Podcast
Questions and Answers
Industrial engineers collaborate with ______ teams when working on cost-saving initiatives.
Industrial engineers collaborate with ______ teams when working on cost-saving initiatives.
finance
Understanding financial reports can facilitate communication between industrial engineers and ______ departments.
Understanding financial reports can facilitate communication between industrial engineers and ______ departments.
finance
When proposing new projects, industrial engineers may need to provide a ______ justification.
When proposing new projects, industrial engineers may need to provide a ______ justification.
financial
Industrial engineers may need to ensure compliance with financial regulations and ______ standards.
Industrial engineers may need to ensure compliance with financial regulations and ______ standards.
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Estimating costs and expected financial benefits requires a foundation in financial ______ concepts.
Estimating costs and expected financial benefits requires a foundation in financial ______ concepts.
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Understanding financial accounting is essential for avoiding legal or financial ______.
Understanding financial accounting is essential for avoiding legal or financial ______.
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Discrimination – based on ______, religion, ethnicity, gender, age, marital status or sexual preference is to be avoided on both legal and ethical grounds
Discrimination – based on ______, religion, ethnicity, gender, age, marital status or sexual preference is to be avoided on both legal and ethical grounds
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The Framework International Accounting Standards Committee (IASC) – Was formed as a non profit corporation incorporated in the State of ______, USA
The Framework International Accounting Standards Committee (IASC) – Was formed as a non profit corporation incorporated in the State of ______, USA
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The Framework for the preparation presentation of Financial Statements and – Sets out the concepts that underlie the preparation and presentation of financial statements for external users. Purpose of the Framework Assist the Accounting Standards Council (ASC) in developing accounting standards that represent generally accepted accounting principles in the ______
The Framework for the preparation presentation of Financial Statements and – Sets out the concepts that underlie the preparation and presentation of financial statements for external users. Purpose of the Framework Assist the Accounting Standards Council (ASC) in developing accounting standards that represent generally accepted accounting principles in the ______
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Assist the ASC in its review and adoption of existing International Accounting standards. Assist preparers of financial statement in applying the ______ Accounting Standard and in dealing with topics that have yet to form the subject of an ASC statement
Assist the ASC in its review and adoption of existing International Accounting standards. Assist preparers of financial statement in applying the ______ Accounting Standard and in dealing with topics that have yet to form the subject of an ASC statement
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______ – Independent private sector body. Its objective is to achieve convergence in the accounting principles that are used by businesses and other organizations for financial reporting around the world.
______ – Independent private sector body. Its objective is to achieve convergence in the accounting principles that are used by businesses and other organizations for financial reporting around the world.
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Assist auditors in forming an opinion as to whether financial statements conforms with ______ generally accepted accounting principles.
Assist auditors in forming an opinion as to whether financial statements conforms with ______ generally accepted accounting principles.
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Esterlinda Guevera invested P250,000 into his entity. This is considered as ______ Investment.
Esterlinda Guevera invested P250,000 into his entity. This is considered as ______ Investment.
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Rented office space and paid two months' rent in advanced P8,000. This is an example of ______ Paid in Advance.
Rented office space and paid two months' rent in advanced P8,000. This is an example of ______ Paid in Advance.
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Erlinda Guevarra issued a promissory note for P210,000 loan from Metro bank. This promissory note is considered as a ______ issued for Cash.
Erlinda Guevarra issued a promissory note for P210,000 loan from Metro bank. This promissory note is considered as a ______ issued for Cash.
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Acquired service vehicle for P420,000. This transaction involves exchanging cash for a ______.
Acquired service vehicle for P420,000. This transaction involves exchanging cash for a ______.
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Purchased supplies on credit for P18,000 from San Jose Merchandising. This transaction increases the ______ payable account.
Purchased supplies on credit for P18,000 from San Jose Merchandising. This transaction increases the ______ payable account.
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Paid Prudential Guarantee and Assurance Inc. P14,400 for one-year comprehensive insurance coverage on the service vehicle. This is an example of an Insurance premium purchased on ______.
Paid Prudential Guarantee and Assurance Inc. P14,400 for one-year comprehensive insurance coverage on the service vehicle. This is an example of an Insurance premium purchased on ______.
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Coordinated and finalized simple bridal arrangement from three couples and collected fees of P8,800 per couple. (Rev earned and ______ collected)
Coordinated and finalized simple bridal arrangement from three couples and collected fees of P8,800 per couple. (Rev earned and ______ collected)
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Acquired office equipment from Fair and Square Emporium for P60,000, paying P15,000 in ______ and balanced next month.
Acquired office equipment from Fair and Square Emporium for P60,000, paying P15,000 in ______ and balanced next month.
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Paid salaries P6,600 (Salaries ______)
Paid salaries P6,600 (Salaries ______)
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Received P10,000 advanced fees for three clients referred. (Unearned Revenue ______)
Received P10,000 advanced fees for three clients referred. (Unearned Revenue ______)
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Coordinated and finalized elaborate bridal arrangement for three couples and billed fees of P12,000 per couple. (Revenue earned on ______)
Coordinated and finalized elaborate bridal arrangement for three couples and billed fees of P12,000 per couple. (Revenue earned on ______)
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Guevarra withdrew P14,000 for personal ______.
