FAR1C1 E Flashcards
Differentiate financial accounting and managerial accounting.
Financial accounting is — concerned with the — of business — and the eventual — of — —.
Financial accounting focuses on — — — known as — — intended for — and — users.
Financial accounting is the area of accounting that emphasizes — to — and —-.
Managerial accounting is the — and — of — — for — users only.
In other words, managerial accounting is the area of accounting that emphasizes — — — for use — an entity.
Financial accounting is primarily concerned with the recording of business transactions and the eventual preparation of financial statements.
Financial accounting focuses on general purpose reports known as financial statements intended for internal and external users.
Financial accounting is the area of accounting that emphasizes reporting to creditors and investors.
Managerial accounting is the accumulation and preparation of financial reports for internal users only.
In other words, managerial accounting is the area of accounting that emphasizes developing accounting information for use within an entity.
These represent the rules, procedures, practice and standards followed in the preparation and presentation of financial statements.
They are like laws that must be followed in financial reporting.
The process of establishing these principles is a social process which incorporates political actions of various interested user groups as well as professional judgment, logic and research.
Generally Accepted Accounting Principles or GAAP
These represent the rules, procedures, practice and standards followed in the preparation and presentation of financial statements.
Generally Accepted Accounting Principles or GAAP
They are like laws that must be followed in financial reporting.
Generally Accepted Accounting Principles or GAAP
The process of establishing these principles is a social process which incorporates political actions of various interested user groups as well as professional judgment, logic and research.
Generally Accepted Accounting Principles or GAAP
Explain Generally Accepted Accounting Principles or GAAP.
These represent the —, —, — and — followed in the — and — of financial —-.
They are like — that must be — in — —.
The process of establishing these principles is a — — which incorporates — — of various interested — — as well as — —, — and —.
These represent the rules, procedures, practice and standards followed in the preparation and presentation of financial statements.
They are like laws that must be followed in financial reporting.
The process of establishing these principles is a social process which incorporates political actions of various interested user groups as well as professional judgment, logic and research.
What is the purpose of accounting standards?
The overall purpose of accounting standards is to — — — — for the — and —- of — —-.
Accounting standards create a common — between — and — of financial statements particularly the — of — and —.
A set of high-quality accounting standards is a — to — —- and —- in financial statements based on the — — —-.
The overall purpose of accounting standards is to identify proper accounting practices for the preparation and presentation of financial statements.
Accounting standards create a common understanding between preparers and users of financial statements particularly the measurement of assets and liabilities.
A set of high-quality accounting standards is a necessity to ensure comparability and uniformity in financial statements based on the same financial information.
What organization replaces the ASC?
Financial Reporting Standards Council or FRSC
What organization is in-charge in the development of generally accepted accounting principles?
Accounting Standards Council or ASC
It is the accounting standard setting body created by the Professional Regulation Commission upon recommendation of the Board of Accountancy to assist the Board of Accountancy in carrying out its powers and functions provided under R.A. Act No. 9298.
Its main function is to establish and improve accounting standards that will be generally accepted in the Philippines.
The accounting standards promulgated by this organization constitute the “highest hierarchy” of generally accepted accounting principles in the Philippines.
The approved statements of this organization are known as Philippine Accounting Standards or PAS and Philippine Financial Reporting Standards or PFRS.
Financial Reporting Standards Council or FRSC
It is the accounting standard setting body created by the Professional Regulation Commission upon recommendation of the Board of Accountancy to assist the Board of Accountancy in carrying out its powers and functions provided under R.A. Act No. 9298.
Financial Reporting Standards Council or FRSC
Its main function is to establish and improve accounting standards that will be generally accepted in the Philippines.
Financial Reporting Standards Council or FRSC
The accounting standards promulgated by this organization constitute the “highest hierarchy” of generally accepted accounting principles in the Philippines.
Financial Reporting Standards Council or FRSC
The approved statements of this organization are known as Philippine Accounting Standards or PAS and Philippine Financial Reporting Standards or PFRS.
Financial Reporting Standards Council or FRSC
What is Financial Reporting Standards Council or FRSC?
It is the — — — — created by the — — — upon recommendation of the — of —- to — the — of — in — out its — and — provided under R.A. Act No. —.
Its main function is to — and — — — that will be generally — in the Philippines.
The — — promulgated by this organization — the “— —” of — — accounting —- in the Philippines.
The approved statements of this organization are known as — — — or — and — — — —- or —-.
It is the accounting standard setting body created by the Professional Regulation Commission upon recommendation of the Board of Accountancy to assist the Board of Accountancy in carrying out its powers and functions provided under R.A. Act No. 9298.
Its main function is to establish and improve accounting standards that will be generally accepted in the Philippines.
The accounting standards promulgated by this organization constitute the “highest hierarchy” of generally accepted accounting principles in the Philippines.
The approved statements of this organization are known as Philippine Accounting Standards or PAS and Philippine Financial Reporting Standards or PFRS.
