Accounting Standard-Setting Quiz

Study Notes

Financial Reporting Unit 1 Summary

Unit 1 is a review of basic accounting concepts and financial reporting standards.
The learning objectives include reviewing basic financial reporting concepts, identifying Philippine standard-setting bodies, and understanding the process for drafting accounting standards.
The unit is expected to take four study hours, with three hours for reading and comprehension and one hour for assessments.
Accounting is defined as a service activity providing quantitative information about economic entities for making economic decisions.
Essential characteristics of accounting include providing quantitative information and facilitating informed judgment and decision-making.
The American Institute of CPAs defines accounting as the art of recording, classifying, and summarizing financial transactions and events.
The American Accounting Association defines accounting as the process of identifying, measuring, and communicating economic information for informed judgment.
The unit provides a general overview of financial reporting and standard-setting bodies in the Philippines.
The primary focus is on understanding the fundamental concepts and processes related to financial reporting and accounting standards.
The unit is designed to refresh and reinforce the basic principles of accounting and financial reporting.
The content covers the general political process of standard setting and the role of standard-setting bodies in the Philippines.
The unit aims to equip learners with the knowledge and understanding of financial reporting standards and their significance in the accounting profession.

Description

Test your knowledge of basic accounting concepts and financial reporting standard setters with this quiz. Assess your understanding of standard-setting bodies and the political process of standard setting in the field of accounting.