International Accounting Standards

Industrial engineers collaborate with ______ teams when working on cost-saving initiatives.

Understanding financial reports can facilitate communication between industrial engineers and ______ departments.

When proposing new projects, industrial engineers may need to provide a ______ justification.

Industrial engineers may need to ensure compliance with financial regulations and ______ standards.

Estimating costs and expected financial benefits requires a foundation in financial ______ concepts.

Understanding financial accounting is essential for avoiding legal or financial ______.

Discrimination – based on ______, religion, ethnicity, gender, age, marital status or sexual preference is to be avoided on both legal and ethical grounds

The Framework International Accounting Standards Committee (IASC) – Was formed as a non profit corporation incorporated in the State of ______, USA

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 ______

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

______ – 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 conforms with ______ generally accepted accounting principles.

Esterlinda Guevera invested P250,000 into his entity. This is considered as ______ Investment.

Rented office space and paid two months' rent in advanced P8,000. This is an example of ______ Paid in Advance.

Erlinda Guevarra issued a promissory note for P210,000 loan from Metro bank. This promissory note is considered as a ______ issued for Cash.

Acquired service vehicle for P420,000. This transaction involves exchanging cash for a ______.

Purchased supplies on credit for P18,000 from San Jose Merchandising. This transaction increases the ______ 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 ______.

Coordinated and finalized simple bridal arrangement from three couples and collected fees of P8,800 per couple. (Rev earned and ______ collected)

Acquired office equipment from Fair and Square Emporium for P60,000, paying P15,000 in ______ and balanced next month.

Paid salaries P6,600 (Salaries ______)

Received P10,000 advanced fees for three clients referred. (Unearned Revenue ______)

Coordinated and finalized elaborate bridal arrangement for three couples and billed fees of P12,000 per couple. (Revenue earned on ______)

Guevarra withdrew P14,000 for personal ______.

Calaguas WebPage Express collected P77,000 in cash for designing basic interactive website for two exporters based inside the Cagayan Ecozone on ____________.

Calaguas paid P15,000 to Bills Unlimited, a one stop bills payment service company, for the semi-monthly ____________.

Calaguas billed these clients P25,000 for services already rendered during the ____________.

Calaguas withdrew P20,000 from the business for his ____________ use.

Bachoco Publishing submitted a bill to Calaguas for P8,000 worth of internet advertisement for this ____________.

Calaguas paid his assistant web designer salaries of P15,000 for the ____________.