Reviewer for Prelims PDF

Reviewer for Prelims **Phillipine Financial reporting standards(PFRS**) - defines accounting as a service entity that provides quatitative information **American Institute of Certified Public Accountants (AICPA**) -- the art of recording, classifying, and summarizing in a manner and in terms of mo...

Reviewer for Prelims **Phillipine Financial reporting standards(PFRS**) - defines accounting as a service entity that provides quatitative information **American Institute of Certified Public Accountants (AICPA**) -- the art of recording, classifying, and summarizing in a manner and in terms of money, transactions, and events.\ \ **Republic Act RA No. 9298(accountancy act of 2004)** -- practice of accountancy or CPA in the philippines\ -standard -- examination -- practice of accountancy **Public Accounting** -- includes bookkeeping, independent audit and income tax work **Management accounting** -- private accounting that only one client or organization. **Government agencies accounting** -- Comission on Audit(COA), Bereau of internal revenue(BIR), Securities Exchange Commission (SEC) **Objectivity --** everything must be factual and verified, documentation such as invoice, vouchers and receipts **Accounting Period** -- 1 year with interim periods (semi-annual,half the year, montly) **Time period** - 12 months equal to one year **Revenue Recognition** -- recognized and reported when its earned **Expense recognition** -- under the accrual rule recognized and reported when its incurred **Qualitative characteristics --** they are the qualities that make financial information useful