Past CPA Board on MAS
Relate to specific problems expert help is
PART I. Basic Consideration in MAS and Consulting Practice
1. Which of the following statement is True?
a. Adequate training and experience in both the
analytical approach and process in the particular
undertaking are requisites for the CPA to be involved in a
management service engagement.
b. A CPA with MBA and Ph D Degrees is
automatically qualified to render management services.
c. Competence as a standard in the rendition of
management services by a CPA may be equated to having
excellent scholarly preparation to include the usual
baccalaureate degree, an MBA and other post graduate
studies.
d. A CPA by virtue of having the necessary
academic preparation and by hurdling the licensure
examinations required to have a CPA license can readily
render management services to the public.
2. Which of the following statement is False?
a. CPAs provide management services to go around
the ethical constraints as mandated by the accountancy
act.
b. Businesses hire management consultants to
help define specific problems and develop solutions.
c. Included in the practice of consulting is the
provision of confidential service in which the identity of
the client is concealed.
d. CPAs performing management services may be
considered to be in the practice of management
consulting.
3. Mr. Rey Carlos, a CPA firm’s partner in-charge of quality
assurance and review is arguing with Mr. Rueben Fortuna, the
consulting partner regarding the question on independence as Mr.
Fortuna is presently rendering consulting services to T. Ang & Nga
Company, an audit client of the firm. Related to this issue of
independence, all of the following statements are not valid except:
a. Independence is not sacrifice for as long as the
auditor/consultant is correct in his decisions for the
client.
b. A CPA who renders both audit and consulting
services to a client, by virtue of his competence/expertise
and extensive knowledge of the client’s business is in the
best position to render decisions for the client and should
do so.
c. The client is the ultimate decision maker and
the auditor and/or consultant should not make decisions
for the client.
d. It is up to professional judgment and discretion
of the auditor/consultant to render decision for the client
for as long as his professional fees are commensurate to
the benefits that the client will derive from the
engagement.
4. A Certified Public Accountant’s scope of management services is
broad and covers all of the following except:
a. Change management engagement
b. Computerization engagements
c. Audit engagements
d. Re-engineering jobs
5. Which of the following statements is not acceptable?
a. A CPA represents 3 major players in the
industry in rationalizing the industry’s incentives before
the government public hearings.
b. A CPA shares with a new and substantial client
information regarding another client belonging to the
same industry.
c. A CPA provides consulting services to an
existing audit client.
d. A CPA offers and provides consulting services to
2 major competing clients.
6. The following characterize management advisory services except
a. Involve decision for the future
b. Broader in scope and varied in nature
c. Utilize more junior staff than senior member of
the firm
d.
required
7. These statements relate to MAS practice standards:
1. A practitioner is to notify the client of any
reservation he has regarding anticipated benefits.
2. Throughout the engagement, there ought to be a
systematic critical review of accomplishments and work
should be done within the framework of the code of ethics
and other professional standards.
3. During the engagement, should there be
significant changes between cost and anticipated
benefits, the client should be informed.
4. Before the engagements, the practitioner must
make arrangements with, and inform the client on
significant matters related to the engagement, in writing.
Of these statements, which pertains to the practice standard
on client benefit?
a. Statements 1 and 3 only
b. All statements
c. Statement 1 only
d. Statements 1, 3 and 4 only
8. Which of the following statements is true?
a. Adequate training and experience in both the
analytical approach and process in the particular
undertaking are requisites for the CPA to be involved in a
management service engagement.
b. A CPA with MBA Ph D degrees is automatically
qualified to render management services.
c. Competence as a standard in the rendition of
management services by a CPA may be equated to having
excellent scholarly preparation to include the usual
baccalaureate degree, and MBA and other post graduate
studies.
d. A Certified Public Accountant by virtue of
