ABM1_Concepts and Principles.pptx

2. Accounting
Government
Accounting
Private
Accounting
Accounting
Education
Public
Accounting
• External Auditing
• Tax Preparation
and
Planning
Services
• Management
Advisory Services
• Financial
Accounting
• Cost Accounting
• Budgeting
• Accounting
Information
System
• Tax Accounting

4. The accountant performs or offers to perform any activity that will result to
the issuance of an attest report that is in accordance with the professional
Standards.
Consulting services Personal Financial
Planning services
Preparation of tax
returns Advice on tax matters for
a fee
Public accountant works in a firm offering its services to various clients.

5. Public accountants examine the financial statements in
order to express an opinion whether statements have been
fairly presented or not.
External
Auditing
Tax preparation and
Planning Services
CPAs offer tax services wherein the advise and help their
clients in tax planning and preparing tax returns. They are
“Tax specialist”.
Management
Advisory Services
CPAs advises management on matters such as the
installation of an accounting system, finance, budgeting,
business processes, introduction of new products and other
business activities.

6.  Involves setting up systems of recording business transactions that are
aggregated into financial statements.
 It includes the development and interpretation of accounting information
intended to assist management in operating the business.
 A private accountant is a salaried employee who deals with the company’s day-
to-day accounting needs.
 He/she is trained in the processing of accounting transactions such as billings and
account payables.

7.  Provides economic and financial information for
investors , creditors and other external users.
Financial
Accounting  End with the preparation and presentation of general
purpose financial statements.
Cost
Accounting
 It focuses on accumulating manufacturing costs for
financial reporting and decision-making purposes.
 The primary role of a cost accountant is to determine
the inventory cost for financial reporting purposes.
Budgeting
 Provide a detailed collection and reporting of the
expenditures and revenues in a business company
operations.

8.  Collects and processes transaction data. It involves the
designing of both manual and computerized data
processing systems.
Accounting
Information
System
Tax
Accounting
Internal
Auditing
 It deals with the preparation of various ax returns and
doing tax planning for the business.
 Reviews the business operations to check if they are
complying to management policies.

9.  A system used in government offices to record and report financial transactions.
 Reveals how public funds have been generated and utilized.
 Employed both national and local governments
 Provincial accountant  COA Auditors to various
agencies
 BIR examiner to local
and national businesses
 A budget officer of the
DBM
 A bank examiner of
bangko Sentral ng Pilipinas

10.  Responsible of training future accountants.
 It engages teaching accounting, financial management, taxation, and other related
business course.
 CPAs are encourage to be part of the academe and become an integral force of
inspiring learners pursue a career in accounting.
 CPAs in accounting educations should possess the educational qualifications,
professional experience, classroom teaching ability, computer literacy, scholarly
research productivity and other attributes.

11. Which of the
Branches of
accounting do you
want to engage into?