2.  DEFINE ACCOUNTING & EXPLAIN ITS FUNCTIONS
AND ROLES IN BUSINESS
 IDENTIFY THE USERS OF ACCOUNTING & EXPLAIN
WHY THEY DEPEND ON ACCOUNTING
INFORMATION
 EXPLAIN THE THEORETICAL FRAMEWORK OF
ACCOUNTING
 ENUMERATE & EXPLAIN THE BASIC CONCEPTS &
PRINCIPLES USED IN THE ACCOUNTING PROCESS

3. ACCOUNTING IS A
SERVICE ACTIVITY WHICH
FUNCTION IS TO PROVIDE
QUANTITATIVE
INFORMATION, PRIMARILY
FINANCIAL IN NATURE, ABOUT
ECONOMIC ENTITIES, THAT IS
INTENDED TO BE USEFUL IN
MAKING ECONOMIC
DECISIONS.

4. COMPANY
ACCUMULATES ACCOUNTING
INFORMATION THROUGH ITS VARIOUS
TRANSACTIONS
ACCOUNTING IS
A LANGUAGE ACCOUNTING INFORMATION SYSTEM
PROCESSES THE FINANCIAL
THAT
INFORMATION & PREPARES THE
COMMUNICATES REPORTS
VITAL
INFORMATION
STAKEHOLDERS OR USERS
TO USERS FOR REVIEW THE REPORTS & MAKE
DECISION DECISIONS
MAKING
PURPOSES

5. BASIC ACCOUNTING OR BOOKKEEPING
FINANCIAL ACCOUNTING
Cost ACCOUNTING
MANAGERIAL ACCOUNTING
AUDITING
FUND ACCOUNTING [GOVERNMENT/NON-PROFIT]
TAX ACCOUNTING

6. BASIC ACCOUNTING OR BOOKKEEPING
AUDITING
FINANCIAL ACCOUNTING M ACCOUNTING
COST ANAGERIAL
TAX ACCOUNTING
FINANCIAL ACCOUNTING
BOOKKEEPING IS THE
DEALS WITH INDEPENDENT
FUNDCCOUNTING
A ACCOUNTING
DEALS WITH RECORDING,
Cost ACCOUNTING DEALS WITHACTIVITY OF
ROUTINE TAXTHE
VERIFICATIONMATTERS
INVOLVES AND
IS THECLASSIFYING, OF
DEALS WITH THE
PRESENTATION
RECORDING &
PREPARATION ,
EXAMINATIONFIRMS
AFFECTING OF THE
FINANCIAL & OR -
ADMINISTRATIONNONUSE
SUMMARIZING THE
MANAGERIAL ACCOUNTING
(CLASSIFYING &
INTERPRETATION&
PARTNERSHIP OF
ACCOUNTING RECORDS
FINANCIAL /COMMUNITY
OF PUBLICMATERIALS,
DETAILS INFORMATION
CORPORATION),
FINANCIAL STATEMENTS
SUMMARIZING BUSINESS
FOR THE PURPOSE OF
AUDITING LABOR & OVERHEAD
FUNDS TO BRING ABOUT
PRIMARILY FOR
INDIVIDUALS, TRUSTS AND
PRIMARILY INTENDED FOR
GIVING AN OPINION A
TRANSACTIONS IN ON
MANAGEMENTPEOPLE
SERVICE TO TO ASSIST
NECESSARY TO
FUND ACCOUNTING [GOVERNMENT/NON-
ESTATES
EXTERNAL USERS
SYSTEMATIC MANNER
THE FAIRNESS OF THE
PROFIT]
PRODUCE/SELL A
IN THEIR VARIOUS
FINANCIAL STATEMENTS
TAX ACCOUNTING FUNCTIONS
PRODUCT

7.  STAKEHOLDER  OWNER OR INVESTOR
IS A PERSON OR IS ONE WHO PUTS
ENTITY WHO HAS CAPITAL (SUCH AS
A “STAKE” OR MONEY OR PROPERTY) IN
INTEREST IN THE A BUSINESS VENTURE WITH
ECONOMIC THE OBJECTIVE OF
PERFORMANCE RECEIVING A RETURN ON
OF A BUSINESS CAPITAL OR INVESTMENT

8.  MANAGER IS RESPONSIBLE FOR
ORGANIZING, PLANNING, DIRECTING AND
CONTROLLING THE OPERATION OF THE BUSINESS
 LENDER ASSESSES THE ABILITY OF THE BUSINESS
TO PAY THE PRINCIPAL DEBT AND THE ADDITIONAL
CHARGE CALLED INTEREST
 SUPPLIER OFFERS GOODS OR MERCHANDISE ON
THE PAYING ABILITY OF THE BUSINESS

