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What is the process of analyzing each business transaction to identify whether it is an 'accountable event' or 'non-accountable event' called?
What is the process of analyzing each business transaction to identify whether it is an 'accountable event' or 'non-accountable event' called?
What is the term for recognizing and recording the identified 'accountable events' in accounting?
What is the term for recognizing and recording the identified 'accountable events' in accounting?
What is the common form through which accounting information is communicated to interested users?
What is the common form through which accounting information is communicated to interested users?
What is the main purpose of accounting?
What is the main purpose of accounting?
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What is the term for the process of summarizing the information processed in the accounting system to produce meaningful reports at the end of each accounting period?
What is the term for the process of summarizing the information processed in the accounting system to produce meaningful reports at the end of each accounting period?
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Which body created the Financial Reporting Standards Council (FRSC)?
Which body created the Financial Reporting Standards Council (FRSC)?
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What are the primary users of financial statements?
What are the primary users of financial statements?
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What is the basic notion on which the accounting process is based?
What is the basic notion on which the accounting process is based?
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Which type of accounting refers to the processes used to generate interim and annual financial statements?
Which type of accounting refers to the processes used to generate interim and annual financial statements?
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What does managerial accounting primarily help businesses with?
What does managerial accounting primarily help businesses with?
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Identifying – the accountant analyzes each business transaction and identifies whether the transaction is an “______ event” or “non-accountable event”.
Identifying – the accountant analyzes each business transaction and identifies whether the transaction is an “______ event” or “non-accountable event”.
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Recording – the accountant recognizes (i.e., records) the identified “______ events”.
Recording – the accountant recognizes (i.e., records) the identified “______ events”.
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At the end of each accounting period, the accountant summarizes the information processed in the accounting system to produce meaningful ______.
At the end of each accounting period, the accountant summarizes the information processed in the accounting system to produce meaningful ______.
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Accounting is a process with the basic purpose of providing information about economic activities that is intended to be useful in making economic ______.
Accounting is a process with the basic purpose of providing information about economic activities that is intended to be useful in making economic ______.
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Accounting information is communicated to interested users through accounting ______, the most common form of which is the financial statements.
Accounting information is communicated to interested users through accounting ______, the most common form of which is the financial statements.
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Financial reporting standards council (FRSC) is a(n) ______ standard setting body created by the Professional Regulatory Commission
Financial reporting standards council (FRSC) is a(n) ______ standard setting body created by the Professional Regulatory Commission
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The approved statements of the FRSC are known as Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS). Users of Financial Statements & Information Needs Primary Users – those who are most critical & immediate need for information of financial reports. o Existing and potential ______
The approved statements of the FRSC are known as Philippine Accounting Standards (PAS) and Philippine Financial Reporting Standards (PFRS). Users of Financial Statements & Information Needs Primary Users – those who are most critical & immediate need for information of financial reports. o Existing and potential ______
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Monetary Unit – o Quantifiability – the assets, liabilities, equity, income, and expenses should be stated in terms of a unit of measure which is the ______ peso.
Monetary Unit – o Quantifiability – the assets, liabilities, equity, income, and expenses should be stated in terms of a unit of measure which is the ______ peso.
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Financial accounting refers to the processes used to generate interim and annual financial ______. The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement.
Financial accounting refers to the processes used to generate interim and annual financial ______. The results of all financial transactions that occur during an accounting period are summarized in the balance sheet, income statement, and cash flow statement.
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Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. Namely, in managerial accounting, an accountant generates monthly or quarterly reports that a business's management team can use to make decisions about how the business ______.
Managerial accounting uses much of the same data as financial accounting, but it organizes and utilizes information in different ways. Namely, in managerial accounting, an accountant generates monthly or quarterly reports that a business's management team can use to make decisions about how the business ______.
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