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Accounting
| Question | Answer |
|---|---|
| Entity that is owned by one or more individuals - “shareholders” or “members” | Corporation |
| Entity with only one owner - “sole proprietor” | Sole proprietorship |
| Entity with at least two (2) owners (no maximum limit) - “partners” | Partnership |
| Renders services to customers | Service business |
| Buy and sell of goods (AKA trading or retail business) | Merchandising business |
| Producing new products from raw materials | Manufacturing business |
| Accounting is a | Service activity |
| Accounting's function is to provide _____________ information, primarily ___________ in nature, | Quantitative, financial |
| Who gave the definition for accounting | Accounting Standards Council |
| Accounting is the process of ___________, _____________, and _________ economic information to permit informed judgment and decision by users of the information. | identifying, measuring, and communicating |
| people within the organization who are directly involved in managing and operating the business. The financial information given to these users is sensitive and is not distributed outside the business. | Internal Users |
| Presents the financial condition of the entity as of a given date | Statement of Financial Position |
| people outside the organization who are not directly involved in managing and operating the business | External Users |
| process of quantifying the accountable events into financial terms by using a monetary unit; checks how much in pesos is the effect of the transaction. | measuring |
| Includes: Original and additional Investments, Income & Expenses, and Withdrawals | Statement of Changes in Equity |
| after measuring, the accountant consolidates all the amounts and communicates this information to the users of financial information through a report called financial statements. | Communicating |
| Presents the financial performance of the entity by showing the results of operations for a given period | Statement of Comprehensive Income |
| Summarizes the cash inflows (receipts) and outflows (disbursements) for a given period | Statement of Cash Flows |
| Collection of accounting standards, principles, assumptions, that define how financial information will be reported | GAAP |
| serve as the framework upon which accounting standards are constructed. | Accounting principles and assumptions |
| are rules that determine the accounting for individual transaction | Accounting standards |
| Bible of Accountants in the Philippines | PFRS |
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