Financial Accounting I 2006 Edition

A new version of “Financial Accounting I” has already been released by Atty. Conrado T. Valix and Jose Peralta. It incorporates the new standards: Philippine Accounting Standards, Philippine Financial Reporting Standards, International Accounting Standards, and International Financial Reporting Standards.

The book has a whole new different look.

010 valix_book

It has been 5 years since I last used Valix’s book. It was like a bible during our review for the board exams. Surely, I missed those days when I was yet reading it from cover to cover.

The book can be described as concise but almost complete. Simple but full of information. The context is broad but covers almost every topic.

It seems a must that every reviewee hold a copy of this book during the review. Surely, Atty. Valix found his niche into the accountancy profession.

261 thoughts on “Financial Accounting I 2006 Edition

  1. Exam Tips

    1. Visualize yourself as a CPA—believe that you can achieve your goal!

    2. Use study materials that are no older than six months.

    3. Complete your CPA exam application at least six months in advance of the date you plan to sit.

    4. Establish a visible and accessible place to study. Make it convenient for yourself. Study whenever you have a free moment.

    5. Take some time to analyze your strengths and weaknesses. Admit that you are not perfect.

    6. Work to correct as many weaknesses as possible.

    7. Answer all multiple-choice questions. The exam is positively graded. There is no penalty for guessing.

    8. Your communication response must be on topic. Address the concept, not just state the concept. Clearly identify a thesis statement. Develop and support main ideas. Avoid the use of fragments, bullet-points, numbered lists, and run-on sentences. Use spell-check and proofread.

    9. Don’t grade yourself. Leave the grading to the professionals. Move from question to question, focusing on each new question. Leave the previous questions behind. Each question deserves your utmost attention.

    10. Don’t expect to reach perfection. Being perfect is not a requirement to pass the CPA exam.

    11. Work to correct what you can. Continue to believe in yourself.

    12. To help you remember important information, tape the examples to your bathroom mirror.

    13. Each day, review the information as you brush your teeth. Don’t waste a minute of time.

    14. Passing the exam is your goal. Don’t expect your family, friends, and coworkers to support you 100%. Treasure the support you receive. Don’t be a complainer – complaining won’t help you learn.

    15. Don’t make excuses for why you have not met your study goals. Stop talking and get studying!

    16. Don’t expect to reach perfection. Being perfect is not a requirement to pass the CPA exam. Work to correct what you can. Continue to believe in yourself.

    17. Allow more time to prepare for AUDIT than to prepare for REG or BEC. It’s the longest CPA exam section.

    18. Take the financial accounting and reporting section as soon as you can after your college graduation. If you don’t use the material everyday, you may lose it. Use it or risk losing it!

    19. Remain calm, no matter what happens. Anger, frustration, and disgust only lead to despair.

    20. Smile, work hard, and give each question the “old college try.” Continue to believe in your abilities.

    21. Use only the agreed upon allocated time. Spending additional time on a testlet could result in a greater loss of points – you can’t pass and leave a testlet blank.

    22. Failure is only a bump in the road – a hurdle that must be cleared. Establish a plan and move on. We have all failed at something in our lives. We will be measured at how we regroup to meet our goal.

    23. When you become a CPA, use your skills to make a difference in the world. Act ethically in all you do. Be a role model for others to see.

    source: http://as.wiley.com/WileyCDA/Section/id-10920.html

  2. to roy:

    Parang maging effective ang pagaaral dapat gumawa ka ng schedule na magseserve mo as a guide. Dapat din realistic yun like for example wlang nood ng tv, socializing, labas ng bahay at ang buong schedule eh napunta sa kain, tulog at aral which is impossible kasi darating sa point na mabobore ka at di mo talaga makakaya yung ganun. Never make schedules that’s impossible for you to follow. And ang pinakaimportante wag na wag kang magpupuyat to the point na 3 hours a day ka na lang natutulog kasi di mo yun kakayanin katagalan and worst pag nagkasakit ka mas malaki ang balik nun baka lalo lang magsuffer ang pagaaral mo.

