ACCOUNTING 1
Government Accounting
Shows the stewardship by the government of public funds
None
Standards/Basis of presentation of Accounting Education
None
Standards/Basis of presentation of Accounting Research
PSA
Standards/Basis of presentation of Auditing
None
Standards/Basis of presentation of Cost Accounting
COA, DBM and BTr
The government accounting process involves government agencies like...
Taxes
The lifeblood of the government
Cost Accounting
This branch of accounting focuses on creating value for the business by providing information used in the financial accounting and management accounting fields.
Bureau of Treasury
Which government agency is responsible for the keeping of the national funds of the government?
Financial accounting
a branch of accounting primarily handling the recording of financial transactions of a business
Accounting Research
a branch of accounting that deals with the creation of knowledge.
Management accounting
a branch of accounting which focuses on the preparation of financial reports used by managers in their day-to-day decision-making.
Accounting
a system that helps businesses track events that affect them.
Economic event
a transfer of things with value.
Accounting Research
Continuous improvement of the accountancy field through researches and studies
Auditing
Examines and evaluates financial statements of a company independently
Cost Accounting
Finds out the cost of specific cost objects to help in the functions of both management accounting
Cost Accounting
Finds the cost of a particular object
Auditing
Gives credibility to the financial statements of a company
Tax Accounting
Helps in determining the amount of taxes payable
Fixed cost
Identify the type of cost: (rent of a factory or building, insurance costs, etc.)
Cost driver
Identify the type of cost: (the number of working hours is related to the amount of salaries a company pays)
Students and members of the academe
Intended users of Accounting Education
Primarily the members of the academe
Intended users of Accounting research
External users
Intended users of Auditing
Internal users only
Intended users of Cost accounting
External and Internal users
Intended users of Financial accounting
External and Internal users
Intended users of Government Accounting
Internal users only
Intended users of Management Accounting
Taxing authorities
Intended users of Tax accounting
Tax Accounting
Lays down the different treatments of the taxing authorities regarding financial transactions
New Government Accounting System
NGAS
National Internal Revenue Code
NIRC
Income Statement
covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements.
Government accounting
defined as an accounting system which "encompasses the process of analyzing, recording, classifying, summarizing, and communicating all transactions involving the receipt and disposition of government fund and property and interpreting the result thereof."
Recording events
done systematically and chronologically for easier tracking and interpretation.
Accounting
involves the process of identifying, recording and communicating financial information to internal and external users alike. planning, recording, analyzing, and interpreting financial information the process of recording and reporting the financial status of a person or organization The discipline that keeps track of a company's financial situation.
Cost Accounting
is a branch of accounting that provides information for management accounting and financial accounting
Auditing
is a process that includes numerous steps to determine whether or not a company's financial statements are presented truthfully.
Auditing
is an unbiased examination and evaluation of the financial statements of an organization.
Numbers
is the language of business.
Cost
the resource sacrificed to achieve an objective
Financial statements
type of report generated by Financial Accounting
Management reports
type of report generated by Management Accounting
Indirect cost
Identify the type of cost: (cost of supplies used in the factory, salary of supervisor overseeing factory operations, etc.)
Variable cost
Identify the type of cost: (materials cost, labor cost, selling cost, etc.)
Direct cost
Identify the type of cost: (materials, labor, etc.)
None
Standards/Basis of presentation of Management Accounting
NIRC
Standards/Basis of presentation of Tax Accounting
American Institute of Certified Public Accountant
AICPA
Accounting Research
Adds to the knowledge of accountancy
Chartered Institute of Management Accountants
CIMA
Commission on Audit
COA
Department of Budget and Management
DBM
Financial Accounting
Deals with the financial transactions of a business
Accounting Education
Deals with the promulgation of accounting knowledge to various interested parties that will aid them in achieving their individual goals
Accounting Education
Educates students in the field of accountancy
Audited financial statements
Financial statements that underwent the process of auditing.
General Appropriations Act
GAA
Cost object
Identify the type of cost: (cost of pair of jeans, cost of pair of Jordan XI shoes)
Philippine Accounting Standards
PAS
Philippine Financial Reporting Standard
PFRS
Philippine Standard on Auditing
PSA
PFRS and PAS
Standards/Basis of presentation of Financial Accounting
NGAS
Standards/Basis of presentation of Government Accounting
Section 109 of Presidential Decree 1445
The definition of government accounting came from
Academe
Uses accounting information primarily for academic purposes
Luca Pacioli
acknowledged as the father of modern accounting
Cost driver
an activity that is cause of the incurrence of costs of working hours related to the amount of salaries a company pays
Cost object
anything that you wish to find the cost of.
Customers
are one user group that is particularly interested in the accounting information of a business
Forensic accounting
combines accounting, auditing and investigative skills in conducting investigations.
Direct cost
costs that can economically be traced to a cost object
Indirect cost
costs that cannot be traced to a cost object
Variable cost
costs that change as the level of activity or production increases
Fixed cost
costs that do not change within a relevant range of activity
Forensic accounting
deals with activities that solve cases of theft and fraud.
double-entry bookkeeping
defined as any bookkeeping system that has a debit and a credit for each transaction
Tax Accounting
follows specific guidelines provided by the PFRS and PAS
Tax Accounting
follows the pronouncements of the NIRC
Management Accounting
helps management in decision making
Potential Investors
invest resources in the business hoping to earn decent returns
COA
is responsible for keeping the govt's general accounts.
Creditors
lend their resources (usually money) to the business in exchange for a fee.
Cash flow Statement
merges the balance sheet and the income statement.
Financial Statements
mostly used by accountants in communicating the results of operations to outside parties
Accountant
person responsible for the process of identifying, recording and communicating economic events of an org.
Tax Accounting
produces tax returns to be filed to the appropriate government agencies.
Balance Sheet
provides an overview of assets, liabilities and stockholders' equity as a snapshot in time.
Cash flow Statement
reconciles the income statement with the balance sheet in three major business activities. These activities include operating, investing and financing activities.
DBM
responsible for the formulation and implementation of the National Budget with the goal of attaining our national socio-economic plans and objectives
American Accounting Association
AAA
the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of information
AAA defines accounting as...
the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are in part at least of a financial character and interpreting the results thereof
AICPA defines accounting as...
Customers
Acquire goods and services for a fee
Government
An external user whose primary role is to regulate businesses; studies financial statements to determine amount of taxes payable
Bachelor of Science in Accountancy
BSA
Bureau of Treasury
BTr
Financial Statements
are often audited by government agencies, accountants, firms, etc. to ensure accuracy and for tax, financing or investing purposes.
Customers
are the main source of income of businesses