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FABM > Ch1 > Flashcards

Ch1 Flashcards

1
Q

Involves the process of identifying, recording, and communicating financial information to internal and external users alike.

A

Accounting

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2
Q

there should be a transfer of things with value

A

Identification of economic events relevant to a business

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3
Q

serves as the history of its financial activities.

systematically and chronologically.

inputted in the accounting books.

A

Recording of relevant events to a

business

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4
Q

FINANCIAL STATEMENTS are the end products of the accounting process.

A

Communicating the summarized results of all events with a particular period to interested parties.

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5
Q

it is composed of multiple steps that lead to a common end goal, which is to provide financial information to internal and external parties.

A

ACCOUNTING is a PROCESS

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6
Q

“It entails creativity and skills to help us attain some objectives”

  • It is a combination of techniques and its applications requires applied skills and expertise
A

ACCOUNTING is an ART

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7
Q

It deals only with quantifiable financial transactions.

Nonfinancial data may be used to interpret and better estimate some financial data.

A

ACCOUNTING deals with Financial Information and Transactions

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8
Q

It is a TOOL, not the OBJECTIVE.

A

ACCOUNTING is a means and not an end

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9
Q

It is characterized as a storehouse of information.

A

ACCOUNTING is an Information System

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10
Q

“the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by the users of information.”

A

American Accounting Association

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11
Q

“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.”

A

American Institute of CPAS

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12
Q

Roles of an Accountant:

A

►To prepare financial reports for the business

► Assumes the responsibility of devising systems and methods to safeguard the properties owned by the business.

►Analyzing and interpreting the financial statements.

►Explain to the proprietor the condition of the business.

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13
Q

Functions of Accounting

A

► Keeping systematic record of business transactions

► Protecting properties of the business

► Communicating results to various parties in or connected with the business

► Meeting legal requirements

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14
Q

Eight Branches of Accounting

A
  1. Financial Accounting
  2. Management Accounting
  3. Government Accounting
  4. Auditing
  5. Tax Accounting
  6. Cost Accounting
  7. Accounting Education
  8. Accounting Research
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15
Q

A branch of accounting primarily handling the recording of financial transaction of business.

A

Financial Accounting

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16
Q

standardized accounting reports.

Provide information useful to a wide range of users in their economic decisions.

A

Financial Statement

17
Q

(PFRS)

A

Philippine Financial Reporting Standards

18
Q

(PAS)

A

Philippine Accounting Standards

19
Q

Financial statements that can be acquired directly from the company.

A

General Purpose Financial Statements

20
Q

Financial statements that are used for specific purpose, internally or externally.

A

Special Purpose Financial Statements

21
Q

A branch of accounting which focuses on the preparation of financial reports used by managers in their day-to-day decision making.

For internal use only.

Need not follow accounting standards.

Prepared more often with comparisons to budgeted amounts.

A

Management Accounting

22
Q

(CIMA)

A

Chartered Institute of Management Accountants

23
Q

Management Accounting Skillset

A
  1. Analysis.
  2. Strategy.
  3. Risk.
  4. Planning.
  5. Communication.
24
Q

An accounting system which encompasses the process of analyzing, recording, classifying, summarizing and communicating all transactions involving receipt and disposition of government fund and property and interpreting the results thereof.

A

Government Accounting

25
Q

NGAS

A

New Government Accounting System

26
Q

GAA

A

Government Appropriations Act

27
Q

COA - responsible for the keeping of the government’s general accounts.

A

Commission on Audit

28
Q

An unbiased examination and evaluation of the financial statements of organization

A

Auditing

29
Q

Financial statements that underwent the process of auditing are called

A

audited financial statements

30
Q

Taxes are lifeblood of the government. Without taxes, the government cannot perform its functions. Thus, it is imperative that the collection of taxes be unhindered.

A

Tax Accounting

31
Q

A branch of accounting that provides information for management accounting and financial accounting

A

Cost Accounting

32
Q

Cost Accounting

Terms used:

A
  1. Cost
  2. Cost object
  3. Cost driver
  4. Direct cost
  5. Indirect cost
  6. Fixed cost
  7. Variable cost
33
Q

One of the four fields of the Accountancy Profession.

Teaching accounting related subjects, business and finance.

Must be a Certified Public Accountant

A

Accounting Education/ Academe

34
Q

A branch of accounting that deals with the creation of new knowledge.

A

Accounting Research

FABM (3 decks)

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