Prelims - Spl. Cls. FUNACC 1

Refer to the principles upon which the process of accounting is based.

• Accounting Education

• Accounting Standards

• Accounting Concepts

• Accounting Equation

Refer to the principles upon which the process of accounting is based.

• Accounting Education

• Accounting Standards

• Accounting Concepts

• Accounting Equation

It is the registrar and overseer of the Philippine corporate sector; it supervises active corporations and evaluates the financial statements (FS) filed by all corporations registered with it.

• BIR

• SEC

• CDA

• BSP

These are the characteristics that make information useful to users.

• Fundamental Characteristics

• Enhancing Characteristics

• Flexible Characteristics

• Conscientious Characteristics

It is the registrar and overseer of the Philippine corporate sector; it supervises active corporations and evaluates the financial statements (FS) filed by all corporations registered with it.

• BIR

• SEC

• CDA

• BSP

These characteristics support the fundamental characteristics.

• Fundamental Characteristics

• Enhancing Characteristics

• Flexible Characteristics

• Conscientious Characteristics

Influences the selection and application of accounting policies by cooperatives.

• BIR

• SEC

• CDA

• BSP

Information is ___________ if it is presented in a clear and concise manner.

• Comparable

• Understandable

• Verifiable

• Timeliness

It has the sole right and authority to issue banknotes and establish bank reserves in the Philippines. It's the only institution that has an exclusive control over the supply of money in the country.

• BIR

• SEC

• CDA

• BSP

Only the transactions of the business are recorded in the books of accounts.

• Going Concern Assumption

• Stable Monetary Unit

• Prudence

• Separate Entity Concept