Accounting Standards Council Show
They defined Accounting as a service activity, whose functions is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. Financial Accounting Standards Board They defined Accounting as an information system that measures, processes and communicates financial information about an economic entity. Accounting Principles Board They defined Accounting as the process of identifying, measuring and communication economic information to permit informed judgements and decisions by users of the information. American Institute of Certified Public Accountants They defined Accounting as the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof. He is the father of double-entry accounting. He is a Franciscan friar and a celebrated mathematician. He stated the purpose of bookkeeping was to give the trader without delay information as to his assets and liabilities. A type of business that deals with the selling people's time and it is the hiring skilled staffs and selling their time.
A type of business that deals with the buying and selling products and it is the buying a range of raw materials and manufactured goods and consolidating them, making them available for sale in locations near to their customers or online for delivery.
A type of business that deals with the designing products, aggregating components and assembling finished products and it is the taking raw materials and using equipment and staff to convert into finished goods.
A form of business organization that is a single owner called the proprietor who generally is also the manager and tends to be small service-type businesses and retail establishments. A form of business organization that is a business owned and operated by two or more who bind themselves to contribute money, property, or industry to a common fund, with the intention of dividing the profits among themselves. A form of business organization that is a business owned by its stockholders and t is an artificial being created by operation of law, having the rights of succession and the powers, attributes and properties expressly authorized by law or incident to its existence. An activity in business organization that the methods an organization uses to obtain financial resources from financial markets and how it manages these resources.
An activity in business organization that involves the selection and management including disposal and replacement of long-term resources that will be used to develop, produce, and sell goods and services.
An activity in business organization that involve the use of resources to design, produce, distribute, and market goods and services.
A fundamental concept that an accounting entity is an organization or a section of an organization that stands apart from other organizations and individuals as a separate economic unit.
A fundamental concept that the concept allows the users to obtain timely information to serve as a basis on making decision about future activity. Stable Monetary Unit Concept A fundamental concept that allows accountants to add and subtract peso amounts as though each peso has the same purchasing power as any other peso at anytime. A fundamental concept that the financial statements are normally prepared on the assumption that the reporting entity and will continue in operation for the foreseeable future. It is a basic principles that accounting records and statements are based on the most reliable data available so that they will be as accurate and as useful as possible. It is a basic principles that This principle states that acquired assets should be recorded at that actual cost and not at what management thinks they are worth as at reporting date. Revenue Recognition Principle It is a basic principles that revenue is to be recognized in the accounting period when goods are delivered or services are rendered or performed. Expense Recognition Principle It is a basic principles that expenses should be recognized in the accounting period in which goods and services are used up to produce revenue and not when the entity pays for those goods and services. It is a basic principles that requires that all relevant information that would affect the user's understanding and assessment of the accounting entity be disclosed in the financial statements. It is a basic principles that depends on the size and nature of the item judged in the particular circumstances of its omission. It is a basic principles that the firms should use the same accounting method from period to period to achieve comparability over time within a single enterprise. Accounting Standards Council (ASC) A part of accounting standards in the Philippines that were formed on November 18, 1981 to study the accounting standard-setting process in the Philippines. They were succeeded by the Financial Reporting Standards Council (FRSC), which was established in 2006 by the Board of Accountancy. A part of accounting standards in the Philippines that are the body that regulates the practice of accountancy in the Philippines. 3/3 Accounting Standards in the Philippines: Financial Reporting Standards Council (FRSC) A part of accounting standards in the Philippines that was established by the Board of Accountancy under the Implementing Rules and Regulations of the Philippine Accountancy Act of 2004. They carries on the decision made by the ASC to converge Philippines accounting standards with the International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board. They formed the Philippine Interpretations Committee (PIC) in November 2006 for the latter to issue implementation guidance on the Philippine Financial Reporting Standards. A branch of accounting that refers to an independent examination of the financial statements conducted by a certified public accountant for the purpose of rendering an opinion as to the fairness of the presentation of the financial statements. A branch of accounting that refers only to one phase of accounting, the recording phase. It has other phases of accounting include classifying, summarizing and communicating information and interpreting the results thereof. A branch of accounting that is the broadest branch of accounting, focusing on the needs of external users. It is concerned with the recognition, measurement and communication of economic resources, economic obligations and changes in economic resources and economic obligations. A branch of accounting that the financial managers responsible for setting financial objectives, making plans based on those objectives, obtaining the finance needed to achieve the plans, and generally safeguarding all the financial resources of the entity. A branch of accounting that serves the information needs of the internal users. The managers and active owners use accounting information in making and implementing short-term and long-range plans for the enterprise. The managers and active owners use accounting information in making and implementing short-term and long-range plans for the enterprise. It incorporates cost accounting data and adapts them for specific decisions which management may be called upon to make. A branch of accounting that is concerned with the computation of taxes and preparation of tax returns to a taxing authority. A branch of accounting that encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof. An other type of business that deals with the growing or extracting raw materials and it is the buying blocks of land and using them to provide raw materials.