  3. thnx kasi naman marami ring mga minors na klangan pag aralan now adays eh ang masakit pa mas maraming pinapagawa sa minor subject maraming trabaho kea d ako makafocus ng mabuti sa major subject ko… at ou nagpu2yat ako para sa major ko peo d naman ako umabot sa ganyng oras na p[agtulog tnx sa paa
    la2

  4. oo nga eh. lalo na yung english na puro business letter writing tapos after mo unahin kesa sa acctg subject mo eh irereject lang. tapos yung math na puro graph na nakakaubos oras. hay

  5. miz rachelle pareho pala tau jejeje peo auz lang sa math d ako maxado nahi2rapan kahit pa2no dun kaso ung mga history, rizal, taz ung its na may feasibilty study, at ung mgment ay grv cla ang umuubos ng oras para sa acoounting na major ko hay…..

    mz. rachelle mahirap ba ang taxation kc dko pa nku2ha?….. pati na rn sa bord ito ba ang pinakamahirap sa laht?

  6. To Maria Luz,

    naka ilang post ka na with the same message. Kung may gustong magbigay sau nyan, matagal na binigay. Please don’t spam this discussion. Don’t push me to mark your comment as spam…

  7. tax. okay lang naman ang tax. ang mahirap siguro yung pangactual na kapag nagwowork ka na. kasi lagi may bagong updates. yung tax kasi once maintindihan mo na yung topic or yung purpose nung bawat isa dun, madali na lang naman. sa board naman kasi yung tax at law eh tig 35 questions. masama lang sa pakiramdam na ang dami mong aaralin sa tax para lang sa 35 questions. basta pag nagtaxation ka na tapos wla namang nirequired na book si prof mo. bili ka na lang book ni reyes kasi the best un.? 2 volumes yung book nya at meron din syang reviewer.

  8. to maria luz

    bili ka na lang ng reviewer ni valix or uberita kasi halos ganun din naman yung style ng question sa book at sa reviewer. kung ang reason mo naman eh dahil yun ang lumalabas sa exams nyo. kalokohan na yun kasi cheating na yun. kasi sa actual board naman di allowed ang cheating kaya pangit na practice yan. meron nagcomment dito na nagbebenta ng answer keys nagbigay sya ng email add. try mo iemail pero may nagpapabayad ata sya eh.

  9. to mr. Deuts, and miz rachelle,

    thanks for the tips, nk kuha na me ng solution manual, sa CPAR me nk kuha…. sorry tlaga kung parang na spam ko na ung discussion… im so sorry … gusto ko lang kcng mk pag review ng ma ayos, i failed kc s bar exam eh… kya pang 2nd time n2… kya im sorry tlaga…

  10. to mr. deuts,

    heheh… ok lang po un …. i understand… sobrang na pre pressure lang po kc ako sa exam at sa pag rereview… kc feeling ko nde pa ko handa…
    thanks anyway…

  11. magtatake ka na roy?…
    hehe.. recently nabasa q ung bout taxation..,
    ay naku super dali ng taxation parang partnership nd corpo lang xia!., kaso lalagyan mu lang ng tax..
    try mu irefresh ung accounting for income tax.. almost the same ung theory nila.,
    u won’t get frustrated once u have red it!.,
    i assure you, you will pass the board kpg namaster mu na xa.,
    at firs may confusion. magtatanong ka pnu nakuha ung sagot pero as long as you read it.. you will then figure out na madali lang pla xia..
    try mu iapply sa financial yan.,
    bsta wag ka lang mag-cheat sa computer ng mga answers, may practical nd TOA aman ii., marereview ka talaga., pramis.. pero wag copy paste pg quizzes… masterin’ mo..1

    okies..
    ghEeE..

