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Gianalyn Joy M ®Aaredondo why, Accounting
Accounting ad Language oy Bess business.
Frogit - oriented
(you do if on ehean to have rag
Hi of Account
iin camry
Ly Renaissance feried
industrial Revolution)
Emplo: Anyulnert, upy Adan Fesk Accountant
en weer —Y <|ome eet ps M a i Love
ay ———> bg Evo —» Second Accountont
Rona —_a - — =o
an jan 7% aoe hort ia _
: Fro. Luca focal 7 Father of
go, Gage) Holy decanting
®q® meast 0] ernetbone”
=p g =e xe srongactian & eriry bookkeeping
ie x dient apgected
i@ © + © I= Out Ovt=lny Reidli use
Loy ee is Paugtle IReceabie tyre Devore = Credere +> his because
We) wate cle peit = credit tei Hat
Fanvary Febwory Moreh lect < Right ‘Ral
+@ - 7
When is income Eamed? Roywert 2 You act have business If YoY =
Incame is alrea eon wren MAS? Ads 2 canit opeok its lonqpage: "2
ane. sevice is red reoardlecs a
og wren cosh is callectes. Exomple of vere
. a Ane names sain io
Accoutting ae Fromework
Standard
tnhed Ane Ast accountant is bon?
emewxrk ond standard is
a ond Nee occourtonts hove came
40 on agreement cn when luichoel lo
mode jAnot's when there Was On
Occourhont-
dosstonn oe vag ote re
. worest pre feta oF ene,
‘ oe chin oe
Homes oF
ingedients 01 its arant ete. Gocalyn Joy M- Rhoredowdo Rxritton a Accarting order
' upamnorth iMancat in nate aloout ecmomic entities tnat is
imhkended tobe usegdl in moking ecanemic decision.
AccouThg—» ig dhe brt
A TL OF Heecrdiig Cassigying and Summarizing in a
SaNGCoeE manner andiin derms or money, transactions and events which
are i pork at east of pinoAgial charac ond inlerprting sre esis testog
Accoutiing-¥ is Woe 5 SOF idemiiguing measuring ‘an Earensnicaiiig
Roonomie~ Ingo permit ings dane? ond decision ‘oy U
OF Ae iagarmatien.
Semice achihy* deliver * stalls and energy Cami the person.
Q 2 ae ‘s involved % te
FRoanadl =
Economic enti
rivies! ony crgpniarion Ahok hove maney o ficarcial .
“Accantng is or all as \ong as up) hove wroney"
Recount * is O senice i Hs punctin is to pride i
Act in Agorm 4pmvess a Occoxthing
xX ai * \d 1
* eee : ‘i a Makdg?
% Lenni eo
Ainterpeing! ROTI MY Glonalyn yoy M- Yeraredondo Conceptual Framewark Pronudondy
Generally Accepted Accoutting Frncigle ( GAAP)
. ieé6a tong bist
conweptval Framework _ Mode, by rahora) Arinking slong story , Agreement
\
v
Stordords
BUSINESS
1: ENTITY CONCEPT + A tasivess enterpase, is seporaXe ord distinct From HS axners
. and investars -
2 GOING CONCERN PRINCIPLE ® Bysingce is yee to continue ideginttely- When pepn
FS yposrould assume that the entity will continue iwegriely 4 "9
3. PERODICITY CONCEPT CTIME PERIOD PRINCIPLE)» Fromciol Srokements are divided into
“spitigictime intervals. The salary expences Arnos ore stored into a sede monetary unit so ig stoble.
as Relevance + Wes makes SNancio Statements mat reliable and usecul pr decision -
moking-
e Mores Goncegt + In case oF ascets Ok are immroterigl to make a digrerence in
Ane Fnoncial catements the company, should instead record i+ aS an :
9: Foitingy| ReprtSerartion + the « “nat Hronciol statements be praduced “that
pa heck bd cordon oF a lwsiness!
19 Cons sm Incace ot, ses Srold be recoded ata hohner amount,
conservahve Froogle Revenue srauld . :
ee one seh : ie recoded at O lover aman. Ds pot asumne
\\ Sostonce over Fam Transactions recorded in FS +o veplect their econanic cubstance
lhe anon retly ie el fom. eee
12. Underckandabaltty 7 a reosonalcle knawtedop cp buiress bythe oder bo dees
ok wequire odors enowstedge ae ered tS weird i
XB Orn on inne FS Is canparalie across di ems.
4 Nenkobitaes ste we re \ yar. fear
15 Tieneliness—r The vecord shold come on time: | Glomalyn Joy Hi feoredando Francial Stotement Elements “Brontdond
& post event.
An economic wesarce is a dit thas has ial
‘s . rt potential 40 produce
2- Lobiltty? is presen dligatnan of +he entity 40-transper an ecramic
teorce Os a ecu] pak bert 5 -
3 Equay? ig-ane residoal intercet inthe assets the enterprise. o deducting
oN ah totes 7 me 7
4-\ncome+ is inortases in assets, or deceages in liabiltties, that results in
inertose, 10 equity. other thon those relating 4o aninovtins Fram holdec ar
eae Claims’.
5 EXPOS Ore dereases In ascets ar increase in liabilities that realts in,
Aeoreases 19 Equity colher Khan 4nose reloting-+o distnibutians to holders &
ety Soins auth] vere
Elements o¢ Finondra) Srokement: Income Renenve Goins
AF LYE EeA-L Expenses? Gastos
Ascers= liabilities + Equity a ty Cook Exp. Loss
ots Lolo Labiitry «
bys 4 ace) ble. Gunent
2 But ing 2 NOWeS Oo. Wmotns
2-Fumi 3- Bone Wb pork peng cycle
4 esti ree eld pe ing,
esas 5 -Plectrictty I yon-Curent
Acsexs —¥ Residual) Deriettion
Cunent
a. Cash or cach equivalent corey
|
|
2. Asset ris a pot Carrorric resarce cavtolled oye entity as q resutt
bA9-ronths Cosh mentees
|
+» residual degition
|
