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Certified Public Accountant Licensure Exam (CPALE) reviewer

Mondspace (mondspace.app) is a review app for accountancy graduates preparing for the Certified Public Accountant Licensure Exam (CPALE), which is run by PRC. It covers the exam area by area and subject by subject, and every question comes with a full explanation. Free to start.

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What the CPALE track covers

The outline below is read from the live app. It follows the exam's own Table of Specifications, area by area. Open a subject to see its topics.

Financial Accounting and Reporting (FAR)

Development of the Financial Reporting Framework, Standard-Setting Bodies and Regulation of the Accountancy Profession

History, Development and Functions of Standard-Setting Bodies
Regulation and Environment of the Accountancy Profession in the Philippines

Conceptual Framework, Accounting Process and Presentation of Financial Statements

Conceptual Framework for Financial Reporting
Accounting Process
Presentation of Financial Statements

Cash and Other Financial Assets

Cash
Other Financial Assets
Receivables, Impairment, and Investment Accounting

Non-financial Assets

Inventories
Property, Plant and Equipment
Investment Property and Intangibles
Biological Assets and Other Non-current Assets
Inventory Costing and Intangible Asset Detail

Financial Liabilities

Financial Liabilities Recognition and Measurement
Bonds Payable and Compound Instruments

Non-financial Liabilities, Provisions and Contingencies

Specific Liabilities and Provisions
Provisions, Contingencies, and Other Current Liabilities

Shareholders' Equity

Share Capital and Retained Earnings
Equity Transactions and Earnings Per Share

Advanced Financial Accounting and Reporting (AFAR)

Partnership Accounting

Nature, Scope and Objectives of Partnership Accounting
Formation of Partnership
Partnership Operations and Changes in Ownership
Liquidation of Partnership

Corporate Liquidation

Statement of Affairs
Statement of Deficiency
Statement of Realization and Liquidation
Priority of Claims

Joint Arrangements (PFRS 11)

Joint Operations
Joint Ventures
Joint Arrangements under SME Accounting

Revenue Recognition (PFRS 15)

Revenue from Contracts with Customers
Special Revenue Transactions
Long-Term Construction Contracts
Franchise Operations
Consignment Sales Accounting
Financial Statement Presentation of Revenue

Home Office, Branch and Agency Accounting

Home Office and Branch Transactions
Special Branch Procedures
Reciprocal Accounts
Branch Financial Statements
Agency Transactions

Business Combinations (PFRS 3)

Nature and Characteristics of Business Combinations
Acquisition Method
Accounting Entries of the Acquirer
Financial Statement Presentation

Separate Financial Statements (PAS 27)

Investments in Other Entities
Measurement of Investments
Dividend Accounting
Disclosure Requirements

Consolidated Financial Statements (PFRS 10)

Consolidation Procedures
Consolidated Income and Goodwill
Intercompany Transactions
Attribution of Consolidated Income and Equity
Consolidated Equity

Derivatives and Hedging Accounting (PFRS 9)

Nature and Recognition of Derivatives
Types of Derivatives
Foreign Currency Forward Contracts
Undesignated Hedges
Fair Value Hedges
Cash Flow Hedges
Hedge of Net Investment in a Foreign Entity

Foreign Currency Translation (PAS 21 / PAS 29)

Translation into Presentation Currency
Remeasurement into Functional Currency
Hyperinflationary Economies

Not-for-Profit Organizations

Voluntary Health and Welfare Organizations
Hospitals and Other Health Care Organizations
Colleges and Universities
Other Not-for-Profit Organizations

Government Accounting - General Fund

Basic Concepts of Government Accounting
Government Budget Process
Government Accounting Manual (GAM)
National Government Agency Accounting

Cost Accounting

Cost Accumulation Systems
Job Order Costing
Process Costing
Backflush / Just-in-Time Costing
Activity-Based Costing (ABC)
Joint and By-Products
Service Department Cost Allocation

Management Advisory Services (MAS)

Management Accounting

Nature, Objectives, Role and Scope of Management Accounting
Cost Concepts, Cost Classification and Cost Behavior
Cost-Volume-Profit Analysis
Traditional Costing and Activity-Based Costing
Financial Planning and Budgeting
Standard Costing and Variance Analysis
Performance Measurement and Responsibility Accounting
Relevant Costing and Short-Term Decision-Making
Capital Budgeting and Investment Decisions
Quantitative Decision-Making Techniques

