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Title: Subject:: ACC 111 –Financial Accounting & Reporting
Description: Accounting Topics for 1st-year Topics: -FUNDAMENTAL CONCEPTS -CRITERIA FOR GENERAL ACCEPTANCE OF AN ACCOUNTING PRINCIPLE -GAAP (Generally Accepted Accounting Principles) -BASIC PRINCIPLES
Description: Accounting Topics for 1st-year Topics: -FUNDAMENTAL CONCEPTS -CRITERIA FOR GENERAL ACCEPTANCE OF AN ACCOUNTING PRINCIPLE -GAAP (Generally Accepted Accounting Principles) -BASIC PRINCIPLES
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ACC 111 – Financial Accounting and Reporting
Topics:
FUNDAMENTAL CONCEPTS
CRITERIA FOR GENERAL ACCEPTANCE OF AN ACCOUNTING PRINCIPLE
GAAP (Generally Accepted Accounting Principles)
BASIC PRINCIPLES
FUNDAMENTAL CONCEPTS
Entity Concept
- the most basic concept
- accounting entity should be separate from its owners and they should be considered as
separate economic entity
Periodicity Concept
- the life of the business is subdivided into a meaningful equal time periods for reporting
purposes
...
Stable Monetary Unit Concept
considering that Philippine peso is the stable or reasonable unit of measure and its
purchasing power is relatively stable
...
Going Concern
-
the concept that assumes that the entity will continue its operation for a foreseeable
future time
...
This must be followed in preparing financial reports
The three (3) criteria in accepting these principles
1
...
2
...
o This connotes reliability and trustworthiness
3
...
o The most relevant solution for the conflict of this criteria to the other is that the
least objective the least feasible
...
BASIC PRINCIPLES
Objectivity Principle
- Accounting records should be based on information that flows to the entity from activities
documented by objective evidence
...
- Accounting records should not be based on whims and opinion and therefore subject to
disputes
...
Revenue Recognition Principle
- Recognizes revenue at the period the products delivered and services are rendered or
performed
...
Materiality
- The significance of the information that must be presented in the financial report that are
enough to evaluate and craft decisions
...
Consistency Principle
-
The company should report same transaction with the same method of recording or
recognition
...
Changes are permitted if justifiable and disclosed in the financial statements
Title: Subject:: ACC 111 –Financial Accounting & Reporting
Description: Accounting Topics for 1st-year Topics: -FUNDAMENTAL CONCEPTS -CRITERIA FOR GENERAL ACCEPTANCE OF AN ACCOUNTING PRINCIPLE -GAAP (Generally Accepted Accounting Principles) -BASIC PRINCIPLES
Description: Accounting Topics for 1st-year Topics: -FUNDAMENTAL CONCEPTS -CRITERIA FOR GENERAL ACCEPTANCE OF AN ACCOUNTING PRINCIPLE -GAAP (Generally Accepted Accounting Principles) -BASIC PRINCIPLES