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General Features of Financial Statements

The general features in the preparation and presentation of financial statements are: 1. Fair presentation 2. Going Concern 3. Accrual ...
Fair Presentation

The financial statements shall present fairly the financial position, financial performance, and cash flow of an entity. Fair presentatio...
Going Concern

Going concern means that the accounting entity is viewed as continuing in operation indefinitely in the absence of evidence to the contrary...
Services rendered by a Public Accountant in the Philippines

Auditing has traditionally been the primary service offered by most public accounting practitioners. Auditing or specifically external a...
Luca Pacioli: Father of Accounting

Luca Pacioli was one of the greatest men of the Renaissance. He is also one of the least well known. This is surprising, for Luca Paciol...
Objective of Financial Reporting

The overall objective of financial reporting is to provide information that is useful for decision making. Specifically, the AICPA Financ...
Objectives of a Business Enterprise

It is commonly known that a business enterprise cannot hope to accomplish anything else and continue to exist, unless it meets the two basic...