FAMB 1

This Expresses the relationship between the assets, liabilities, and equity

• Statement of Financial position

• Double-entry accounting system

• Accounting Equation

• Accounting Eqaution

Which are the 3 elements of cost accounting?

• Direct material

• Direct labor

• Direct cost

• Manufacturing overhead

These are primary users that belong to the reporting organization and make decisions that affect the entity directly.

This statement presents information related to the financial condition of the company

• STATEMENT OF FINANCIAL POSITION

• STATEMENT OF COMPREHENSIVE INCOME POSITION

• STATEMENT OF FINANCIAL INCOME

This is an independent association of persons who join together voluntarily to achieve their social or cultural objectives Member-owners contribute to the capital and delegate the management of the business to a board of directors

• Partnership

• Cooperative

• Sole propeitership

• Corporation

Examine the following problems and identify whether the user faced with the decision is an internal user or an external user.

Does the company charge a fair rate for its goods and services?

• Internal

• External

This is a branch of accounting that is primarily concerned with gathering, accumulation and control to determine the cost of production of goods and services and setting-up of selling price thereafter.

This is a branch of accounting that deals primarily with upgrading the quality of teaching in accounting education through attending the required Continuing Professional Development (CPD) as prescribed by the Board of Accountancy.

• Tax accounting

• Auditing

• Accounting education

• Government accounting

In this principle, the business records revenue and expenses when incurred rather than when payment is received or made

• Time period

• Materiality principle

• Accrual accounting principle

• Conservatism principle

This refers to the decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims

• Imcone

• Income

• Expenses

• Expemses