3/17/22, 11:18 PM The Different Branches of Accounting & Users of Financial Information Flashcards | Quizlet

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The Different Branches of Accounting & Users of

Financial Information
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Terms in this set (38)

deals with the theoretical framework covering acc

principles and concepts relative to measurement
financial accounting
and valuation as applied to diff accounts related to
the prep and presentation of financial statements

these include disclosure requirements as governed

financial statements
by the GAAP

the information provided by this branch is used for

financial accounting
decision making by both internal and external users

involves partnering in management decision

making, devising planning and performance
management
management systems, and providing expertise in
accounting
financial reporting and control to assist in
formulation and implementation of strategies

Institute of Management IMA

Accountants
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section blank of PD no. blank (on government

109, 1445 accounting)

section 109 of pd no. 1445 states that this branch

encompasses analyzing, classifying, summarizing,
government accounting and communicating all transactions involving the
receipt and disposition of funds and properties and
interpreting the results thereof

examination and review of acc reports to ascertain

auditing
fairness, propriety, and reliability

provides reasonable assurance that the financial

statements fairly present the company's financial
auditing
position and results of operation in accordance with
the GAAP

include the preparation of monthly value added tax,

tax accounting percentage tax, expanded withholding tax returns,
quarterly and annual tax returns, etc

acc work closely with the clients to avoid tax

tax accounting problems with the BIR and other local agencies thru
proper compliance

advises clients about ways and measures to

tax accounting
minimize taxes

includes the collection, determination, allocation,

cost accounting
assessment, interpretation, and control of cost data

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includes the raw materials, direct labor, factory

cost of production overhead, and other costs involved in the
production and finished process

planned grading and formal teaching in an

accounting education
educational institution

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