having the necessary academic preparation and by
hurdling the licensure examinations required to have a
CPA license can readily render management services to
the public.
9. Which of the following will not impair the independence of a
CPA in the rendition of Management Services?
a. The CPA performs decision-making services for
his client.
b. The CPA perform services wherein he is in effect,
acting as an employee of the client.
c. The CPA loses his objectivity and acts in a
manner as if he is advocating fir the interest of his client.
d. The CPA does not extend his services beyond
the presentation of recommendation or giving of advice.
PART II. Accounting Information System
10. An activity that is not considered part of the systems design
phase is
a. File record layout
b. Document flowcharting
c. Specification of format and content of report
d. Systems survey
11. The main components of the Central Processing Unit (CPU) of
a computer include only
a. Control, arithmetic and logic, and memory
b. Input, processing and output
c. Software, register and primary memory
d. Memory, processing and register
12. How is an Accounting Information System (AIS) distinguished
from a management Information System (MIS)?
a. An AIS maybe either manual or computer-based
and MIS is computer-based.
b. An AIS is a subsystem within an MIS.
c. An AIS is controlled oriented and MIS is used
exclusively for planning.
d. An AIS deals with financial information and MIS
handles all other information.
13. Feedback, feed forward and preventive are important types of
control systems and procedures for accounting information
systems. Which of the following is in the correct order of feedback, b. It provides top executives with immediate and
feed forward and preventive control systems? easy access to information in ahighly interactive format.
a. Inventory control, capital budgeting and cash c. It provides information in a highly aggregated
budgeting. form.
b. Cost accounting variances, separation of duties d. It helps executives monitor business conditions
and cash planning. in general and assist in strategic planning to control and
c. Cash budgeting, capital budgeting and hiring operate the entity.
qualified employees. 19. The concept of timeliness of data availability is most relevant
d. Cost accounting variances, cash budgeting and to
organizational independence. a. Computerized system
14. Bench Corp. operates in several regions, with each region b. Packaged software
performing its data processing in a region data center. The c. On-line systems
corporate Management Information System staff has developed a d. Microsystems
database management system to handle customer service and 20. To control purchasing and accounts payable, an information
billing. The Director of MIS recommended that the new system be system must include certain source documents. For a
implemented in the Region 4 to ascertain if the system operates in manufacturing concern like fruit processors, Inc., these
a satisfactory manner. This type of conversion is called a documents should include
a. Crash conversion a. Purchase requisitions, purchase orders,
b. Parallel conversion receiving reports and suppliers invoices.
c. Pilot conversion b. Purchase orders, receiving reports and inventory
d. Direct conversion reports of goods needed.
c. M Purchase requisitions, purchase orders,
inventory
A reports of goods needed and supplier’s invoices.
d. Y Purchase orders, receiving reports and
supplier’s invoices.
III. MANAGEMENT
2 ACCOUNTING CONCEPTS AND
RESPONSIBILITY0 ACCOUNTING
21. Controllership
0 has attained special recognition in corporate
management9 as business expand in complexity and reach and as
the controller exerts influence for to take organization’s goals.
ControllershipC and treasurership constitute corporate finance.
These are among
P corporate finance’s traditional functions.
1. A Tax management
2. Finance reporting and interpretation
3. B Credit management
4. o Sourcing and investing funds
5. a Reporting to government regulatory agencies
6. r Risk management
7. d Economic appraisal
15. A floppy disk (e.g., VERBATIM, MAXELL). 8. Planning for control
a. Diskette Which of the following are the functions of the controller?
b. Cassette tape a. All eight items
c. Disk b. Items 1, 2, 5, 7 and 8 only
d. Hard disk c. Items 1, 2, 3, 4, 5, 7 and 8 only
16. Important types of control systems and procedures for d. Items 2, 3, 5, 7 and 8 only
accounting information systems are feedback, feed forward and 22. To distinguish between management accounting and financial
preventive. Which one of the following is in the correct order of accounting, the following statements are correct except:
