BM2218

Barbante, Aaron Gabrielle

NAME: Bernardo, Deona Jane DATE: SCORE:
Encomienda, Nile
Landig, Ana Marie Joyce
Martillo, Estefany
VENN DIAGRAM
INSTRUCTIONS: Write the similarities and differences of the definition given by three (3) authoritative bodies
in accounting. Use the Venn diagram to illustrate your ideas.

The ASC and

They share a Accounting Standards
Council (ASC) the AAA
common recognize that
understanding that accounting
accounting serves as a
• Providing quantitative financial
involves capturing means to
insights primarily for economic identify,
financial data and decisions measure, and
interpreting its • It is a service activity communicate
implications. economic
information.

To provide
meaningful
financial
information for
• Prioritizes the finesse of decision-making
recording, categorizing, • Permitting informed judgments
and summarizing and decisions by users.
transactions. ≈ • Casts a broader net, focusing
• Explicitly addresses the on economic information in a
aspect of interpreting wider context
results
American Institute of American Accounting
Certified Public Association (AAA)
Accountants (AICPA)

They emphasize the role of accounting in aiding decision-

making by users.
01 Activity 1 *Property of STI
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