the accountant performs or offers to perform any activity that will result to the issuance of an attest report that is in accordance with professional standards

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the accountant performs or offers to perform any activity that will result to the issuance of an attest report that is in accordance with professional standards

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public accountants examine the financial statements in order to express an opinion on whether statements have been fairly presented or not.

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In this branch of public accounting, the accountant is a tax specialist. He or she is expected to be knowledgeable about revenue regulations and tax laws. He or she also represents the client in any tax-related case filed by the Bureau of Internal Revenue (BIR)

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Management consulting is an area in public accounting that involves financial planning and control, and the development of accounting and computer systems. The accountant advises management on matters such as the installation of an accounting system, finance, budgeting, business processes, introduction of new products, and other business activities.

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involves setting up systems of recording business transactions that are aggregated into financial statements. It includes the development and interpretation of accounting information intended to assist management in operating business.

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is a salaried employee who deals with the company’s day-to-day accounting needs. He/she is trained in the processing of accounting transactions such as billings and account payables. His or her knowledge may be limited to the areas of accounting for which they are responsible.

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This branch of private accounting provides economic and financial information for investors, creditors, and other external users. It uses a system of reporting designed to meet the information needs of external users. Financial accounting is governed by an established body of standards and principles. It focuses on the recording and classifying of business transactions while applying Generally Accepted Accounting Principles (GAAP).

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focuses on accumulating manufacturing costs for financial reporting and decision-making purposes. It covers the reporting of financial information relevant to manufacturing operations. It provides management with the necessary tools and information for planning and controlling activities. The primarily role of a cost accountant is to determine the inventory cost for financial reporting purposes.

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provides a detailed collection and reporting of the expenditures and revenues involved in a business or company operations. This branch of private accounting tracks the financial details of the firm, including the money taken in and the money spent by the company and the staff. It also assists the management in quantifying goals concerning revenue, cost of sales or services, and operating expenses.

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collects and processes transaction data. It also disseminates information to interested parties. It involves the designing of both manual and computerized data processing system

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It deals with the preparation of various tax returns and doing tax planning for the business. This is similar to the tax services done in public accounting.

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This branch of private accounting reviews the business operations to check if they are complying to management policies. It also evaluates the efficiency of business operations. Normally, an internal auditor is a hired employee of a company.

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is a system used in government offices to record and report financial transactions. It is the systematic process of collecting, recording, classifying, summarizing and interpreting the financial transactions relating to the revenues and expenditures of government offices. Government accounting reveals how public funds have been generated and utilized. It is employed in both national and local governments.

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are needed in all levels of government. He or she could be a provincial accountant, a Commission on Audit (COA) auditor to various government agencies, a BIR examiner to local and national businesses, a budget officer of the Department of Budget and Management, or a bank examiner of Bangko Sentral ng Pilipinas

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This branch of accounting is responsible for training future accountants. It engages in teaching accounting, financial management, taxation and other related business course. As per Commission on Higher Education (CHED) Memorandum Order (CMO) No. 3, Series 2007, a CPA in accounting education should possess the educational qualifications, professional experience, classroom teaching ability, computer literacy, scholarly research productivity, and other attributes that are essential for the successful conduct of a professional accounting program.

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provide the detective work needed to investigate and examine evidence of white-collar financial crimes such as stealing and fraud. They often act as expert witnesses in legal proceedings and prepare evidence to be presented in court.

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Businesses often seek individuals who can design and implement customized software systems. CPAs who possess strong skills in information technology can work with e-commerce ventures and consult with others to determine which decisions are the most financially and technologically sound for a company.

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CPAs involved in environmental accounting determine how companies can be both profitable and environmentally-responsible. They do environmental compliance and set up preventative systems to ensure compliance and avoid future environmental-related claims or disput

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International accountants are knowledgeable in international trade rules and regulations, international mergers, government regulations, tax laws, and overseas transactions. CPAs who work in this area often travel abroad and can speak and understand different languages.

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is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part of at least, of financial character and interpreting the results thereof.

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is the process of IDENTIFYING, RECORDING and COMMUNICATING economic events of an organization to interested users.

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Involves selecting economic events that are relevant to a particular business transaction.

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Involves keeping a chronological diary of events that are measured in pesos

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Occurs through the preparation and distribution of financial and other accounting reports

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refers to the method of performing any specific job step by step according to the objectives or targets

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records financial transactions and data, classifies these and finalizes their results given for a specified period of time, as needed by their users. At every stage, from start to finish, accounting deals with financial information and financial information only. It does not deal with non-monetary or nonfinancial aspects of such information

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is recognized and characterized as a storehouse of information. As a service function, it collects processes and communicates financial information of any entity. This discipline of knowledge has evolved to meet the need for financial information as required by various interested groups 1

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is the art of recording, classifying, summarizing and finalizing financial data.