feedback, feed forward and preventive control systems? a. Management accounting in view of its various
a. Cost accounting variances, separation of duties integrated recipients should have a separate data
and cash planning. recording and retrieval system from financial accounting.
b. Cost accounting variances, cash budgeting and b. Financial accounting is bound by Generally
organizational independence. Accepted Accounting Principles (GAAP), and management
c. Cash budgeting, cost accounting variances and accounting need not be in conformity with GAAP.
separation of duties. c. Financial accounting can be regarded as the
d. Inventory control, capital budgeting and cash process while management accounting can be regarded
budgeting. as the product of that process.
17. Which one of the following represents a lack of internal control d. Management accounting output must be
in a computer-based information systems? released on time so as not to erode its usefulness;
a. The design and implementation is performed in Financial accounting output can still be useful even
accordance with management’s specific authorization. when delayed.
b. Any and all changes in application programs 23. The activities in a management system’s control can be
have been authorization and approval of management. grouped into four
c. Provisions exist to ensure the accuracy and 1. Measurement of actual performance
integrity of computer processing of all files and reports. 2. Deciding and implementing corrective actions
d. Both computer operators and programmers 3. Determining standard of performance
have unlimited access to the programs and data files. 4. Comparing actual performance versus
18. An Executive Information System (EIS) focuses on long-range standards and analyzing results.
objectives and gives immediate information about an The above steps must done in this sequence
organization’s critical success factors. It can be used on computers a. 4, 3, 2, 1
of all sizes. It is commonly used by all executives at the highest b. 3, 1, 4, 2
levels within the organization. All of the following statements apply c. 1, 3, 4, 2
to EIS except: d. 3, 4, 1, 2
a. It is likely to be one of the most widely used and IV. FINANCIAL STATEMENT ANALYSIS
the largest of the information subsystems in a business 24. If, just prior to a period of rising prices, a company changed its
organization. inventory measurement method from FIFO to LIFO, the effect in
the next period would be to
 a. Increase both the current ratio and inventory a. 31, 625 b. 31, 250 c. 33, 500 d. 25, 300
turn-over 33. If Lara Company wishes to maintain the same contribution
b. Decrease both the current ratio and inventory margin ratio, what selling price per unit of product must it charge
turn-over next year to cover the increased material costs?
c. Increase the current ratio and decrease a. P27.00 b. P25.00 c. P32.50 d. P28.33
inventory turn-over VI. COMPREHENSIVE BUDGETING
d. Decrease the current ratio and increase 34. For May 19x1, Young Company has budgeted its cash receipts
inventory turn-over at P125, 000 and its cash disbursements at P138, 000. The
25. When a balance sheet amount is related to an income company’s cash balance on May 1 is P17, 000. If the desired May
statement amount in computing a ratio, 31 cash balance is P20, 000, then how much cash must the
a. The balance sheet amount should be converted company borrow during the month (before considering any interest
to an average for the year. payments)?
b. The income statement amount should be a. P4, 000 b. P8, 000 c. P12, 000 d. P16, 000
converted to an average for the year. VII. STANDARD COSTS AND PERFORMANCE EVALUATION
c. Both amounts should be converted to market 35. Which of the following factors is not likely to be considered by
value. management in determining whether a variance should be
d. Comparisons with industry ratios are not regarded as an exception?
meaningful. a. Consistency of occurrence over time.
26. On December 31, 19x0 the Balance Sheet of Belle Co. b. Ability to control the item related to the
disclosed total assets of P8, 000,000, current liabilities of P1, variance.
500,000 and long-term debt of P2, 400, 000. Common stock c. Nature of the item related to the
outstanding amounted to 500,000 shares, while 100,000 shares of variance.
P10 par value preferred stock were outstanding. The retained d. Costing method used to calculate the
earnings account indicated a deficit balance of P2, 000, 000. variance.
Belle’s book value per share of common stock as of December 31, VIII. Costing Approaches: Absorption Costing/Variable Costing
19x0 is 36. The accountant for the Dover Company forgot to make an
a. P16.00 adjusting entry to record depreciation for the current year. The
