QUALI

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

  Accounting Standard Council
• It is the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information.

  American Accounting Association
• It is an art of recording, classifying, summarizing in a significant manner and in terms of money, transactions, and events which are in part at least, of a financial character, and interpreting the results thereof.

  American Institution of Certified Public Accountant
• this is the phase of accounting which involves the routine and mechanical process of writing down transactions.

  Recording
• Writing down the business transactions and events in the books of accounts in a chronological manner.


  Journalizing
• this involves of selecting economic events that are relevant to a particular business transaction.

  Identifying
• This is the phase of accounting which involves the completion of the financial statements and the accounting requirements as well. This starts from striking of a trial balance, plotting down of adjusting entries in the worksheet and the preparations of closing entries, post-closing trial balance and reversing entries.


  Summarizing
• This is the phase of accounting which involves sorting or grouping of similar and interrelated transactions and events into their respective kind and classes.

  Classifying
• The process of transferring the entries from the journal to the ledger.

  Posting
• This is the phase of accounting which involves the analytical and interpretive works.

  Interpreting
• Assigning of monetary values involved in a transaction, we used the peso as the common financial denominator.

  Measuring
• "Dual effect", normally the value received and the values involved in a transaction.


  Analyzing
• The process of recording "systematically" the business transactions in a "chronological manner".

  Bookkeeping
• "it follows procedures and principles"

  systematic
• Transaction are recorded in "order of the date of occurrence"

  chronological
• requires complete and accurate bookkeeping records necessary in the performance of its responsibility which is the analysis and interpretation of the financial reports.

  Accounting
• concerns primarily in describing the financial resources, obligations, and activities of an economic entity resulting to the preparation of general purpose financial reports on financial position and operating results.

  Financial Accounting