LESSON 1

Name: Edure C. Tidalgo Course & Yr: BSREM 1

1. DEFINE Accounting.

Accounting is the process of identifying, measuring, and communicating economic information

to permit informed judgement and decision by users of the information. Accounting is about
quantitative information that are financial in nature and are useful in decision making .

2. Give three examples of decisions or questions that can be supported by accounting information

 Do we have a profit for the month or a loss?

 Do we make or buy the item?
 Do we continue operations for this business or shut down?

3. a. Compliance with filing of income tax returns - Tax Accounting

b. Investigation of accounting transaction records due to confirmed discrepancies- Forensic

Accounting

c. Analysis of cost incurred in operations- Cost Accounting

d. Development of curriculum in accounting in educational institutions- Accounting Education

e. Review of transactions on record in accordance with set rules and policies- Auditing

f. Management of another person’s properties and investments -Fiduciary Accounting

g. Preparation of financial statements for submission to a government regulatory body-

Government Accounting

h. Accounting of transactions involving public fund disbursements- Government Accounting