b. P6.20 effect of this error would be:
c. P12.20 a. An overstatement of net income and an
d. P8.20 understatement of assets.
27. How are dividends per share for common stock used in the b. An overstatements of assets offset by an
calculation of the following? understatement of owner’s equity.
Dividend per-share Earnings c. An overstatement of assets, net income and
Payout ratio per share owner’s equity.
a. Denominator denominator d. An overstatement of assets and of net income
b. Denominator Not used and an understatement of owner’s equity.
c. Numerator Not used IX. DECENTRALIZED OPERATIONS AND TRANSFER PRICING
d. Numerator Numerator 37. Beta Market has 3 stores: P, Q and R. During 19x8, Store P
28. During 19x5, Reuel Company purchased P1, 920, 000 of had a contribution margin of P24, 000 and a contribution margin
inventory. The cost of goods sold for 19x5 was P1, 800, 000 and ratio of 30%. Store Q had variable costs of P48, 000 and a
the ending invenotyr at December 31, 19x5 was P360, 000. What contribution margin ratio of 40%. Store R had variable costs of
was the inventory turn-over for 19x5? P84, 000 which represented 70% of sales in the store. For 19x8,
a. 5.0 b. 5.3 c. 6.0 d. 6.4 Star Market’s total sales were
V. COST-VOLUME-PROFIT ANALYSIS a. P320, 000
The following data apply to items 29-33 b. P360, 000
Lara Company produces a single product. It sold 25, 000 units c. P440, 000
last year with the following results: d. P280, 000
38. Khi Company has two divisions J and K. During 19x2, the
Sales P625, 000 contribution margin in J was P30, 000. The contribution margin
Variable Costs P375, 000 ration in K during 19x2 was 40%, its sales were P125, 000 and its
Fixed Costs 150, 000 525, 000 segment margin was P32, 000. The common fixed expenses in the
Net Income before taxes 100, 000 company were P40, 000 and the company’s net income for the year
Income Taxes (45%) 45, 000 was P18, 000. The segment margin for Division J for 19x2 was
Net Income P 55, 000 a. P26, 000
b. P32, 000
In an attempt to improve its product, Lara is considering replacing c. P8, 000
a component part in its product that has a cost of P2.50 with a d. P58, 000
new and better part costing P4.50 per unit in the coming year. A X. USING COST DATA FOR DECISION MAKING
new machine would also be needed to increase plant capacity. The 39. Picnic Items, Inc. manufactures coolers that contain a
machine would cost P18, 000 with a useful life of 6 years and no freezable ice bag. For an annual volume of 10, 000 units, fixed
salvage value. The company uses straight line depreciation on all manufacturing costs of P500, 000 are incurred. Variable costs per
plant assets. unit amounts are:
29. What was Lara Company’s break-even point in number of Direct materials P80
units last year? Direct Labor 15
a. 6, 000 b. 15, 000 c. 21, 000 d. 18, 000 Variable Factory Overhead 20
30. How many units of product would Lara Company have had to Bags Corporation offered to supply the assembled ice bag for P40
sell in the last year to earn P77, 000 in net income after taxes? with a minimum order of 5, 000 units. If picnic accepts the offer it
a. 29, 000 b. 23, 000 c. 22, 700 d. 29, 300 will be able to reduce variable labor and overhead costs by 50%.
31. If Lara Company holds the sales price constant and makes the The direct materials for the freezable ice bag will cost Picnic P20 if
suggested changes, how many units of product must be sold in the it will produce it. Considering Bags Corporation offer, Picnic
coming year to break-even? should
a. 15, 300 b. 18, 750 c. 19, 125 d. 21, 000 a. Buy the freezable ice bag due to P150, 000
32. If Lara Company holds the sales price constant and makes the advantaged.
suggested changes, how many units of the product will the b. Produce the freezable ice bag due to P225, 000
company have to sell to make the same net income after taxes as advantaged.
last year?
 c. Produce the freezable ice bag due to P25, 000 44. Ken Lumber Company obtained short term bank loan for P1,
advantaged. 000, 000.00 at an annual interest rate of 12%. As a condition of
d. Buy the freezable ice bag due to P50, 000 the loan Ken is required to maintain a compensating balance of
advantaged. P200, 000.00 in its checking account. The checking account earns
interest at an annual rate of 6%. Ken would otherwise maintain
XI. QUANTITATIVE METHODS only P100, 000.00 in its checking account for transactional
40. A small company makes only two products with the following purposes. Ken’s effective interest cost of the loan is
two production constraints representing two machines and their a. 12%
maximum availability: b. 14%
2 X + 3 Y < 18 c. 13.50%
2 X + Y < 10 d. 12.67%

