Exam Flashcards
year when the accountancy profession was formally recognized through the passing of the
accountancy law.
1928
is least known and unpopular because of the nature of services it accorded to its
clients which is handled with much “confidentiality”.
Accountancy
Number of Registered Certified Public Accountant in 1923
43
There were 43 Registered Certified Public Accountant in what year?
1923
April 2006 CPA number
116,697
CPA number is 116,697 in what year and month?
April 2006
2023 number of CPA and according to who?
200,000 - (Records of the Professional Regulations Commission(PRC)
Under this field we are in public practice. In which
case, we are to render services to the public for a fee.
PUBLIC ACCOUNTING
Examples of Public Accounting
Individual Practitioner
Join Partnership
Duties of Public Accounting
- Auditing
- Taxation
- Management Services
The examination of financial statements and report our findings
to the management.
AUDITING-
The preparation of Income Tax Return (ITR).
TAXATION-
Design and installation of accounting system
MANAGEMENT SERVICES-
What association should one join if s/he will choose the field of Public Accounting?
(Association of CPA’s in Public Practice(ACPAPP).
-Under this field, we are to render services to the government.
GOVERNMENT ACCOUNTING
If we render service as a government accountant, where will we be employed under?
National Government Agencies(NGA).
When you choose the field of Government accounting, we will become a member of?
Government Association of CPA’s
(GACPA).
-Under this field, you will be employed in private firms and hold positions as Chief Accountant,
Accounting Manager, Internal Auditor, Finance Manager or the highest accounting officer of an enterprise which is known as “Comptroller”.
PRIVATE ACCOUNTING
When you choose the field of private accounting, you will become member of?
Association of CPA’s in Commerce and
Industry(ACPACI).
-Under this field you will become the accounting professor of CPA reviewer, the heroes who will
prepare the candidates to the difficult examinations for Certified Public Accountant.
ACCOUNTING PROFESSOR or CPA REVIEWER
When you choose the field of ACCOUNTING PROFESSOR or CPA REVIEWER, you will become member of?
Association of CPA’s in Education (ACPAE).
All CPA’s are member of the national professional organization known as?
“Philippine
Institute of Certified Accountants “(PICPA).
knowledgeable expert professional in the field of
accounting.
ACCOUNTANT-
The accumulated accounting data that
are stored in the books of accounts and transformed into a
report.
FINANCIAL STATEMENTS-
The most sensitive aspect of
accounting, these financial data provides the management with
guide and basis for formulating and adopting financial plans and policies that will lead to efficient management, thereby goals and objectives for the business is attained.
ANALYZING AND INTERPRETING
The primary motive of persons engaged in
business.
This is an instance
wherein total sales or income earned and total
costs and expenses incurred
BREAK-EVEN
The records that are used and kept for
this purpose.
Books of Account-
The data that are stored in the book of
accounts which are of financial character.
Accounting Data
Accounting data is processed and transformed into report.
Financial Statement-