Tangent CPA Review & Training Center

Congratulations to the May 2025 CPA Board Exam Passers. 33.11% National Passing Rate. Welcome to the profession and we wish you a blessed practice!

Congratulations to our very own Director Frank Richard T. Paurom, on his graduation for the degree Doctor of Management!

TANGENT CPA REVIEW & TRAINING CENTER WILL BE ACCEPTING SOON REVIEWEES FOR OCTOBER 2025 LECPA. STAY TUNED FOR THE REGISTRATION DETAILS.
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Aulus uses a standard costing system in the manufacture of its single product. The 35,000 units of raw material in inventory were purchased for P 105,000, and two units of raw material are required to produce one unit of final product. In November, the company produced 12,000 units of product. The standard cost for material allowed for the output was P 60,000, and there was an unfavorable
quantity variance of P 2,500. What was the materials price variance for the units used in November?
a. P 12,500 unfavorable
b. P 12,000 unfavorable
c. P 6,000 unfavorable
d. P 2,500 favorable

The following information was gathered pertaining to the business of a VAT-registered person for a taxable period.
VAT-subject sales P6,000,000
VAT-zero-rated sales 1,500,000
VAT-exempt sales 2,500,000
Input tax – VAT-subject sales 400,000
Input tax that cannot be allocated 300,000
1. How much shall be declared as total sales/receipts under line 19 (BIR Form 2550Q)?
a. P10,000,000 c. P7,500,000
b. P 8,500,000 d. P6,000,000

2. How much shall be the total VAT-subject sales?
a. P10,000,000 c. P7,500,000
b. P 8,500,000 d. P6,00,000

Which of the following is not an incentive given to a Barangay Micro Business Enterprise?
a. Exemption from income tax for income arising from the operations of the enterprise
b. Exemption from the coverage of the Minimum Wage Law
c. Exemption from SSS and Philhealth contributions
d. Availment of credit services from government financing institutions

A person applying to be registered as a BMBE shall meet which of the following
qualifications?
I - With an asset of not more than Three Million Pesos (P3,000,000.00) excluding land;
II - Engaged in the production, processing or manufacturing of products or commodities, including agro-processing, trading and services;
III - Registered with the Department of Trade and Industry (DTI) for sole proprietorships, for juridical persons; with Securities and Exchange Commission (SEC) for corporations.
a. I, II and III
b. I and II only
c. I and III only
d. I only

In case of conflict between tax treaty and domestic laws:
a. the provisions of the tax treaty generally prevail over the provisions of
the domestic law.
b. the provisions of the domestic law generally prevail over the provisions of
the tax treaty.
c. the domestic law of the richer country generally prevail in most cases
d. the countries entering into the treaty shall apply their domestic laws.

To All Aspiring to Become a CPA's!

We are now accepting for review enrollees for the October 2024 CPA Licensure Examination. Review classes are full Face-to-Face with Top Accounting Professors on the line and Tuition fees are very affordable.

Classes start on February 7, 2023.

For more inquiries and reservations, please call or text 0938937800, 0995814817, 09065066594 or you may drop a message to us!

A CPA firm should decline an offer to perform management advisory services engagement for a non-public company if
A. The proposed engagement is not accounting -related
B. Recommendations made by the CPA firm are to be subject to review by the client
C. The CPA firm audits the financial statements of a subsidiary of the prospective client
D. Acceptance would require the CPA firm to make management decisions for an audit client

A review of any part of an organization’s and methods for the purpose of evaluating efficiency and effectiveness is
classified as a(n)
A. Audit of financial statements
B. Compliance audit
C. Operational audit
D. Production audit