Wednesday, August 15, 2012

Theory of Accounts: Book Review

In Philippines the CPA Licensure Examinations is served during the months of May and October. And I also understand that Bachelor of Science In Commerce Accountancy in Philippines is taken up in five years not anymore in four years. This book Theory of Accounts has great potential to help graduating students of Accountancy for self-review.



This is a short review about the book entitled "Theory of Accounts Volume One" which was published and printed by GIC Enterprises & CO., INC. 2019 C.M. Recto, Manila, Philippines in January 2012 with International Serial Business Number (ISBN) 971-9919-16-2. The book was written by two writers namely:

  • Conrado T. Valix - a BSC and LLB. He is a Public Accountant and Lawyer. He is the President, Review Director and CPA Reviewer, CPA Review School of the Philippines (CPAR) and a Lifetime Member of Intergrated Bar of the Philippines.
  • Christian Aris M. Valix - a BSME and BSA. He is a Certified Public Accountant. He is an Ateneo Management Engineering Graduate, a Faculty Member - Ateneo and San Beda and a CPA Reviewer, (CPAR).
The Theory of Accounts was written in unique approach and style by this two great writers Conrado and Christian - who are both Certified Accountants. Their unique approach and style could attract readers to read the book.
What good about the book? This book serves as a reviewer in Theory of Accounts in the Philippines CPA Licensure Examinations. It is prepared in accordance with the syllabus for Theory of Accounts issued and approved by the Board of Accountancy. This reviewer is largely based on the Conceptual Framework for Financial Reporting, Philippine Accounting Standards or PAS and Philippine Financial Standards or PFRS.
The layout and presentation of the book as found on the book contents started from multiple choice questions with corresponding detailed answers and the following standards of subjects covered on the book are numbered as the same as their counterpart in International Accounting Standards or IAS and International Financial Reporting Standards or IFRS namely:
  • Presentation of financial statements
  • Inventories
  • Accounting policies, changes in accounting estimates and errors
  • Events after reporting period
  • Construction contracts
  • Property, plant and equipment
  • Revenue
  • Government grants and government assistance
  • Borrowing costs
  • Related party disclosures
  • Investments in associates and joint ventures
  • Financial instruments - disclosure and presentation Interim financial reporting
  • Impairment of assets
  • Intangible assets
  • Financial instruments - recognition and measurement
  • Investment property
  • Agriculture
  • First time adoption of Philippine Financial Reporting Standards
  • Noncurrent assets held for sale and discontinued operations
  • Exploration and evaluation of mineral resources
  • Financial intruments - disclosures
  • Operating segments
  • Financial instruments
After reading the book, I would not hesitate to recommend that this book must be read not only for students who are taking up accountancy but also to people like bloggers, other writers, moms, dads, employees, businessmen, other professionals and even high school students who also need to learn the language of business. The book is full of detailed information and the language used is easy to understand.
For anyone who has the interest to read the book - contact the official distributor CONANAN EDUCATIONAL SUPPLY, located at 2019 Claro M. Recto, Manila, Philippines - telephone numbers: 735-55-82 and 735-55-86.
There are many ways to learn the language of business, its definitions and other accounting terms namely: by reading books and other accounting modules, by attending to some training and seminars about personal finance and other business opportunities. All can be done both offline and online.
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