Accounting | Business Tips Philippines

What is the Difference between Income, Revenue, and Gain?

October 17, 2012 Vic Leave a Comment

What is the difference between income, revenue, and gain? These accounting terms are usually presented and seen in the income statement. They may have similarities, but they are actually different from each other. Financial statements preparers, accountants, and other accounting … [Read more...]

October 2012 CPA Board Exam Results and List of Passers

October 14, 2012 Business Tips 9 Comments

Update as of October 15, 2012: The official results have been officially released by the PRC! Please see the Roll of Successful Examinees in the October 2012 CPA Licensure Examination below: Previous post as of October 14, 2012: Sunday, October 14, 2012, is the last day of the … [Read more...]

What is the Difference between Cost and Expense?

October 11, 2012 Vic Leave a Comment

What is the difference between cost and expense? These two economic or accounting terms are often used interchangeably. We read them in accounting and financial reports. And as business owners, we have to learn how to differentiate the two. The following are the differences … [Read more...]

Tips on Choosing an External Auditor for Your Business

July 22, 2012 Fritz Natividad 1 Comment

Whether you’re into big or small business, a third party review in your business operation could create a favourable position for your Company. In financial reporting, external auditors are the third party who perform an independent review or conduct an audit on a company’s … [Read more...]

May 2012 CPA Board Exam Results and List of Passers

May 20, 2012 Business Tips 4 Comments

Our blog is about business, and it tackles a lot of topics in accounting, finance, and Philippine taxation. The chief writer of this blog is also a Certified Public Accountant. That is why it already became our tradition to publish the results of CPA Board Examination which is … [Read more...]

Sample Balance Sheet and Income Statement

March 14, 2012 Vic 3 Comments

The following are sample balance sheet (statement of financial position), income statement, and statement of changes in owner’s equity for an individual or sole proprietorship business. These sample financial statements are actually the ones we have discussed and prepared in our … [Read more...]