  12. dpat hindi sinisend ang answer key ng financial accounting sa mga undergrad kasi merong mga prof na dun kumukuha ng exams or quizzes nila. kahit sa cpar di nila binibigay yun kung di ka reviewee.

  13. to miss rachelle,

    ask ko lng kung meron pbng 2008 ed. na available??..
    bka my alam u, kung skali lng… out of stocknkc s mga bookstore.. need ko kc… it will really help me a lot..

    thanks in advance…

  14. the last time na pumunta ako sa recto meron pang book 1 and 3. 2008 edition january firs week yun. pero ngayon siguro wla na. try mo sa conanan beside UE or conanan malapit sa RESA. along UE papuntang recto may mga bookstore din dun. merriam ata, siguro meron dung mga 4 bookstores maliban sa national

  15. the last time na pumunta ako sa recto meron pang book 1 and 3. 2008 edition january firs week yun. pero ngayon siguro wla na. try mo sa conanan beside UE or conanan malapit sa RESA. along UE papuntang recto may mga bookstore din dun. merriam ata, siguro meron dung mga 4 bookstores maliban sa national.

  16. hi po…
    2nd year po ako ngaun and i’m very depressed sa grades ko..ung accounting ko 75 at finance 71…dapat maka 83 ako para pumasa,.,….
    it’s my first time to get a very low grade like this kaya nadidiscourage na ako kung mapapasa ko pa to…
    advice naman po…

  17. hi bernadette, mas maganda nyan maglie low ka muna sa gimik, barkada at tv. kasi sa totoo lang yan ang sagabal sa pagaaral. di naman ibig sabihin na sobrang wag ka ng manood at makipagkaibigan. pero bawasan lang. gawa ka ng checklist ng dapat mong gawin corny mang pakinggan. kasi ako nung nagaaral pa ko. di naman ako yung pinakamagaling sa klase pero di ako bumabagsak kasi i see to it na lahat ng requirements ko napapasa ko.

    kasi baka ang kulang sayo di mo alam yung dapat mong gawin para at least makaquota ka. like for instance accounting subject, alamin mo kung saan ba nagfofocus yung teacher na yun sa paggawa nya ng grades. may prof kasi na pagawa ng pagawa ng exercises pero di naman chinicheck tapos nagbabase lang sa quizzes tuloy nauubos time mo kagagawa ng exercises tapos ang ending papasok ng maaga bukas kasi mangongopya na lang kinabukasan, pag finals na malalaman mo di pala nagchecheck ng exerices , may finance teacher naman na nagfofocus sa reporting o sa projects.

    ang pinaka the best na solution dyan magtanong ka sa mga dating student na naging prof yun prof mo para makakuha ng idea kung pano ihahandle ng tama ang subject na yun.

    next tip eh kung nahihirapan ka sa subject ganito gawin mo, kung mwf ang subjet mo maglaan ka ng 2-3 hours a day na magaral sa subj na yun at yung t-th naman para dun sa iba, give more time sa mas nahihirapan kang subj, pag nakita mo na yung bunga ng sacrifices mo di mo na kelangan mageffort na magaral next time kasi kusang gagawin mo na un kasi nageenjoy ka na magaral para mafeel mo ulit yung satisfaction ng nakakasunod at paeasy easy na lang magaral.

    pag sa accounting ka nahihirapan, makinig ka ng mabuti sa prof at magtakedown note kahit di mo na nagegets. then bili ka ng books na maganda based sa mga dating students o sa librarian, then magselfstudy ka. try to solve more problems para maencounter mo yung diff problems. tiis lang then mga one month pag nasa sistema mo na yang ganyang habit. dun na magsstart yung ikaw na ang kusang maghahanap ng mga new books na gagamitin mo para mapadali ka sa pagaaral.. kung bumagsak ka man ngayong sem sana magsilbing lesson yan. itake mo ulit sa next sem saka mo gawin yung sinabi ko. tingan mo magiging magalign ka din katagalan. walang bobo sa accounting, nasa sipag yan ng studyante, kaya lang may honors sila lang yung madaling makapick up. pero kung matyaga ka lang magbasa at magsolve di malabong lumelevel ka sa kanila. promise