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refers to the way or design how something can be performed. It is behavioral knowledge involving a creativity and skill to help us attain some specific objectives

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g is a systematic method consisting of definite techniques and its proper application requires skill and expertise. So by nature, accounting is an art. And because it follows certain standards and professional ethics, it is also a discipline 1

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The first recorded source of accounting entries was in Italy during and by?

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Around 3600 BC, recordkeeping was already common from Mesopotamia, China and India to Central and South America.

The oldest evidence of this practice was the "?"

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He was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and an early contributor to the field known as accounting. 30 He is referred to as “The Father of Accounting and Bookkeeping” in Europe and he was the second person to publish a work on the double-entry system of bookkeeping on the continent

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The thorough study of accounting and development of accounting theory began during this period. Social upheavals affecting government, finances, laws, customs and business had greatly influenced the development of accounting

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Mass production and the great importance of fixed assets were given attention during this period

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are people outside the company. This means that they do not work in the company and are not directly involved in its operations. They are only interested in the information generated by financial records in the accounting procedures of the company.

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They need information to help them decide whether they should invest or not in the business. Through past performances or operating results of the company, they would want to know potential returns on their investment.

These people utilize their own money and resources to invest into a company. They want to know the financial status and progress of a business to ensure the safety and security of their investment. That is why they would most likely be interested in a company’s financial information.

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of a company provide shares. The shares they provide are used by the company to buy resources and pay fees to continue its business operations

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They assess the creditworthiness and the capability of the business to pay its obligation including the related interest on maturity date.

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s may obtain financial information to acquire a picture of the longevity and continuity of a business, especially when there is a potential long-term engagement and interaction between them and the business enterprise.

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They use the financial statements of their customers to determine whether the debts owed to them will be paid when due or whether the customer has enough funds or resources to pay the goods to be delivered or the services to be rendered

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Government and tax authorities must determine how much a business earns in order to assess its tax liabilities. Thus, they use financial information to calculate how much tax a company should be paying and if it is paying the correct amount of tax.

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They want to ensure that the company’s disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interest of the stakeholders who rely on such information.

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This presents the entity’s assets, liabilities, and capital as of a given date. The data in this statement provide information about the entity’s financial condition.

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This shows the financial performance of a business for a certain period. It tells how much a business has earned or lost. This statement shows the results of operations of the enterprise for a given period of time.

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This tells how much of the company’s net income, which is shown on the Statement of Financial Position, is reinvested in the business. Drawing/withdrawal is also a deduction to equity account.

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This statement shows the sources or inflows and uses or outflows of cash for a specific period of time.

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are those who make decisions on behalf of the organization

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A business can be considered as one of the primary sources of income of the business owner. An owner depends on financial information to determine the profitability and longevity of his or her business. Ultimately, he or she is the one who decides whether to pursue and maintain the business or not.

They provide the capital to the business. they need these accounting information to help them decide whether they should withdraw or increase their investments. They are interested to know the returns on their investment.

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use financial information in carefully planning the improvement of the business. This allows them to identify the areas that require more attention and the procedures that need to be checked. They also use the information to assess the performance of the business under their guidance

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They assess the company’s profitability and stability, and their consequence on future salary and job security

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is an organization that utilizes resources and information, supplying the wants and needs of the customers through goods or services, in exchange for money or giving back a different kind of goods or services. There are several types of businesses, categorized according to ownership and to activities .

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is a business that is owned by only one individual for the practice of trade and profession.

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is a business that is owned by two or more individuals pooling their resources together as a common fund. The partners are normally involved in the management and operation of the business.

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is a business organized as a separate legal entity (artificial person) under the corporation law with ownership divided into transferable shares of stock

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refer to those who originally formed the corporation.

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issues to its owners or shareholders shares of stocks which are evidenced by stock certificates

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on the other hand, does not issue shares of stocks. Its owners are called members.

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detail the powers and limitations bestowed by the government.

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is a duly registered association of persons with a common bond of interest, voluntarily joining together to achieve their social, economic and cultural needs.

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focus on providing intangible products, such as offering professional skills, proposals, and expertise.

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This type of business is commonly known as the “buy and sell” business. Products are bought from manufacturers or other merchandisers and are sold at an amount higher than the purchase price.

(a)  

This is the type of business wherein materials are bought to create a new product.

(a)