MY REVIEWER OF FINANCIAL ACCOUNTING

 Accounting-about quantitative information that is likely to be financial in nature and should be

useful in decision making.

Accounting Process
o Identifying- recognition of accountable events that has the effect on asset, liabilities and equity;
economic activities are classified as external and internal; external transactions are those
transactions from one entity to another entity while internal transactions are those transactions
done within the entity.
o Measuring-assigning of peso amounts to the accountable economic transactions and events
o Communicating- preparing and distributing accounting reports to potential users of accounting
information through financial statements. These financial statements are the report of financial
information about an entity to decision makers. Financial statements include statement of
financial position, income statement, statement of comprehensive income, statement of changes
in equity and statement of cash flows.

 Republic Act No.9298- is the law regulating the practice of accountancy in the Philippines which
is known as the Philippine Accountancy Act of 2004”.
 Board of Accountancy(BOA)- body authorized by law to promulgate rules and regulations
affecting the practice of the accountancy profession in the Philippines
 Scope of practice of public accountancy- single practitioners and partnership as to whatever kind
shall be registered certified public accountants(CPA) except for corporation
-Certificate of accreditation shall be issued to CPA’s
upon
showing the minimum of three years meaningful experience practicing public accountancy which
is valid for three years and renewable every three years

CPA’S Practice their profession in: 1.)Public accounting: a.Auditing-examination of financial

statements for the purpose of looking of a
material misstatements of the financial
statement if there is and also trying to figure
out if there’s fraud or error.
b. Taxation- preparation of annual
income tax return
c. Management advisory
sevices(MAS)- advices on conduct of
business.
 2.)Private accounting-assisting the management of planning
and controlling the business operations
2.)Government accounting- working under the Government