An other type of business that deals with the selling the utilization of infrastructure and it is the buying and selling; selling occupancy often in combination with services.
An other type of business that deals with the receiving deposits, lending and investing money and it is the accepting cash from depositors and paying them interest; using the money to provide loans to borrowers, charging them fees and a higher rate in interest than the depositors receive.
An other type of business that deals with the pooling premiums of many to meet claims of few and it is the collecting cash from many customers; investing the money to pay the losses experienced by a few customers.
A fundamental (primary) characteristics of financial information that IASB (2008) defined it as the capability of making a difference in the decisions made by users in their capacity as capital providers. It requires financial information to be related to an economic decision. Otherwise, the information is useless. A fundamental (primary) characteristics of financial information that is to faithfully represent economic phenomena which the information purports to represent, annual reports must be complete, neutral and free from material error. A fundamental (secondary) characteristics of financial information that the extent to which information is reproducible given the same data and assumptions. For example, if a company owns equipment worth $1,000 and told an accountant the purchase cost, salvage value, depreciation method, and useful life, the accountant should be able to reproduce the same result. If they cannot, the information is considered not verifiable. A fundamental (secondary) characteristics of financial information that how quickly information is available to users of accounting information. The less timely (thus resulting in older information), the less useful information is for decision-making. It matters for accounting information because it competes with other information. For example, if a company issues its financial statements a year after its accounting period, users of financial statements would find it difficult to determine how well the company is doing in the present. A fundamental (secondary) characteristics of financial information that the degree to which information is easily understood. In today’s society, corporate annual reports are in excess of 100 pages, with significant qualitative information. Information that is understandable to the average user of financial statements is highly desirable. It is common for poorly performing companies to use a lot of jargon and difficult phrasing in its annual report in an attempt to disguise the underperformance. A fundamental (secondary) characteristics of financial information that the degree to which accounting standards and policies are consistently applied from one period to another. Financial statements that are comparable, with consistent accounting standards and policies applied throughout each accounting period, enable users to draw insightful conclusions about the trends and performance of the company over time. In addition, comparability also refers to the ability to easily compare a company’s financial statements with those of other companies. Is a service activity Its function is to provide quantitative information?The AICPA also provided this definition: "Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, in making reasoned choices among alternative courses of action."
What is the basic purpose of accounting to provide quantitative financial information about economic activities intended to be useful in making economic decisions?The basic purpose of accounting is to provide information about economic activities intended to be useful in making economic decision. 4. Financial accounting is the branch of accounting that focuses on general purpose reports of financial position and operating results known as the financial statements.
What is quantitative information in accounting?Accountants creating financial reports use both quantitative measures and qualitative measures to provide such disclosures. Quantitative measures means that you use an actual numbers disclose an amount or to show a change. For example, "net income for the year was $1,000,000" is a quantitative measure.
Is accounting a service activity?Yes, accounting is a service activity performed by accounting professionals under the Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standard Board (FASB). Accounting serves the individual, financial institutions, companies, and many more.
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Is a service activity whose function is to provide quantitative information about economic entities?
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