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ACCCOB2 Reviewer Study Guide
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ACCCOB2 Reviewer Study Guide Accounting - Answer-the process of identifying, measuring, and communicating economic information to permit informed judgment and decisions by users of information. Identifying - Answer-the process of analyzing events and transactions to determine whether or not the...

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  • October 2, 2024
  • 22
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • acccob2 reviewer study guide

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  • Acccob2
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EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024




ACCCOB2 Reviewer Study Guide

Accounting - Answer✔✔-the process of identifying, measuring, and communicating economic

information to permit informed judgment and decisions by users of information.


Identifying - Answer✔✔-the process of analyzing events and transactions to determine whether or not

they will be recognized. only accountable events are recognized.


Measuring - Answer✔✔-involves assigning numbers, normally in monetary forms, to the economic

transactions or events.


Communicating - Answer✔✔-the process of transforming economic data into useful accounting

information such as financial statements and other accounting reports for dissemination to users.


Historical cost - Answer✔✔-most commonly used measurement in accounting


Basic purpose of Accounting - Answer✔✔-to provide information that are useful in making economic

decisions.


General purpose accounting information - Answer✔✔-designed to meet the common needs of most

statement users. This information is governed by the Philippine Financial Reporting Standards (PFRS).


Special purpose accounting information - Answer✔✔-designed to meet the specific needs of particular

statement users. This information is provided by other types of accounting, e.g., managerial accounting,

tax basis accounting, and etc.


Double-entry system - Answer✔✔-each accountable event is recorded into two parts, debit and credit.


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,EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024


Going concern - Answer✔✔-the entity is assumed to carry on its operation for an indefinite period of

time.


Separate entity - Answer✔✔-the entity is treated separately from its owners.


Stable monetary unit - Answer✔✔-amounts in the financial statements are stated in terms of a common

unit of measure; changes in purchasing power are ignored.


Time period - Answer✔✔-the life of the business is divided into series of reporting standards.


Materiality concept - Answer✔✔-information is material if its omission or misstatement could influence

economic decisions.


Cost-benefit - Answer✔✔-the cost of processing and communicating information should not exceed the

benefits to be derived from it. Important to balance cost and benefit that may accrue.


Accrual basis of Accounting - Answer✔✔-effects of transactions are recognized when they occur (and

not as cash is received or paid) and they are recognized in the accounting periods to which they relate.


Historical cost concept - Answer✔✔-the value of an asset is determined on the basisi of acquisition cost.


Matching - Answer✔✔-costs are recognized as expenses when the related revenue is recognized.


Full disclosure principle - Answer✔✔-financial statements provide sufficient detail to disclose matters

that make a difference to users. yet sufficient condensation to make the information understandable,

keeping in mind the costs of preparing and using it.


Consistency concept - Answer✔✔-financial statements are prepared on the basis of accounting policies

which are applied consistently from one period to the next.


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, EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024


Realization - Answer✔✔-the process of converting noncash assets into cash or claims for cash.


Prudence (conservatism) - Answer✔✔-the inclusion of a degree of caution in the exercise of the

judgments needed in making the estimates required under conditions of uncertainty, such that assets

are not overstated and liabilities or expenses are not understated.


Financial accounting - Answer✔✔-focuses on general purpose financial statements


Management accounting - Answer✔✔-focuses on special purpose financial reports for use by an entity's

management.


Cost accounting - Answer✔✔-the systematic recording and analysis of the costs of the materials, labor,

and overhead incident to production.


Auditing - Answer✔✔-the process of evaluating the correspondence of certain assertions with

established criteria and expressing opinion thereon.


Tax accounting - Answer✔✔-the preparation of tax returns and rendering of tax advice, such as the

determination of tax consequences of certain proposed business endeavors.


Government accounting - Answer✔✔-refers to the accounting for government and its instrumentalities,

placing emphasis on the custody of public funds, the purposes for which those funds are committed, and

the responsibility and accountability of the individuals entrusted with those funds.


Philippine Financial Reporting Standards (PFRSs) - Answer✔✔-are standards and interpretations adopted

by the Financial Reporting Standards Council (FRSC). They comprise of Philippine Financial Reporting

Standards (PFRSs), Philippine Accounting Standards (PASs), and Interpretations.




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