Acctng 2 – Conceptual Framework & Accounting Standards

Activity #2 – (100 points)

Name: _________________ Program: _______________ Date: _____________

1. Discuss in your own words your understanding of the following terms: (10 points each)
a) Conceptual Framework
b) Accounting Standards
c) Financial Reporting
d) International Financial Reporting Standards (IFRS)
e) Philippine Financial Reporting Standards (PFRS)

2. Define accounting. Identify and explain the important points made in the definition of
accounting. (10 points)
3. Explain recording, classifying and summarizing in relation to the communicating
component of accounting. (10 points)
4. Explain why accounting has been called the “universal language of business”. (5 points)
5. What is R.A. No. 9298? (5 points)
6. What do you understand by the Board of Accountancy? (5 points)
7. What are the three main areas in the practice of Accountancy profession? (10 points)
8. Explain the general objective of financial statements? (5 points)