Guevarra withdrew P14,000 for personal ______.
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Calaguas WebPage Express collected P77,000 in cash for designing basic interactive website for two exporters based inside the Cagayan Ecozone on ____________.
Calaguas WebPage Express collected P77,000 in cash for designing basic interactive website for two exporters based inside the Cagayan Ecozone on ____________.
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Calaguas paid P15,000 to Bills Unlimited, a one stop bills payment service company, for the semi-monthly ____________.
Calaguas paid P15,000 to Bills Unlimited, a one stop bills payment service company, for the semi-monthly ____________.
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Calaguas billed these clients P25,000 for services already rendered during the ____________.
Calaguas billed these clients P25,000 for services already rendered during the ____________.
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Calaguas withdrew P20,000 from the business for his ____________ use.
Calaguas withdrew P20,000 from the business for his ____________ use.
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Bachoco Publishing submitted a bill to Calaguas for P8,000 worth of internet advertisement for this ____________.
Bachoco Publishing submitted a bill to Calaguas for P8,000 worth of internet advertisement for this ____________.
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Calaguas paid his assistant web designer salaries of P15,000 for the ____________.
Calaguas paid his assistant web designer salaries of P15,000 for the ____________.
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Study Notes
Collaboration and Communication
- Industrial engineers collaborate with financial teams when working on cost-saving initiatives.
- Understanding financial reports can facilitate communication between industrial engineers and finance departments.
Financial Planning and Justification
- When proposing new projects, industrial engineers may need to provide a financial justification.
- Industrial engineers may need to ensure compliance with financial regulations and accounting standards.
- Estimating costs and expected financial benefits requires a foundation in financial accounting concepts.
Avoiding Legal and Financial Issues
- Understanding financial accounting is essential for avoiding legal or financial risks.
Ethical Considerations
- Discrimination – based on race, religion, ethnicity, gender, age, marital status or sexual preference is to be avoided on both legal and ethical grounds.
International Accounting Standards Committee (IASC)
- The Framework International Accounting Standards Committee (IASC) – Was formed as a non-profit corporation incorporated in the State of Delaware, USA.
Framework for Financial Statements
- The Framework for the preparation presentation of Financial Statements and – Sets out the concepts that underlie the preparation and presentation of financial statements for external users.
Purpose of the Framework
- Assist the Accounting Standards Council (ASC) in developing accounting standards that represent generally accepted accounting principles in the Philippines.
- Assist the ASC in its review and adoption of existing International Accounting standards.
- Assist preparers of financial statements in applying the Philippine Accounting Standard and in dealing with topics that have yet to form the subject of an ASC statement.
International Accounting Standards Board (IASB)
- IASB – Independent private sector body.
- Its objective is to achieve convergence in the accounting principles that are used by businesses and other organizations for financial reporting around the world.
- Assist auditors in forming an opinion as to whether financial statements conform with internationally generally accepted accounting principles.
Financial Transactions Examples
- Esterlinda Guevera invested P250,000 into his entity. This is considered as Owner's Investment.
- Rented office space and paid two months' rent in advanced P8,000. This is an example of Prepaid Rent.
- Erlinda Guevarra issued a promissory note for P210,000 loan from Metro bank. This promissory note is considered as a Note issued for Cash.
- Acquired service vehicle for P420,000. This transaction involves exchanging cash for an Asset.
- Purchased supplies on credit for P18,000 from San Jose Merchandising. This transaction increases the Accounts payable account.
- Paid Prudential Guarantee and Assurance Inc. P14,400 for one-year comprehensive insurance coverage on the service vehicle. This is an example of an Insurance premium purchased on Credit.
- Coordinated and finalized simple bridal arrangement from three couples and collected fees of P8,800 per couple. (Rev earned and Cash collected)
- Acquired office equipment from Fair and Square Emporium for P60,000, paying P15,000 in Cash and the balance next month.
- Paid salaries P6,600 (Salaries Expense)
- Received P10,000 advanced fees for three clients referred. (Unearned Revenue Liability)
- Coordinated and finalized elaborate bridal arrangement for three couples and billed fees of P12,000 per couple. (Revenue earned on Account)
- Guevarra withdrew P14,000 for personal use.
Calaguas WebPage Express Financial Transactions
- Calaguas WebPage Express collected P77,000 in cash for designing basic interactive website for two exporters based inside the Cagayan Ecozone on Account.
- Calaguas paid P15,000 to Bills Unlimited, a one-stop bills payment service company, for the semi-monthly Bills Payment.
- Calaguas billed these clients P25,000 for services already rendered during the month.
- Calaguas withdrew P20,000 from the business for his personal use.
- Bachoco Publishing submitted a bill to Calaguas for P8,000 worth of internet advertisement for this month.
- Calaguas paid his assistant web designer salaries of P15,000 for the month.
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Description
Test your knowledge on international accounting standards, including the Framework International Accounting Standards Committee (IASC) and the International Accounting Standard Board (IASB). Learn about avoiding discrimination based on race, religion, ethnicity, gender, age, marital status, or sexual preference.
