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CFAS

Conceptual Framework & Accounting Standards

TermDefinition
Definition of Accounting A service activity, process or science that provides quantitative information that is useful in making economic decision
Committee on Accounting Terminology of AICPA An art of recording, classifying and summarizing transactions which is likely to be financial in nature.
American Accounting Association A process of identifying, measuring and communicating economic information to make an informed decision for the users.
1. Identifying process of recognition or nonrecognition of business activities as “accountable” events.
2. Identifying An activity is accountable or quantifiable when it has an effect on assets, liabilities, and equity.
2 Transactions External and Internal Transactions
External Transactions those economic events that involve one entity and another entity.
Internal Transactions activities that take place entirely within the entity only. No parties are
Measuring process of assigning peso amounts to the accountable transactions.
1. Communicating The most important part of preparing and distributing accounting reports to potential users
2. Communicating reason why accounting become so called “universal language of business”
Implicit in the communication process: - Recording or Journalizing - Classifying (Posting to the Ledger) - Summarizing (Financial Statements)
Identifying, measuring, and summarizing as component analytical, technical and formal component
1. Overall Objective of Accounting To provide quantitative financial information about business that is useful to statement users particularly owners and creditors in making economic decisions.
2. Overall Objective of Accounting An information system that measures business activities, processes information into financial reports and communicates the reports to decision makers.
3. Overall Objective of Accounting The Primary task of Accountants is to supply financial information so that the users could make informed judgement and better decisions.
4. Overall Objective of Accounting Financial Reports tells us how well an entity is performing in terms of profit and loss and where it stands in financial terms.
Republic Act No. 9298 - Philippine Accountancy Act of 2004 A law regulating the practice of accountancy in the Philippines.
Created by: user-2023114
 

 



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