FAR QUIZ #1

Definition of Accounting

It is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that are intended to be helpful in making economic decisions

WHAT ARE CPA PROFFESIONS

•Financial Accounting •Managerial Accounting •Cost Accounting •Auditing •Tax Accounting •Government Accounting •Fund Accounting •Forensic Accounting

Financial Accounting

Branch of accounting involving in the process of recording, summarizing, and reporting transactions resulting from business operations over a period of time.

Managerial Accounting

accounting used to provide information and analyses to managers inside the organization to assist them in decision making

Cost Accounting

An area of accounting that involves measuring, recording, and reporting product costs.

Auditing

the job of reviewing and evaluating the information used to prepare a company's financial statements

Tax Accounting

A service that involves tax compliance and tax planning.

Government Accounting

Accounting for the receipt and disposition of government funds.

Fund Accounting

a system for recording financial statement data that categorizes accounts as restricted or unrestricted

Forensic Accounting

the practice of accounting for legal purposes

overview of cpa profession in the philippines

EXRTERNAL USERS OF ACCOUNTING INFORMATION

•Government •Owners •Suppliers •Public •Lenders •Investors •Customer •Employees

Internal users of accounting information

WHATE ARE THE BRANCHES OF ACCOUNTING

financial accounting, cost accounting, and management accounting.

objective of financial reporting

to provide financial information about the reporting entity that is useful to present and potential equity investors, lenders, and other creditors in decisions about providing resources to the entity

Balance Sheet

A financial statement that reports assets, liabilities, and owner's equity on a specific date.

Income Statement

A financial statement that reports a company's revenues and expenses and resulting net income or net loss for a specific period of time.

CASH FLOW STATEMENT

A financial statement that shows the flow of money in and out of the business.

STATEMENT OF CHANGES IN EQUITY