Podcast
Questions and Answers
Which accounting area focuses specifically on financial fraud investigation?
Which accounting area focuses specifically on financial fraud investigation?
What does good governance aim to uphold?
What does good governance aim to uphold?
Which of the following is not one of the ethical standards listed?
Which of the following is not one of the ethical standards listed?
What are the three P’s representing successful social accounting?
What are the three P’s representing successful social accounting?
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Which professional regulatory body is primarily responsible for overseeing the accounting profession at the national level?
Which professional regulatory body is primarily responsible for overseeing the accounting profession at the national level?
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Which factor is NOT one of the three critical skills a firm must address to survive in the 21st century?
Which factor is NOT one of the three critical skills a firm must address to survive in the 21st century?
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In which field of accounting are more accountants employed compared to public accounting?
In which field of accounting are more accountants employed compared to public accounting?
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Which of the following is a quality expected from 21st-century business persons?
Which of the following is a quality expected from 21st-century business persons?
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What is the focus of government and not-for-profit accounting?
What is the focus of government and not-for-profit accounting?
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Which major change in the business environment does NOT directly relate to technology?
Which major change in the business environment does NOT directly relate to technology?
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Which of the following statements best describes public accounting?
Which of the following statements best describes public accounting?
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Which quality is least associated with effective 21st-century business professionals?
Which quality is least associated with effective 21st-century business professionals?
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What major aspect of business does sustainability encompass?
What major aspect of business does sustainability encompass?
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Study Notes
Changes in the Business Environment
- The business environment is subject to significant changes.
- These changes include:
- Global e-commerce: Business transactions now happen across borders via the internet.
- High Technology: Technological advancements have significantly impacted how businesses operate.
- Trade Liberalization and Internationalization: Businesses now operate on an international scale due to reduced trade barriers.
Fields of Accounting Practices
-
Public Accounting: Services include bookkeeping, auditing, tax, and financial planning.
- Careers: Auditors, Tax Consultants, Management Consultants
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Industry Accounting (Private Accounting): Accountants work directly for companies.
- Careers: Financial Accountants, Controllers, Budget Officers, Internal Auditors, Electronic Data Processing Heads, and Cost Accountants.
- Government and Not-for-Profit Accounting: Accountants work for government agencies, religious organizations, or non-profit entities.
- Research and Education: Accountants work in research institutions or academia, contributing to the field.
Accounting Areas
- Basic Accounting/Bookkeeping: Foundation of record-keeping.
- Intermediate Accounting: Covers more complex accounting issues, including financial reporting.
- Cost Accounting: Focuses on the costs associated with producing goods and services.
- Management Accounting: Provides information for internal decision-making.
- Auditing: Assesses the accuracy and reliability of financial information.
- Government and Non-Profit Organization Accounting: Follows specific rules and regulations applicable to these entities.
- Tax Accounting: Deals with tax compliance and planning.
- Forensic Accounting: Investigates financial crimes and fraud.
Professional Regulatory Bodies
- Professional Regulation Commission (PRC): Regulates and licenses accountants in the Philippines.
- Board of Accountancy (BOA): Oversees the practice of accounting and the conduct of CPAs.
- Philippine Institute of Certified Public Accountants (PICPA): Professional organization for CPAs in the Philippines.
- Securities and Exchange Commission (SEC): Regulates corporations and the capital markets.
- Bangko Sentral ng Pilipinas (BSP): Central bank of the Philippines, regulates banks and financial institutions.
- Bureau of Internal Revenue (BIR): Responsible for tax administration in the Philippines.
Good Governance
- It reflects a commitment to running businesses ethically and transparently, protecting the interests of all stakeholders.
- The lack of proper governance resulted in losing investor and public trust.
Social Accounting
- Emphasizes broader societal impact beyond financial performance.
- Focuses on the three Ps:
- Profit: Maximizing owner wealth and profitability.
- People: Promoting well-being and ethical treatment of employees.
- Planet: Protecting the environment and sustainability practices.
Ethics
- Ethical standards guide accounting professionals to distinguish right from wrong.
- Ethical standards include:
- Integrity
- Objectivity
- Competence
- Independence
- Confidentiality
Conceptual Framework
- Provides a structure of principles, rules, and procedures for financial reporting and standard development.
- Ensures consistent and transparent financial reporting.
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Description
This quiz explores the evolving landscape of the business environment, focusing on global e-commerce, technology, and trade liberalization. Additionally, it examines different fields of accounting practices, including public, industry, and government accounting. Test your knowledge on these crucial topics in modern business.
