I'd summarized certain important points to remember about internally generated intangible assets based on the discussions we had with Sir Ocampo. This is just a short diagram for the particular topic. I hope you will find this helpful.
This subject tests the candidate's proficiency in applying financial accounting techniques and methodology to problems likely to be encountered in practice. The problems involve recognition, measurement, valuation, classification, disposition and disclosure of assets, liabilities, equity, income, expenses, and net income of a business enterprise, preparation of financial statements, and contemporary accounting issues in accordance with Philippine Financial Reporting Standards in effect at the time of examination.
Each examination will contain a minimum of 40 and a maximum of 50 multiple-choice problems equitably allocated to the different subject areas as indicated below.
1.0 Preparation of Financial Statements
1.1 Accounting process
1.2 Components of financial statements
a. Balance sheet
b. Income statement
c. Statement of changes in equity
d. Cash flow statement
e. Notes to financial statements
2. Events after balance sheet date
3. Accounting policies
4. Related party disclosure
5. Segment reporting
6. Earnings per share
7. Other disclosures
1.3 Cash basis to accrual basis and single entry
1.4 Financial reporting and changing prices (including