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: What is transaction cycle in auditing? By
findanyanswer.com

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.
An audit cycle is the accounting process that auditors employ in the review of a company's
financial information. The audit cycle includes the steps that an auditor will take to ensure
that the company's financial information is valid and accurate before releasing any financial
statements.

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 the audit of business transaction cycles include revenue and collection
cycle, expenditure and disbursement cycle, personnel and payroll cycle, conversion/ production cycle
and lastly financing and investing cycle under of it is Nature of the transaction cycle, Types of
transactions and financial statement accounts affected, Types of documents and accounting records
involved, The business functions of the transaction cycles, Control objectives and fraud of the
transaction cycles, and Control risk assessment on the transaction cycles.

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. Trade receivables It refers to claims arising from sale of merchandise in the ordinary course of
business operations.
2. Nontrade receivables It represents claims arising from sources other than the sale of merchandise
or services in the ordinary course of business.
3. Trade receivables which are expected to be realized in cash within the normal operating cycle or
one year, whichever is longer, are classified as current assets.
4. Nontrade receivables which are expected to be realized in cash within one year, the length of the
operating cycle notwithstanding, are classified as current assets.
5. Trade receivables and nontrade receivables which are currently collectible should be presented on
the face of the statement of financial position as one line item called trade and other receivables.
6. However, the details of the total trade and other receivables should be disclosed in the notes to
financial statements.
7. Nontrade receivables which are not currently collectible are classified as noncurrent assets, and
presented on the face of the statement of financial position either as long- term investments or
other noncurrent assets whichever presentation is considered appropriate.
8. When a financial asset is recognized initially, an entity shall measure it at fair value plus
transaction costs that are directly attributable to the acquisition.
9. The fair value of a financial asset is usually the transaction price or original exchange price.
10. For short term receivables – the fair value is equal to the face or original invoice amount.

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