  18. nkakatuwa kse mas na-a appreciate ko na financial accouting dahil sa constructive accouting namin naun. mejo hirap nun una dahil di ko maxado natutukan basic acctg 1.2 but as the days pass by, laging accounting books ang kaharap kong book parang kahit pano e naeenjoy ko na din xa. thankful ako kse nakabawi ka-agad ako, nun first year kse ako mejo di pa tlaga makpagadjust, and i can say na mejo na bigla ako., but nun acctg 3.4 na mejo nabaling atensyon ko, mejo masaya kse pagusapan ang partnership and corporation.

    and now, third year na din, mas masaya na. although mahirap nun una, sabi nga nila ‘makakasanayan din talaga later on’.

    i’m not really looking forward to be a CPA, kse natatakot ako madiscourage parents ko. when u took exam kase andun na ung thought and faith na papasa ka. natatakot ako maging failure. pero magtatry pa din ako, maybe after a year i graduated pa. i decided to work muna kse.

    i just wanna share sa mga mei prob jan bet minor and major subs. problema ko din kase dati yan, but later on napagaralan ko na din ung takbo ng ibang minor subs. since na were not block section naman. i see to it na ung mga subs ko e will not affect my major subs. mahrap kse ung ganon. kaya i try to ask higher students kung ano ba status nun subs na un, kung demanding ba? lalo na ung humanities samin. ang daming ginagawa. ang sometimes u have to spend time with your groupmates pa kse u have to practice for your exercises chuva, xempre mababawasan na time ko with my major kaya ung mga ganon eliminated muna sa list ko. hehe. ganon lng, and i made habit na gumgawa ng things to do na nakadikit sa place na laging kong nakikita. nakakapagod na agad ako pagnakikita ko un, pero kelangan ee.

    accounting students, kaya natin to!
    this is for our parents!
    :0

  19. I’m a second year accountancy student at the university of st. la salle-bacolod. i really find my subject financial accounting 1 very hard. we are using the book of atty. valix as our reference. we have a cut-off grade of 83% and we must maintain that for us to be able to stay in the accountancy program. to those Certified Public Accountants who are able to read this, I need some advice from you. Please share with us, aspiring accountants some tips in order for us to reach success in this field of endeavor that we have chosen. i will greatly appreciate your response on this matter. thank you.

  20. Elow po… thanks sa lahat ng mga advices nio nd inspiring msgs.. 2nd year accountancy din po ako nd medyo nahihirapan dn xa fin. acctg. 1 kc ung tchear nmin di na maxado ngle2cture… pgdating xa class eh mg.aactvty nlng kmi tpos sa2bihin, “ok class, gni2ng problem e2 ung answer panu un knuha,” kaya nahi2rapan ako kc for almost 2 months akong wlang book. I wasn’t able to buy kc out of stock… Medyo nahi2rapan po ako… Advice po… Thank u…

    • In any case joyz, you shouldn’t be totally relying on your teachers. Yes, they are a factor in your success, but the major factor really lies in yourself.

      Walang magagawa ang teachers mo kahit anong galing pa nila magturo kung ikaw mismo ayaw mo matuto. Pero if it’s the other way around, kung ikaw mismo magpupursige para sa sarili mo, kahit actually hindi ka na umattend ng klase aral ka lng ng libro, matututo at matututo ka rin. Trust me, it’s based on experience.

