[Sia today💕 @Studywith_Mae]

Sharing my RFBT notes na kagagawa ko lang kasi naghahabol sa preboard 😅😅😅

[Sia today💕 @Studywith_Mae]

RFBT 02- CONTRACTS

[kira @cpaverysoon]

RFBT NOTES: Industrial Partner vs. Capitalist Partner

[pagodnafuturecpa @hnycpa]

MAS: Absorption & Variance Costing

[kira @cpaverysoon]

𝗙𝗔𝗥 𝗡𝗼𝘁𝗲𝘀: 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗟𝗲𝗮𝘀𝗲 (𝘋𝘪𝘳𝘦𝘤𝘵 𝘍𝘪𝘯𝘢𝘯𝘤𝘦 𝘷𝘴 𝘚𝘢𝘭𝘦𝘴 𝘛𝘺𝘱𝘦)

(based on SoriaNotes/@SorianoRainy tysm sir 🤍)

[lfg, cpa @cpafreelancer_]

“ano natutunan mo kay Atty K?”

Magbilang ng letters 😂😂

Ang mahalaga natatandaan ko kayo 😂

[maya 🐣 werking @mcpadiary]

Retention of audit working papers:

for audit purposes (PSA) - 5 years (audit is 5 letters)
under PCAOB - 7 years (7 in Tagalog is pito [P in PCAOB])
for tax purposes - 10 years (T in tax is ten)

[jey, cpa 🌱 @cpawsden]

📌 Characteristics of Transfer Taxes (𝗣𝗔𝗡𝗗𝗘𝘴𝘢𝘭)

1. 𝗣roportionate (tax rate)
2. 𝗔d valorem (amount)
3. 𝗡ational (taxing authority)
4. 𝗗irect (incidence)
5. 𝗘xcise (subject matter --> tax on privilege)

[Rick @rickDstar]

@Manywelll_ Ingats, lodi! Congrats!!!

[Rick @rickDstar]

Waaaaa. Anxiety lubayan mo 'ko!

[🔜CPA(real soon) @eba_cpa_mba]

RFBT Notes: Philippine Competition Act

[avocado 🥑 @avothecpacma]

guys, always remember na if ang question is about net income/adjustments to current yr net income, at may given na prior yr errors, tandaan niyong di dapat sila kasali dun 😭

ang prior yr corrections ay adjusted through RETAINED EARNINGS hence, di dapat affected ang CY income 🥹

[avocado 🥑 @avothecpacma]

𝙒𝙍𝙄𝙏𝙏𝙀𝙉 𝘼𝙎𝙎𝙐𝙍𝘼𝙉𝘾𝙀 𝙍𝙀𝙋𝙊𝙍𝙏

𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀, 𝗔𝗽𝗽𝗹𝗶𝗰𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝗣𝗿𝗮𝗰𝘁𝗶𝗰𝗲 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀

1) PSA
2) PSREs
3) PSAEs
4) PSRS

[🔜CPA(real soon) @eba_cpa_mba]

RFBT Notes: Banking Laws
>Secrecy of Bank Deposits
>PDIC Act
>Truth in Lending Act
>AMLA