MODULE 2

Name: Kiko Marks Pangilinan Class Number: BLOCK 2

Section: BSA 1-COC-A Schedule: W/S 8am-12 pm Date: August 14,2021

2) Activity 1: What I Know Chart, part 1 (3 mins)

Try answering the questions below by writing your ideas under the What I Know
column. You may use key words or phrases that you think are related to the questions.
Answer the What I Learned section after reading the Concept notes.

What I Know Questions: What I Learned

The going concern concept What is Gong concern I learned that the going
states that a business will concept?
continue its operations for the
foreseeable future. This
implies that the company will
not be forced to discontinue
its operations and liquidate its
assets at extremely low
costs. A company is a going
concern if no evidence is
available to believe that it will
or will have to cease its
operations in foreseeable
future.
The matching principle is one What
of the basic underlying Principle?
guidelines in accounting. The
matching principle directs a
company to report an
expense on its income
statement in the period in
which the related revenues
are earned. This principle in
business accounting states
that revenues generated
during an accounting period
should be matched to
concern concept is a
fundamental principle of
accounting.It assumes that
during and beyond the next
fiscal period a company will
complete its current
plans,use it’s existing assets
and continue to meet its
financial obligations.Simply
put it as an assumption that
the company will stay in
business and that the value
of its assets will endure.This
underlying principle is also
known as the continuing
concern concept.
is Matching The new learning that I
learned from this topic is the
fact that this principle
requires a company to
match expenses with related
revenues in order to report a
company’s profitability
during a specified time
interval. Ideally, the
matching is based on a
cause and effect
relationship: sales causes
the cost of goods sold
expenses from that period, in expense and the sales
order to capture the cause- commissions expense. If no
and-effect relationship cause and effect relationship
between them. Adherence to exists, accountants will
this principle produces show an expense in the
accounting records that accounting period when a
capture meaningful cost is used up or has
connections between income expired. Lastly, if a cost
sources and expenditures. cannot be linked to
revenues or to an
accounting period, the
expense will be recorded
immediately. An example of
this is Advertising Expense
and Research and
Development Expense.
The Financial Reporting What are the duties and I learned how the duties and
Standards Council (FRSC) responsibilities of responsibilities of Financial
was established by the Financial Reporting Reporting Standard
Professional Regulatory Standard Council? Council(FRSC) helps shape
Commission under the the requirements,rules and
Implementing Rules and regulations that the certified
Regulations of the Philippine public accountant(CPAs)
Accountancy of Act of 2004 need to abide
to assist the Board of today.Additionally,I also
Accountancy in carrying out learned how important the
its power and function to role that it played in the
promulgate accounting world of Accountancy.With
standards in the Philippines. the help of this organization
The FRSC’s main function is we are able to produce an
to establish generally effective set of accounting
accepted accounting standard as it assist and
principles in the helps the Board of
Philippines.Additionally,FRSC Accountancy(BOA)in
is responsible for, amongst supervising and regulating
others, receiving and the practice of Accountancy.
considering any relevant
information relating to the
reliability of and compliance
with financial reporting
standards and advising the
Minister on matters relating to
financial reporting standards
and consult with the Minister
on the making of regulations
establishing financial
reporting standards.

ACTIVITY 2
ACTIVITY 5