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ACCCOB2 - Chapter 1: Introduction to Financial Accounting Study Guide $9.99
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ACCCOB2 - Chapter 1: Introduction to Financial Accounting Study Guide
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ACCCOB2 - Chapter 1: Introduction to Financial Accounting Study Guide Accounting - Answer-The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results...

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  • October 2, 2024
  • 16
  • 2024/2025
  • Exam (elaborations)
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EMILLYCHARLOTTE 2024/2025 ACADEMIC YAER ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISH SEPTEMBER 2024




ACCCOB2 - Chapter 1: Introduction to
Financial Accounting Study Guide

Accounting - Answer✔✔-The art of recording, classifying, and summarizing in a significant manner and

in terms of money, transactions and events which are, in part at least, of a financial character, and

interpreting the results thereof.




Helps an entity, be if for prof or otherwise, to summarize its transactions and communicate them in a

way that will be understood by its intended users.


Primary Users - Answer✔✔-Needs accounting data for investment and lending purposes.


Investors - Answer✔✔-Needs accounting data to buy, hold, or sell their stakes.


Lenders or Creditors - Answer✔✔-To know if the company will be able to pay off its debt.


Government - Answer✔✔-To know whether the entity is paying the correct amount of tax.


Other Users - Answer✔✔-An entity's management needs accounting data to decide on the particular

transactions and directions it be undertaken.


An entity's management consists of - Answer✔✔-Board of Directors, Executive Officers, Supervisors, and

Rank-and-file personnel.




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


Management Accounting - Answer✔✔-A branch of accounting that focuses on the needs of other users.

It produces reports and provides information to be circulated inside the company. Said reports cover a

period of less than one year and are sometimes produced as needed.


Financial Accounting - Answer✔✔-Answers the needs of primary users. It produces general purpose

financial statements.


Difference between Management and Financial Accounting - Answer✔✔-1. Different Intended Users




2. Management Accounting is more flexible as certain information may be added or reduced, changed,

or even disregarded by an entity to support its needs in terms of information.




3. Financial Accounting requires the financial statement preparers to follow the guidelines, conventions,

and framework set by the International Accounting Standards Board (IASB).


GAAP - Answer✔✔-General Accepted Accounting Principles


Philippine Financial Reporting Standards (PFRS) - Answer✔✔-Promulgated by the Philippine Financial

Reporting Standards Council (PFRSC), the International Accounting Standards Board (IASB) counterpart.




It includes different standards and interpretations that lay out the guidelines and principles to be

followed in the presentation of the items shown in the general-purpose financial statements and their

disclosures.




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


IFRS - Answer✔✔-International Financial Reporting Standards. The Philippine uses the IFRS as its

financial reporting framework.


Conceptual Framework for Financial Reporting - Answer✔✔-Developed so the financial reporting

standards are applicable to a wide range of accounting models, including the concepts of capital and

capital maintenance.


The various purposes of the Conceptual Framework for Financial Reporting are the following: -

Answer✔✔-1. To assist the Board in the development of future PFRS and in its review of existing PFRS.




2. To assist the Board in promoting harmonization of regulations, accounting standards, and procedures

relating to the presentation of financial statements by providing a basis for reducing the number of

alternative accounting treatments permitted by PFRS.




3. To assist national standard-setting bodies in developing national standards.




4. To assist preparers of financial statements in applying PFRS and in dealing with topics that have yet to

form the subjects of PFRS.




5. To assist auditors in forming an opinion on whether financial statements comply with the PFRS.




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