Where: X = the units of the first product

Where: Y = the units of the second product
If the profit equation is Z = P4 X + P2 Y, the maximum possible
profit is
a. P20
b. P21
c. P18
d. P24
XII. WORKING CAPITAL MANAGEMENT
41. Which of the following characteristics are generally associated
with a “conservative” financial policy?
a. High current assets relative to sales and high
current liabilities relative to total assets.
b. High current assets relative to sales and low
current liabilities relative to total assets.
c. Low current assets relative to sales and high
current liabilities relative to total assets.
d. Low current assets relative to sales and low
current liabilities relative to total assets.
42. The Manila Commercial Bank and Rap Corp. signed a loan
agreement subject to the following terms.
a. Stated interest rate of 18% on a one-year discounted loan; and
b. 15% compensating non-interest bearing checking account 45. Fabella Company budgeted sales on account of P120, 000 for
balance to be maintained by Rap with Manila Commercial Bank. July, P211, 000 for August and P198, 000 for September.
The net proceeds of the loan was P1 million. The principal amount Collection experience indicates that 60% of the budgeted sales will
of the loan was be collected the amount after the sale, 36% the second month, and
a. P1, 176, 471 4% will be uncollectible. The cash receipts from accounts
b. P1, 000, 000 receivable that should be budgeted for September would be
c. P1, 492, 537 a. P169, 800
d. P1, 219, 512 b. P147, 960
c. P197,
M 880
d. P194,
A 760
XIV. RECEIVABLES MANAGEMENT
Y
46. Changing a firm’s credit terms from 2/20, net/60 to 2/10,
net/30 will generally 2
a. Increase
0 the average collection period and
increase sales
0
b. Increase
9 the average collection period and
reduce sales
c. Reduce
C the average collection period and
increase sales
P
d. Reduce
A the average collection period and reduce
sales.
47. If a firm purchases B raw materials from its supplier on a 2/10,
net/60 cash discountObasis, the equivalent annual interest rate
(using a 360-day year) A of foregoing the cash discount and making
payment on the 60th day R is
a. 14.7%
D
43. Three suppliers of East Corporation offer different credit terms. b. 73.5%
West Co. offers terms of 1 ½ / 15, net 30. North Corp. offers terms c. 12.2%
of 1/10. Net 30. South Inc. offers terms of 2/10, net 60. East d. Some amount other than those given above
Corp. would have to borrow from a bank at an annual rate of 12% 48. If a firm’s credit terms require payment within 45 days but
in order to take any cash discounts. Which one of the following allow a discount of 2% if paid within 15 days (using a 360-day
would be the most attractive for Ma Corp.? (Assume 360 days a year), the approximate cost/benefit of the trade credit terms is
year). a. 2%
a. Purchase from West Co., pay in 15 days and b. 16%
borrow any money needed from the bank. c. 48%
b. Purchase from West Co., pay in 30 days and d. 24%
borrow any money needed from the bank. 49. When a company offers credit terms of 2/10, net/30, the
c. Purchase from South Inc., pay in 60 days and annual interest cost, based on a 360-day year, is
borrow any money needed from the bank. a. 24.0%
d. Purchase from North Corp. and pay in 30 days. b. 24.5%
XIII. CASH AND SHORT TERM INVESTMENT MANAGEMENT c. 35.3%
d. 36.7%
XV. INVENTORY MANAGEMENT 54. Under the time-adjusted rate of return capital budgeting
50. The size of safety stocks for inventory is important for most technique, it is assumed that cash flows are reinvested at the
firms. Though several factors can be cited as contributing to the a. Cost of capital
determination of the size of safety stocks that a firm should carry, b. Hurdle rate of return
the issue can often be reduced to a single factor. Which one of the c. Rate earned by the investment
following statements best summarizes the factor that affects the d. There is no assumption about reinvestment of
level of safety stock that a firm will carry? cash flows
a. The amount of idle cash management believes it
has to invest in safety stock. 55. Rano Co. has the opportunity to invest in a two-year project
b. The rapidity with which the inventory position which is expected to produce cash flow from operation, net of
will turn over. income taxes, of P100, 000 in the first year and P200, 000 in the
c. The level of production the firm’s bank is willing second year. Rano has a cost of capital of 20%. For this project,
to finance. Rano should be willing to invest immediately a maximum of
d. The level of uncertainty with respect to an out- a. P283, 300
of-stock condition that management is willing to accept. b. P249, 900
51. The following information regarding inventory policy was c. P222, 100
assembled by the JRJ Corporation. The company uses a 50-week d. P208, 200
year in all calculations.
Sales 10, 000 units per year
Order Quantity 2, 000 units
Safety Stocks 1, 300 units
Lead Time 4 weeks

The reorder point is

a. 3, 300 units
b. 2, 100 units
c. 100 units
d. 1, 300 units

XVI. CAPITAL BUDGETING

Questions 52 and 53 are based on the following data:

Allo foundation, a tax exempt organization, invested P200, 000 in

a five-year project at the beginning of 19x5. Allo estimates that the
annual cash savings from this project will amount to P65, 000.
The P200, 000 of assets will be depreciated over their five-year life
on the straight line basis. On investments of this type, Allo’s
desired rate of return is 12%.

