accounting 11
ASC
ACCOUNTING STANDARDS COUNCIL
ACPACI
ASSOCIATION OF CPAs IN COMMERCE AND INDUSTRY
ACPAE
ASSOCIATION OF CPAs IN EDUCATION
ACPAPP
ASSOCIATION OF CPAs IN PUBLIC PRACTICE
AASC
AUDITING AND ASSURANCE STANDARDS COUNCIL
BSP
BANGKO SENTRAL NG PILIPINAS
BOA
BOARD OF ACCOUNTANCY
BIR
BUREAU OF INTERNAL REVENUE
CPD
CONTINUING PROFESSIONAL DEVELOPMENT
DBM
DEPARTMENT OF BUDGET AND MANAGEMENT
DF
DEPARTMENT OF FINANCE
DPWH
DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS
DTI
DEPARTMENT OF TRADE AND INDUSTRY
FINEX
FINANCIAL EXECUTIVE INSTITUTE OF THE PHILIPPINES
FRSC
FINANCIAL REPORTING STANDARDS COUNCIL
GAAP
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
GACPA
GOVERNMENT ASSOCIATION OF CPAs
GOCC
GOVERNMENT OWNED AND CONTROLLED CORPORATIONS
GSIS
GOVERNMENT SERVICE INSURANCE SYSTEM
HDMF
HOME DEVELOPMENT MUTUAL FUND
IAS
INTERNATIONAL ACCOUNTING STANDARDS
IASB
INTERNATIONAL ACCOUNTING STANDARDS BOARD
IFAC
INTERNATIONAL FEDERATION OF ACCOUNTANTS
IFRS
INTERNATIONAL FINANCIAL REPORTING STANDARDS
Accounting
It is an art of recording, classifying, summarizing in a significant manner and in terms of money, transactions, and events which are, i part at least, of a financial character, and interpreting the results thereof.
LGU
LOCAL GOVERNMENT UNIT
NBI
NATIONAL BUREAU OF INVESTIGATION
NGA
NATIONAL GOVERNMENT AGENCIES
PAS
PHILIPPINE ACCOUNTING STANDARDS
PFRS
PHILIPPINE FINANCIAL REPORTING STANDARDS
PFRSC
PHILIPPINE FINANCIAL REPORTING STANDARDS COUNCIL
PICPA
PHILIPPINE INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
PPSAS
PHILIPPINE PUBLIC SECTOR ACCOUNTING STANDARDS
PPSASB
PHILIPPINE PUBLIC SECTOR ACCOUNTING STANDARDS BOARD
PRC
PROFESSIONAL REGULATION COMMISSION
R. A. No. 9298
Philippine Accountancy Act of 2004
SEC
SECURITIES AND EXCHANGE COMMISSION
SSS
SOCIAL SECURITY SYSTEM
SFAS
STATEMENT OF FINANCIAL ACCOUNTING STANDARDS
Luca Pacioli
a Franciscan monk who first developed accounting.
Professional Competence and Due Care
must maintain professional knowledge and skill to ensure competent professional service based on current practice, legislation & techniques.
Objectivity
no bias, conflict of interest or under influence
Confidentiality
not disclosing any information
Professional Behavior
should comply with relevant laws and regulations.
Integrity
straightforward and honest in professional and business relationship, fair dealing and truthfulness.
Measuring
the assigning of monetary values involved in the transaction.
Classifying
the phase of accounting which involves sorting or grouping of similar and interrelated transactions and events into their respective kind and classes.
Interpreting
the phase of accounting which involves the analytical and interpretative works
Summarizing
the phase of accounting which involves the completion of the financial statements and the accounting requirement as well.
Identifying
there should be a basis of determining whether such were business transaction and events or not.
Analyzing
there should be dual effect, normally the value received and the value parted with of the transactions
Recording
this is the phase of accounting which involves the routine and mechanical process of writing down the business transactions and events in the books of accounts in a chronological manner called Journalizing.