CFAS reviewer (up to PAS 33)

accounting is

important activities included in the definition of accounting

process of analyzing events and transactions if they will be/not be recognized

process of including effects of an accountable event through journal entry

one that affects the ALICEof an entity

true of false

accountable events are not recognized

true or false

sociological matters are not recognized while psychological matters are recognized

types of external events

where can you record non-accountable event that has an accounting relevance?

true or false

non-accountable events are recognized and disclosed only in the notes.

events that involve an entity and another external party

one way transaction in that the party giving something does not receive anything in return, while the party receiving does not give anything in exchange

an event wherein there is a reciprocal giving and receiving of economic resources or discharging of obligations between an entity and an external party.

an event involves changes in the economic resources or obligations of an entity caused by an external party or source but does not involve transfers of resources or obligations

an internal event that is a process by which resources are transformed into finished goods

event that do not involve an external party

an unanticipated loss from disasters or other similar events

assigning numbers (normally in Monetary terms), to an economic transaction and events

commonly used measurement bases

what consists of a mixture of costs and values according to financial statement prepared

true or false

financial statements are said to be a mixture of fact and opinion

a measurement is affected by estimates, the items measured are to be valued by

a measurement is unaffected by estimates, the items measured are to be valued by

process of transforming economic data into useful accounting information, such fs and other accounting reports, for dissemination to users.

tree aspects of communicating