Financial Management

Nature, Objectives and Scope of Financial Management
Financial Statement Analysis
Working Capital Management
Financial-Management Capital Budgeting
Risk, Return and Leverage
Capital Structure and Long-Term Financing
Financial Markets and Derivatives

Economic Concepts Essential to Understanding an Entity's Business and Industry

Macroeconomics
Microeconomics

Auditing (AUD)

Auditing Theory

Fundamentals of Auditing and Assurance Services
The Risk-Based Financial Statement Audit
Understanding the Entity and Assessing Risks
Audit Objectives, Procedures, Evidence and Documentation
Completing the Audit and Post-Audit Responsibilities
Reports on Audited Financial Statements
Auditing in a Computerized Information Systems Environment
Attestation Services

Auditing Practice

Governance, Ethics and Quality Management
Planning the Audit and Performing Risk Assessment Procedures
Risk Response
Audit Communication and Reporting

Taxation

Principles of Taxation

Nature, Scope, Classification, and Essential Characteristics of Taxation
Principles of Taxation
Limitations on the Power of Taxation
Tax Evasion and Tax Avoidance
Situs of Taxation
Double Taxation
Legislation of Tax Laws
Impact of Taxes in Nation Building
Ethical Tax Compliance and Administration
Tax Administration Institutions

Tax Remedies

Remedies of the Government
Remedies of the Taxpayer

Income Taxation

Taxpayer and Tax Base
Gross Income
Deductions from Gross Income
Accounting Periods
Accounting Methods
Tax Due and Tax Credits
Tax Return Preparation, Filing, and Payment
Withholding Taxes
Compliance Requirements
Special Laws Relating to Income Taxation
Tax Rules Versus Accounting Rules
Tax Implications and Tax Planning

Transfer Taxes

Estate Tax
Donor's Tax

Business Taxes

Value-Added Tax
Percentage Tax
Special Laws Affecting Business Taxation

Excise Tax

Nature and Characteristics
Transactions and Products Subject to Excise Tax
Tax Base and Computation
Excise Compliance

Documentary Stamp Tax

Nature of DST
Taxable Documents and Transactions
DST Exemptions
Computation
Compliance

Taxation under the Local Government Code

Fundamental Principles of LGU Taxation
Local Taxes
Local Business Tax
Real Property Tax
Venue and Time of Payment
LGU Tax Remedies

Preferential Taxation

Special Economic Zone and PEZA Taxation
Bases Conversion and Development Authority
Omnibus Investments Code and Investment Incentives
Tax Treaties and Double Taxation Agreements
Taxation of Nonresident Income
Preferential Tax Planning

Regulatory Framework for Business Transactions (RFBT)

Law on Business Transactions

Obligations
Contracts
Sales
Credit Transactions

Bouncing Checks Law

B.P. Blg. 22
B.P. 22 versus Estafa

Consumer Protection

Consumer Product Quality and Safety
Deceptive Sales Acts and Practices
Product Service and Warranty
Labelling and Packaging
Consumer Rights

Financial Rehabilitation and Insolvency

Definition of Terms
Suspension of Payments
Rehabilitation
Liquidation

Philippine Competition Act

Definition and Scope
Prohibited Acts
Covered Transactions

Government Procurement Law

General Principles (RA 12009)
Scope and Application
Definition of Terms
Procurement Procedures
Disclosure of Relations
Alternative Methods of Procurement

Law on Business Organizations

Partnerships
Corporations
Insurance
Cooperatives

Law on Other Business Transactions

PDIC Law
Secrecy of Bank Deposits
Truth in Lending Act
Anti‑Money Laundering Act (AMLA)
Intellectual Property Law
Data Privacy Act
Electronic Commerce Act
Ease of Doing Business Act
Labor Law
Social Security Law

How Mondspace helps you review for the CPALE

Practice questions with a full explanation after every answer.
Flashcards, including fill-in-the-blank cards, for what you keep forgetting.
Timed mock boards that follow the exam's own areas.
A progress view that shows which subjects are strong and which are not.
My Reviewer: upload your own notes and drill from them.

Questions

Is it Mondspace or Mindspace?

Mondspace, spelled M-O-N-D-S-P-A-C-E. It is a brand name, not a typo, and it is a different product from Mindspace. Search for "mondspace.app" to find us.

Is Mondspace affiliated with PRC?

No. Mondspace is an independent review tool. It is not affiliated with the PRC, CSC, NAPOLCOM or any review center.

Can I try the CPALE track before paying?

Yes. It is free to start. Make an account and open the Certified Public Accountant Licensure Exam (CPALE) track.

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