It is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

They are “artificial persons” responsible for economic resources (scarce goods, limited supply, can command a price); includes both profit-oriented as well as not-for profit entities.

An external user of accounting whose primary role is to regulate business. They are studying the financial statements to determine the amount of taxes payable.

It  is the process of systematically maintaining a record of all economic business transactions after they have been identified and measured.

It is the examination of  financial statements by independent certified public accountant for the purpose of expressing opinion as to the fairness with which the financial statements are prepared.

It is the examination of financial statements by independent certified public accountant for the purpose of expressing opinion as to the fairness with which the financial statements are prepared.

“It is an entity organized by people with similar needs to provide themselves with goods or services or to jointly use available resources to improve their income.

It is owned by a single individual who is singly responsible for running the business and is accountable for all debts and obligations of the business.

It is an agreement between two or more persons to contribute money, property or industry to a common fund with the intention of dividing the profit among themselves.

It is an artificial being created by operation of law, having the right of succession and the powers and attributes and properties expressly authorized bylaw or incident to its existence.

The business is viewed as a separate person, distinct from its owner(s)

Under this concept, the cost of processing and communicating information should not exceed the benefits to be derived from it.

This is the analytical function of accounting. Communicating the results to potential users.

It is a branch of accounting primarily handling the recording of financial transactions of a business and the preparation of financial statements.

It is the body authorized by law to promulgate rules and regulations affecting the practice of accountancy profession in the Philippines.