Read Between the Lines
"Oh yes, kaibigan mo ako. Kaibigan mo lang ako. And I'm so stupid to make the biggest mistake of falling in love with my bestfriend ", is an iconic line pertaining to this actor/actress.
Who is Marvin Agustin?
These are policies, procedures, and activities, and activities that apply to the overall computer environment.
What are General Controls?
This term refers to the risk that an auditor expresses an inappropriate audit opinion when the financial statements are materially misstated.
What is a Audit Risk?
This asset account represents money kept on hand for small, miscellaneous expenditures where writing a check is impractical.
What is Petty Cash?
A group of people collects $529. If each person contributes an amount in dollars equal to the total number of people in the group, how many people are in the group?
23
"Ang mundo ay isang malaking Quiapo. Maraming snatcher, maaagawan ka. Lumaban ka!", is an iconic line from this movie.
What is No Other Woman?
A type of externally provided backup which is most readily available and is also known as Hot Site.
What is Recovery Operation Center?
FS must reveal all important facts to inform readers, using account balances, parenthetical notes, or footnotes.
What is Full Disclosure Policy?
If a company has a "Cash in Bank" account with a negative balance, it is usually reclassified as this type of liability on the balance sheet.
What is a Bank Overdraft?
Complete the following sequence: 24, 120, 720, ???
5040
"You're nothing but a second-rate, trying hard copycat!", is an iconic line from this movie.
What is Bituing Walang Ningning?
A test of control wherein input is reconciled with the output and is also known as Black Box Approach.
What is Auditing Around the Computer?
This refers to a bank's safe money.
What is qualifying capital?
This check is considered "expired" or non-negotiable because the payee failed to present it for payment within a reasonable period.
The Petty Cash Fund has a total "imprest" balance of ₱15,000. The custodian presents the following for replenishment:
Currencies and coins: ₱2,450
Vouchers for various expenses: ₱12,200
An employee's IOU (Valex): ₱500
Upon replenishment, the journal entry must record a Cash Shortage (or Overage) of this amount.
₱150 Overage
"Mahal mo ba ako dahil kailangan mo ako, o kailangan mo ako kaya mahal mo ako?", is an iconic line from this actress.
Who is Claudine Baretto?
It is a complete list of all auditable entities, activities, processes, systems, and location within an organization.
What is Audit Universe?
Under the MORB, this is the minimum Total Capital Adequacy Ratio (CAR) for universal and commercial banks—a figure that is 2 percentage points higher than the global Basel III standard.
What is 10%?
This "four-column" reconciliation handles not just the ending balances, but also the receipts and disbursements for the period.
What is Proof of Cash?
Bob opened a book and discovered that the product of these two-page numbers was 702. But what do you get if you add these two numbers?
53
"Diligan mo ng suka ang tuyo kong lumpia", is an iconic line from this movie.
What is Patigasan ang Labanan?
It is a CAAT which processes client input data on a controlled program under the auditor's control to test controls in the computer system?
What is Parallel Simulation?
FS must reveal all important facts to inform readers, using account balances, parenthetical notes, or footnotes.
What is Full Disclosure Policy?
This internal control system requires that all cash receipts be deposited intact and all cash disbursements be made by check.
Imprest System
Multiply the number of thumbs that everyone in the world has. What is the result?