Quiz bee fabm

• On 8500BC, Archeologist found a certain clay, Tokens such as cones, disks, spheres and pallets in Mesopotamia Iraq


  PRIMITIVE ACCOUNTING
• • In 1494, the art of Systematic bookkeeping appeared in Venice
  • Wher, FRA LUCA PACIOLI was called Farther of Accounting
  • He made a book called '' Everything about arithmetic, Geometry, Proportions and Proportionality''
  • In 15th Century, Benedetto Contrugli, made a book on Record Keeping 


  MIDDLE AGES
• It is also know as Language of Business

  Accounting
• To provide quantitative information

  Accounting Standard Council (ASC)
• Accounting is the art of Recording, Classifying and Summarizing

  American Institute of Certified Public Accountant(AICPA)
• Accounting is a process of Identifying, Measuring, and Communicating

  American Accounting Association (AAA)
• Three elements of definition of accounting

  Identifying

  Measuring

  Communicating
• It is the recognition or non recognition of business activities as accountable events

  Identifying
• Is the assigning of peso amounts to the accountable economic transaction and events

  Measuring
• • Universal language of business
  • Process of preparing and distributing account reports

  Communication
• It is also known as record keeping 

  Recording
• The process of recording transaction is called

  Journalizing
• Sorting and grouping similar names under the designated name, category or account

  Classifying
• Preparation of Financial statements

  Summarizing
• Concerned with analyzing financial data

  Interpreting
• The one who record

  Accountants
• Philippine Accountancy was recognized as profession on March 17, 1928 after ACT no. 3105 was approved

  Don Vicente Fabella was the first Filipino CPA

  Belen Enrile was the first Filipina CPA
• They are the one who is responsible for preparing and grading Philippine CPA examination

  Board of Accountancy
• Exam is offered twice a year MAY

  and OCTOBER
• Professional Regulation Commission (PRC) the one who administers the licensing of all professional in the Philippines
• Financial Reporting Standard Council (FRSC) a body under BOA
• Philippine Institute of Certified Public Accountant is a private accounting
• The person within the business

  Internal Users
• This person is outside the business

  External Users
• To determine whether they should buy it, hold or sell their investment

  Investors
• To be able to know if the company can still provide their salaries or benefits

  Employees
• To determine whether the loans or debts will be paid when due

  Lender or Creditors
• Determining whether the company id complying with the correct minimum return

  Government and it's Agency
• In order to determine the continuance of an enterprise

  Customers
• To know about the trends and recent development

  Public
• Concern on national fund

  Government accounting
• Focus on financial statement

  Financial Accounting
• Use of management

  Management accounting
• Cost of producing specific products and services

  Cost Accounting
• Fairness and reliability of the reports

  Auditing
• Educate the student in the fields of accountancy

  Accounting Education
• Gathering information and data for the development

  Accounting Research
• Selling intangible Products

  Service Business
• Buy and sell

  MERCHANDISING BUSINESS
• Buying raw materials and convert it into finished product

  Manufacturing Business