FM 8 - Lesson 1 midterm

Question 1

is the new set of Generally Accepted Accounting Principles (GAAP) issued
by the Accounting Standards Council (ASC) to govern the production of financial statements.

Answer 1

Philippine Accounting Standards (PAS)/Philippine Financial Reporting Standards (PFRS)

Question 2

4 types of FINANCIAL STATEMENTS
Statement of F
Statement of C
Statement of S
Statement of C

Answer 2

Statement of Financial Position
Statement of Comprehensive Income
Statement of Stockholders Equity
Statement of Cash Flows