Colegio de San Gabriel Arcangel, Inc.

Founded 1993
Area E, Fatima 1, Sapang Palay, City of San Jose del Monte, Bulacan
Recognized by the Government: DepEd, TESDA and CHED
PACUCOA Accredited – Level 1 Status
 Telefax No. (044) 7600-301 /  0915-810-5686

READING REPORT in: COGM2 AUDITING AND ASSURANCE:

CONCEPT AND APPLICATION 1
(Subject Code & Description)
Date: DECEMBER 10, 2022

The title of the book/ article I have read is: Assurance Service (Audit) by nicholls.edu

AUTHOR’S LOGIC: The author is conveying the message/idea of:

Example: “Green” branding of businesses has gone too far and no longer carries the same sort of impact it
once did. Today, so many people are concerned with the environment that many businesses try to represent
themselves as being “green.” They want to have a reputation for being environmentally conscious.
Assurance services (as defined by the AICPA) is an independent professional service, typically
provided by Certified Public Accountants, with the goal of improving the information or the context of
the information so that decision makers can make more informed, and presumably better decisions.
Assurance services provide independent and professional opinions that reduce the information risk
(risk that comes from incorrect information).

STUDENT’S LOGIC: Provides learners with an opportunity to reflect and think about how they actually solve problems and
how a particular set of problem solving strategies is appropriate for achieving their goal. What is to be accomplished/learned?
Example: In support of the Supermarket “Green” initiatives, I bring my own shopping bags for grocery shopping and
say no to plastic bags.

By the knowledge that I gained Assurance services are independent professional services
that improve the quality of the information, or its context, for decision makers. The said definition
focuses on the decision making aspect where the actions of responsible officer will depend on the
qualitative and quantitative information. Let us elaborate further the important concepts mentioned in
the above definition.

VISION: MAN OF GOD – VIR ENIM DEI. “A leading transformational leadership institution with a unique
Gabrielian Culture of Discipline, Socially Responsible, Interdependent, Functionally Productive, Godly
Individuals and reaching the marginalized to thrive in the global community.
In aligning to the Vision and Mission of the College, I can apply what I have learned from my readings by:
Example: Being more aware about eco-friendly practices you can adopt at home so that we can make a positive difference as
socially responsible graduates.

In connection to the vision mission, I can apply what i have learn to do more efficient in planning good
for myself and my family and also as a student who must employ the gabrielian culture.

Prepared by: Checked by:

Mark Anthony M. Gutierrez PROF. GIL ANASIN
Student Professor/Instructor
 Colegio de San Gabriel Arcangel, Inc.
Founded 1993
Area E, Fatima 1, Sapang Palay, City of San Jose del Monte, Bulacan
Recognized by the Government: DepEd, TESDA and CHED
PACUCOA Accredited – Level 1 Status
 Telefax No. (044) 7600-301 /  0915-810-5686

LEARNING DIARY in: COGM2 AUDITING AND ASSURANCE:

CONCEPT AND APPLICATION 1
(Subject Code & Description)

Date: DECEMBER 10, 2022

I learned in our prayer that : In the prayer I learned that our God is always there to help us in any struggles
that we face on, so if something bothering you always pray and ask God for help because He knows the best
for you, Godbless.

My action today is to: Today I want to make my day productive and more focus on my study for me to have
a nice day. I want to change my laziness that’s why I start my day into productive I hope I maintain it.

In our lessons for today, I have learned about:

1. The fair value of a financial asset is usually the transaction price or original exchange price.
2. For short term receivables – the fair value is equal to the face or original invoice amount
3. For long term receivables that are interest bearing, the fair value is equal to the face value
4. For long term receivables that are non-interest bearing, the fair value is equal to the present value of
all future cash flows discounted using the prevailing market rate of interest for similar receivables.
5. For short term receivables and long- term receivables that are interest bearing, the amortized cost
approach may not be applicable because the initial amount recognized and the maturity amounts are
the same.
6. The amortized cost approach is also applicable to loans receivable of banks and other financial
institutions where there are directly attributable transaction costs.
7. Accounts receivable should be measured initially at face value or the original invoice amount.
8. Subsequently, the accounts receivable should be measured at net realizable value, meaning the
amount of cash expected to be collected.
9. Two methods of accounting for bad debts are Allowance method and Direct write-off method.
10. Three methods of estimating doubtful accounts are aging method, percent of accounts receivable
method, and percent of sales method
I will memorize the above learning points, explain them in my own words, and apply them in our activities.

VISION: MAN OF GOD – VIR ENIM DEI. “A leading transformational leadership institution with a unique
Gabrielian Culture of Discipline, Socially Responsible, Interdependent, Functionally Productive, Godly
Individuals and reaching the marginalized to thrive in the global community.
I can connect my learning today with the vision and mission of our school by: adapting what I’ve learned to this
subject in my basis of analyzing specially in arts that can cause t functionally productive person.

Prepared by: Checked by:

Mark Anthony M. Gutierrez PROF. GIL ANASIN
Student Professor/Instructor