Tasked with collecting national taxes and administering the provisions of the Tax Code.

Under this concept, exercising accountant observes some degree of caution when exercising judgments needed in making accounting estimates under conditions of uncertainty.

Referred as the generally accepted accounting principles (GAAP).

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

Information is not manipulated to increase its favorability decrease its unaffordability.

Tasked with regulating corporations, including partnerships.

These are the characteristics that make information useful to users.

Under this concept, assets, liabilities, equity, income and expenses are stated in terms of a common unit of measure, which is the peso in the Philippines.

Information is ___________ if it can help users identify similarities and differences between different sets of information.

Influences the selection and application of accounting policies by cooperatives.

Information is __________ if it can affect the decisions of users.

All information necessary for users to have complete understanding of the financial statements is provided.

Tasked in regulating banks and other entities performing banking functions.

Information is __________ if omitting it or misstating it could influence the decisions of users.

Tasked with collecting national taxes and administering the provisions of the Tax Code.

Under this concept, economic events are recorded in the period in which they occur rather than at the point in time when they affect cash.

Information has a __________value if it can help users to make predictions about future outcomes.

Information is __________ if different users could reach a general agreement as to what the information intends to represent.

Under this concept, the business is viewed as a separate person, distinct from its owner(s).