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CFAS Assignment #1

The document outlines an assignment for ACCO103, focusing on identifying key accounting concepts and definitions related to financial reporting and standards. It includes sections on identifying terms, definitions of acronyms, and the roles of various accounting frameworks and user groups. The assignment emphasizes the importance of financial statements and their usefulness to investors and creditors.

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Hannah Nicole Lacanilao
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4 views

CFAS Assignment #1

The document outlines an assignment for ACCO103, focusing on identifying key accounting concepts and definitions related to financial reporting and standards. It includes sections on identifying terms, definitions of acronyms, and the roles of various accounting frameworks and user groups. The assignment emphasizes the importance of financial statements and their usefulness to investors and creditors.

Uploaded by

Hannah Nicole Lacanilao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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ASSIGNMENT #1

ACCO103 CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS 2SAY2324

PART I: Identification Instructions: Identify what is being asked on the following question.
Choose your answers on the box. Write your answer on the space provided.

management accounting Financial Statements Auditing

Comparability accounting education entity perspective

proprietary perspective General Purpose Financial government accounting


Reporting

cost accounting decision usefulness equity investors and creditors

General Purpose Financial tax accounting Financial Accounting


Statements

Financial Accounting ​1. The process that culminates in the preparation of financial reports on
the enterprise for the use by both internal and external parties.

Financial Statements 2. Principal means through which a company communicates its financial
information to those outside it.

General Purpose Financial Reporting 3. Its objective is to provide financial information about the
reporting entity that is useful to present and potential equity investors, lenders, and other
creditors in making decisions about providing resources to the entity.

General Purpose Financial Statements 4. Provide at the least cost the most useful information
possible to a wide variety of users.

equity investors and creditors 5. Are the primary user groups and have the most critical and
immediate needs for information in the financial statements. They need this information to
assess a company's ability to generate net cash inflows and to understand the management's
ability to protect and enhance the assets of a company.

entity perspective 6. Means that the company is viewed as being separated and distinct from its
investors. Therefore, the assets of the company belong to the company, not a specific creditor
or shareholder.
proprietary perspective 7. Is focused only on the needs of the shareholder. It is not considered
appropriate.

decision usefulness 8. Means that information contained in the financial statements should help
investors assess the amounts, timing, and uncertainty of prospective cash inflows from
dividends or interest, and the proceeds from the sale, redemption, or maturity of securities or
loans.

Comparability 9. A single, widely accepted set of high-quality accounting standards is a


necessity to ensure adequate ______________.

management accounting 10. A profession that involves partnering in management decision


making, devising planning and performance management systems, and providing expertise in
financial reporting and control to assist management in the formulation and implementation of
organization's strategy.

cost accounting 11. Deals with the collection, allocation, and control of the cost of producing a
specific goods and services.

Auditing 12. Independent examination that ensures the fairness and reliability of the reports that
management submits to users outside the business entity.

government accounting 13. Concerned with identification of the sources and uses of
government funds.

tax accounting 14. Includes preparation of tax returns and the consideration of tax of proposed
business transactions.

accounting education 15. Employs accountants either as researchers, professors or reviewers.


They guarantee the continued development of the profession.

PART II: DEFINITION


Instructions: Provide the meaning of the following acronyms.
IASB​ ​ 1. International Accounting Standards Board

IFRS​ ​ 2. International Financial Reporting Standards

IOSCO​​ 3. International Organization of Securities Commissions

IASC​ ​ 4. International Accounting Standards Committee

IAS​ ​ 5. International Accounting Standards

GAAP​ ​ 6. Generally Accepted Accounting Principles


PICPA​​ 7. Philippine Institute of Certified Public Accountants

SEC​ ​ 8. Securities and Exchange Commission

BOA​ ​ 9. Board of Accountancy

PRC​ ​ 10. Professional Regulation Commission

FINEX​​ 11. Financial Executives Institute of the Philippines

CB​ ​ 12. Central Bank of the Philippines

BSP​ ​ 13. Bangko Sentral ng Pilipinas

ASC​ ​ 14. Accounting Standard Council

FASB​ ​ 15. Financial Accounting Standards Board

FRSC​ ​ 16. Financial Reporting Standards Council

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