9.  GOVERNMENT USES THE ACCOUNTING REPORTS IN
SEVERAL WAYS: AS A TAX COLLECTOR, REGULATORY
BODY, AS A CUSTOMER
 EMPLOYEE WANTS HIGHER
WAGES, BENEFITS, GOOD WORKING CONDITIONS AND
A REVIEW OF FINANCIAL REPORTS WILL ENABLE ONE TO
ASSESS THE ABILITY OF THE COMPANY TO GRANT THESE
DEMANDS
 CUSTOMER ASSESSES THE COMPANY’S ABILITY TO
CONTINUOUSLY SUPPLY THE GOODS THEY NEED AT THE

10. THE FRAMEWORK DEALS WITH THE
OBJECTIVE OF FINANCIAL STATEMENTS
QUALITATIVE CHARACTERISTICS OF FINANCIAL
FOLLOWING
STATEMENTS
DEFINITION, MEASUREMENT & RECOGNITION OF
THE ELEMENTS OF THE FINANCIAL STATEMENTS
CONCEPTS OF CAPITAL AND CAPITAL
MAINTENANCE

11. UNDERSTAN FRAMEWORK FOR THE PREPARATION
THE COMPARAB
RELEVANCE RELIABILITY
DABILITY ILITY
AND PRESENTATION OF FINANCIAL STATEMENTS
• TERMINOLOGIES • QUALITY OF • FAITHFUL • HELPS ONE
MUST BE CLEAR , AMONG OTHERS, THE ATTRIBUTES OR
DESCRIBES INFORMATION REPRESENTATION IDENTIFY
ORM AND THAT & SUBSTANCE
• FCHARACTERISTICS MAKE A FINANCIAL INFORMATION
WILL CHANGES
PRESENTATION DIFFERENCE TO OVER FORM TAKING PLACE
MUST POSSESSA TOSTATEMENT THEM TRUSTWORTHY AND
MUST BE MAKE • NEUTRALITY IN THE ENTITY
USER • CONSISTENCY
USEFUL IN MAKING HAVE • PRUDENCE
ORDERLY
• MUST
INFORMED JUDGMENT AND
• UNIFORMITY
DECISION. THE FRAMEWORK
FEEDBACK IDENTIFIES FOUR
VALUE AND
PRINCIPLE : UNDERSTANDABILITY,
ATTRIBUTES
PREDICTIVE
RELEVANCE, RELIABILITY & COMPARABILITY
VALUE

12.  PRINCIPLES ARE BROAD LAWS OR RULES ADOPTED
AS GUIDES TO THE CONDUCT & PRACTICES OF THE
PROFESSION
 GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES (GAAP) ARE WIDELY ACCEPTED SET
OF RULES, CONVENTIONS, STANDARDS, AND
PROCEDURES USED IN IDENTIFYING, MEASURING
& REPORTING FINANCIAL INFORMATION

13. ACCRUAL
BUSINESS OBJECTIVITY
EXCHANGE DISCLOSURE
GOING
CONCEPT
ENTITY CONCEPT
PRICE OR CONCEPT
CONCERN
CONCEPT
• REQUIRES THAT COST THAT
• REQUIRED CONCEPT
• ADEQUATE
FINANCIAL
• ASSUMES THAT A CONCEPT
ASSETS ACQUIRED DISCLOSURES MAY
• BASED ON THIS
STATEMENTS BE MUST BE BE PRESENTED IN THE
BUSINESS ENTERPRISE PREMISE, IT IS
PREPARED UNDER • ASSETS, LIABILITIES,
VERIFIABLE AND FINANCIAL
IS SEPARATE & EXPECTED THAT THE
THE ACCRUAL BASIS REVENUES &
SUBSTANTIATED STATEMENT OR ITS
DISTINCT FROM THE BUSINESS WILL
EXPENSES SHOULD
BY DOCUMENTS BE ACCOMPANYING
OWNER OR CONTINUE TO EXIST
RECORDED BASED
SUCH AS NOTES
INVESTOR INDEFINITELY
INVOICES, VOUCHER
ON COST
S, OFFICIAL RECEIPTS

14. 21ST CENTURY
ACCOUNTING
PROCESS
THANK
YOU!
ZENAIDA
VERA CRUZ
MANUEL