  21. hi po.. how lucky I am at nakita k po 2ng site na 2.. gusto ko lang po kasi humungi ng advice aswell as encouragement sa inyo nabasa k p kasi ung advice nyo sa isang sender nyo nakakainspire po… Ngaun po kasi im a sencond year accountancy student… advice lang po kasi sa ngaun p i find financial accounting quite hard n po d n mganda mga results ng exam ko then naiicip ko p na mag give up na.. pero p gusto ko p tlga mging cpa someday pinipilit ko png intindihin lhat ng problems. need some encouragement from you sir. Give me advice din po kung pano p ung effective n pagrereview and pagse2lf study p ng accounting.. lyk kunwari po maytama bng specific n tym sa pagrereview po.. tips p para mging effective p ung pagrereview ko.. tnx po.. sorry p kung dmi kng tanong gusto k lang p tlga magimprove ako and I know your advices will help alot..

  22. hi, tanong ko lang sana bakit dina maview yung mga previous post dito tulad dati. pakituruan naman po ako, hahaha matagal na din kasi akong di nakakavisit sa site na to

    • Hi rachelle, you can view the previous comments by clicking on the “OLDER COMMENTS” link below these comments–right before the “Post a comment” header for the comment box.

  23. hi, comment lng poh ako about sa book na nabili ko kamakailan lng, ung financial acctng. volume 1, 2009 edition.. ung pages poh kasi ay hndi nka bind ng mbuti, at pg nabuklat ay nahhiwalay ung iba.. tpos ung ibang pages ay mali .. gnagamit poh kasi namin ang book as our reference sa course nmin.. sna mbasa nyo ito.. salamat poh…

  24. di naman si atty valix ang may ari nitong blog na to eh. baka nman sa recto mo nabili yun, kasi kung original yun malamang di yun masisirain, alam ko recto lang ang may trademark na kulang kulang ang pages at madaling masira.

  25. baka poh magtake kau kng bakit ko hiningi web nyo,, kc poh gusto ko pong malaman ang mga answers sa exercises sa ung book nyo poh na FinAcc 2006 Ed. para din poh macheck ko kng tama ung maga sagot ko. at saka po reference na rin….. tnx po

  26. hello poh as in di ko take ang fin.acctg di ko maintindihan lahat..pwd poh b akong humingi ng konting advice..i really love to graduate with this corz kase eh..tnx

  27. hello gud day. ask ko lang po panu pag ang treatment kung isang material example plywood na sobra sa isang project instead na bibili ng bago ay ililipat monalang sa isa pang project . considered as expense ba yon sa bagong project? samalat. god bless

  28. baka treated sya as inventory sa next project since sa unang project, debit ng invetory credit ng expense, pero not sure kasi di ko alam ang bagay bagay sa mga contracts o per project

  29. mr. deuts
    Laro tau ng chess minsan,,,, peo bakit ganito di na ako makapasok sa chesscube.. updated na ata to eh tagal ko kasing di nakpaglaro paturo nga oh thanks………

  30. Accountancy Hymn « Peng Molano

  31. hay… nakapagcomment na naman ako dito… sa wakas graduate na ako … bord xam nanaman ang panibagong haharapin
    pray for me
    please
    salamat mga kaberks……

  32. Hi! Baka po meron kayo manual solutions Cost accounting Book nina Guillermo at Norma De Leon 2009 edition need lng po for my self review. Thanks

  33. who are willing to teach me about financial accounting 1 online? please help me i have a hard time to understand the topics.. its my great pleasure to be helped by someone else.. may GOD bless us all

  34. a nice day to you atty. Valix. I am from Central Mindanao University and our college is impressed with your superb ingenuity in accounting and so with your personality for the fact that you were dowered with so exceptional intelligence. since our college has been built up, we are unceasingly using your financial accounting book. i just want to request that you send the answers of every problem in our book, the 2009 edition, for us to know the answers and enhance our capacity to answer all the question. please.thank you.
    you. this is my email address: deliciousman18@yahoo.com. i’ll wait for your positive response.

  35. pwede po makahingi ng marami pang examples sa mga problems ng financial accounting..kac easy lang ang mga discussions pero pagdating sa mga complicated na mga problems d na namin alam ang sagot..

  36. hello po accountancy student rin po ako! buti na lang ung prof nmin lging pinpaliwanag ung mga solution! kya mdaling kming natutoto!

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