Professional Documents
Culture Documents
it is entitled presentation of financial statements, this are result of past events and from which future economic
paragraph of guidance on how to account all the benefits are expected to flow to the entity.
transactions that you will encounter in accounting. (How LIABILITIES- a liability is a present obligation of the entity
will you record cash, record the cost of the equipment,
arising from past events, the settlement of which is
report the equipment after the depreciation things like
expected to result in an outflow from the entity of
that)
In the Philippines we are only guided on what we called
resources embodying economic benefits
international accounting standard and the international EQUITY- Equity is the residual interest in the assets of the
financial reporting standard. entity after deducting all its liabilities
So first of all we discuss Financial statement (which we have The Balance sheet and accounting Equation ( ASSET=
already discussed in our FABM 1 LIABILITY PLUS CAPITAL)
Financial statements
Financial statements- are a structured representation of
Current Assets- an entity shall classify an asset as
the financial position and financial performance of an
current when…
entity. The objective of financial statement sis to provide
It expects to realize the asset or intends to sell
information about the financial position, financial
or consume it in its normal operating cycle (
performance and cash flows of an entity that is useful to a
It holds the asset primarily for the purpose of
wide range of users in making economic decisions making
trading
economic decisions
It expects to realize the asset within twelve
Financial statement shows the results of the
months after the reporting period; or
management’s stewardship of the resources entrusted to
The asset is cash or a cash equivalent unless the
it. To see the objective, financial statements provide
asst is restricted from being exchanged or used
information about the entity’s
to settle a liability for least 12 months after the
a. Assets
reporting period.
b. Liabilities
Non current Asset- all other assets( that are not
c. Equity
current) shall be classified as noncurrent assets
d. Income and expenses, including gains and lasses
Current Liabilities-
e. Contributions by the distributions to owners in their
An entity shall classify as liability as current when..
capacity as owners, and
Y expect to settle the liability in its normal
f. Cash flows
operating cycle
This information, along with other information in the notes
It holds the liability primarily for the purpose of
assists users of financial statements in predicting the
trading
entity=’s future cash flows and in particular, their timing
The liability is due to be settled within 12
and certainty.
months after the reporting period
It does not have an unconditional right to defer
settlement of the liability for at least 12 months
A complete set of financial statements comprises:
after the reporting period
a. A statement of financial position as at the end of
NON-CURRENT LIABILITIES- all other liabilities ( that are not
the period
current ) shall be classified as noncurrent liabilities
b. A statement of comprehensive income for the
period
c. A statement of changes in equity for the period Current assets Non-current assets Current Liabilities
Cash, Account Land, machineries, Trade accounts
d. A statement of cash flows for the period payable, short-term
Receivable, Investment property,
e. Notes, comprising a summary of significant notes payable,
inventories, land improvements,
accounting policies and other explanatory salaries payable,
prepaid expenses intangible assets
information; and rent payable,
Marketable equity Investment in an utilities payable,
f. A statement of financial position as at the beginning securities associate( current income tax
of the earliest comparative period when an entity ) investment in payable.
applies an accounting policy retrospectively or equity securities,
makes a retrospective restatement of items in its building, equipment
financial statements or when it reclassifies items in NON-CURRENT
its financial statements LIABILITIES
Bonds payable
Long-term
REVIEW OF BALANCE SHEETS ELEMENTS notes payable
Ayon kina Villanueva at Bandril (2007), ang pagsulat ay isa sa
pangunahing kasanayan na natutuhan at pinauunlad sa loob ng
paaralan.
mahusay magsuri;
lohikal.
Komprehensibong Paksa
Angkop na Layunin
Gabay sa Balangkas
Halaga ng Datos
Epektibong Pagsusuri
Tugon ng Kongklusyon
Paano masisigurong wasto ang katangian ng proseso sa pagsulat ng Kakayahan sa Kritikal na Pag-iisip. Sa pagsasakatuparan ng
akademikong sulatin? akademikong sulatin, hindi natatapos ang manunulat sa hayag na
paglalahad lamang ng mga kaalaman.
Kakayahang Akademiko