56. The net present value capital budgeting technique can be used
52. The net present value of the project is when cash flows from period to period are:
a. P34, 325 Uniform Uneven
b. P36, 400 a. No Yes
c. P90, 000 b. No No
d. P125, 000 c. Yes No
d. M Yes Yes
57. It is assumed
A that cash flows are reinvested at the rate
actually earned
Y by the investment in which of the following capital
budgeting techniques?
Time-adjusted 2 rate of return Net present value
a. 0 Yes Yes
b. 0 Yes No
c. 9 No No
d. No Yes
C
P
58. If incomeA tax considerations are ignored, how is straight line
depreciation expense used in the following capital budgeting
techniques?B
Time-adjusted o rate of return Net present value
a. a Excluded Excluded
b. r Excluded Included
c. d Included Excluded
d. Included Included
E
59. The payback
x capital budgeting technique considers:
a
Income overm entire Time value
Life of project of money
53. Allo’s time-adjusted rate of return on this project is a. No No
a. Less than 12% b. No Yes
b. Less than 14%, but more than 12% c. Yes Yes
c. Less than 16%, but more than 14% d. Yes No
d. More than 16%
Questions 60 and 61 are based on the following
 62. For 19x9, Nelson Industries increased earnings before interest
Consideration is being given to the possible purchase of a P30, and taxes by 17%. During the same period, net income after tax
000 machine for Alo, which is expected to result in a decrease of increased by 42%. The degree of financial leverage that existed
P12, 000 per year in cash operating expenses. This machine, during 19x9 is
which has no residual value, has an estimated useful life of five
years and will be depreciated on a straight-line basis. (Ignore a. 1.70
income taxes). b. 4.20
c. 2.47
60. For the new machine, the simple rate of return based on initial d. 5.90
investment would be
a. 12% XVIII. PROJECT FEASIBILITY STUDY
b. 20% 63. Which of the following is not an activity covered by feasibility
c. 30% study?
d. 40% a. Activity based accounting of the endeavor
leading
M to a conclusion
b. A Collection of data
c. Y Evaluation and analysis of data collected
d. Formulation of recommendation
2
64. Among the
0 following major parts of a project feasibility study,
which grouping
0 is considered critical?
a. 9 Management, financial and social returns
b. Technical. Financial and environmental aspects
c. C Economic benefits, management, financial
d. P Marketing, engineering or technical and
financial
A

65. The statements

B below about project feasibility studies are the
true except: o
a. a Any change which can materially alter the
assumptions
r used in the preparation of the forecast will
render
d it useless
b. It is important for government agencies in order
to determine
E entitlement to government incentives
c. x It also covers the social desirability aspects of a
proposed
a undertaking
d. m Since data gathering is a basic step in its
preparation, all the necessary and required information
61. If income taxes are ignore, the payback period for the new will always be available.
machine would be
a. 1.67 years 66. In a project feasibility study, which of the following is true?
b. 2.50 years a. The study is not affected by any significant
c. 4.17 years change in actual business conditions as compared to the
d. 5.00 years assumptions used in making the forecast
b. The study is based on available information and
opinions of the party involved in the preparation of the
study.
XVII. FINANCING DECISIONS c. (a) and (b)
d. None of the above

ANSWER KEY
1. A 44. D
2. A 45. A
3. C 46. D
4. C 47. A
5. B 48. D
6. C 49. D
7. A 50. D
8. A 51. B
9. D 52. A
10. D 53. D
11. A 54. C
12. B 55. C
13. D 56. D
14. C 57. B
15. A 58. A
16. B 59. A
 17. D 60. B
18. A 61. B
19. C 62. C
20. A 63. A
21. B 64. D
22. A 65. D
23. B 66. B
24. D
25. A
26. B
27. C
28. C
29. B
30. A
31. C
32. A
33. D
34. D
35. D
36. C
37. D
38. A
39. C
40. A
41. B
42. C
43. A

We must prepare for every fight that we’re going to face. When at times you feel you wanted to give up, make a rest but never stop
pursuing your dreams. Every winning is worthy when we strive hard to achieve it.

When we left nothing but God, we will realize that God is enough. Lot of people say “mahirap maging CPA”… but always bear in mind
that “walang mahirap kay God”….

KAYA NATIN YAN… I believe, merong lalabas ulit sa mga compilation na ito sa October Board Exam kase nasa test bank na ng examiner
ang mga yan. I hope mapasadahan nyo kahit saglit lang ito. Every point is important …Good luck to all!!!

Kairus