FABM

36問 • 1年前

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It is the process of identifying recording and communicating economic events of an organization to interested users

accounting

This involves selecting economic events that are relevant to a particular business transaction the economic events of an organization are referred to as transactions

identifying

This involves keeping a chronological diary of events that are measured in pesos the diary referred to in the indefinition are the journals and ledgers which will be discussed in future chapters

recording

It occurs through the preparation and distribution of financial and other accounting reports

communicating

Around 3,600 bc record keeping was already common from mesopotamia china and india to central and south america the oldest evidence of this practice was the clay tablet of mesopotamia watch doubt with commercial transactions at the time such as listing of accounts receivable and accounts payable

the cradle of civilization

The most important event in accounting history is generally considered to be the dissemination of double entry booking keeping by luca pacioli the father of accounting in 14th century italy was much bird in his day and was a friend in contemporary of leonardo da vinci

14th century double entry bookkeeping

The sorrow study of accounting and development of accounting theory began during this period social of heavens affecting government finance laws costumes and business had greatly influenced the development of accounting

french revolution

Mass production and the great importance of fixed assets were given attention during this period

the industrial revolution

The modern formal accounting profession emerge and scotland in 1854 and queen victoria granted a royal charter to the institute of accountants in glass globe creating the profession of the charted accountant in the late 80's chartered accountants from scotland and britain came to the us to audit british investments

19th century the beginnings of modern accounting in europe and america

The accounting profession in the 20th century develop account state requirements for financial statement audits beyond the industry self regulation the government also sets accounting standards through laws and agency such as the securities and exchange commission accounting regulatory business required accounting practitioners to observes international accounting standards

the present the development of modern accounting standards and commerce

It is the broadest branch and is focused on the needs of external users it is primarily concerned with the recognition measurement and communication of economic activities this information is communicated in a complete set of financial statements

financial accounting

It emphasize the preparation and analysis of accounting information within the organization the objective of it is to provide timely and relevant information for those internal users of accounting information such as the managers and employees in their decision making needs

management accounting

It is the process of recording analyzing classifying summarizing communicating and interpreting financial information about the government and aggregate and in detail reflection transactions and other economic events involving the receipt spending transfer feasibility and disposition of assets and liabilities

government accounting

It refers to the examination of financial statements by an independent cpa with the purpose of expressing an opinion as to a fairness of presentation and compliance with the generally accepted accounting principlesthe the audit is not cover 100% of the accounting records but the cpa reviews a selected sample of this records and issues an audit report

external auditing

It deals with determining the operational efficiency of the company regarding the protection of the company's asset accuracy and reliability of the accounting data and adherence to surgeon management policies that focuses on evaluating the adequacy of a company's internal control structure by testing segregation of duties policies and procedures degrees of authorization and other controls implemented by management

internal auditing

It helps clients follow rules set by tax authorities it includes tax planning and preparation of tax returns it also involves determination of income tax and other taxes tax advisory service such as waste to minimize taxes legally evaluation of the consequences of tax decisions and other tax related matters

tax accounting

Sometimes considered as a subset of management accounting cost accounting refers to the recording presentation analysis of manufacturing cost it is very useful and manufacturing business since they have the most complicated costing process and also analyze actual and standard cost to help managers determine future courses of actions regarding the company operations

cost accounting

This branch of accounting deals with developing future accountants by creating relevant accounting curriculum accounting professionals can become faculty members of educational institutions it contribute to the development of the procession through their effective teaching publications of their research and influencing students to pursue careers in accounting accounting teachers share their knowledge on accounting so that students are informed of the importance of accounting and its use in our daily life

accounting education

It focuses on the search for new knowledge on the effects of economic events on the process of summarizing analyzing verifying and reporting standardized financial information and on the effects of information on economic events

accounting research

In accounting information they are those individuals inside the company who plan organized and run a business three users are directly involved in managing and operating the business this include marketing managers production supervisors finance directors company officers and owners

internal users

Our individuals and organizations outside a company who want financial information about the company these users are not directly involved in managing and operating business the two most common types of external users are potential investors and creditors potential investors use accounting information to make decisions to buy shares of a company

external users

The use accounting information to evaluate the risk of granting credit or lending money

creditors

This type of business offers professional skills advice and consultations

service business

This type of business buys at wholesale and later sells the product at retail they make a profit by selling blank the merchandise or products at prices that are higher than their purchase cost this type of business is also known as buy and sell

merchandising business

This type of business cause raw materials and uses them in making a new product therefore combining raw materials labor and expenses into a product for sale later on

manufacturing business

It is a business enterprise that is separate in distinct from its owner or investor

business entity principle

Business is expected to continue indefinitely

going concern principle

Financial statements are to be divided into specific time intervals

time period principal

Amounts are stated into a single monetary unit

monetary unit principle

Financial statements must be presented with supporting evidence

objectivity principle

Account should be recorded initially at cost

cost principle

Revenue should be recognized when earned regardless of collection expenses should be recognized when incurred regardless of pavement on the other hand the cash basis principle in which of the news reported when collected in expenses should be recorded when paid cash basis is not the generally accepted principal today

accrual accounting principle

Cause should be matched with the revenue generated

matching principal

All relevant and material information should be reported

disclosure principle

Also known as prudence in case of doubt should not be overstated while liabilities and expenses should not be understand

conservatism principle

In case of assets that are immaterial to make a difference in the financial statements the company should instead record it as an expense

materiality principle

English Q1-1

Moi's Contents · 14問 · 2年前

English Q1-1