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FAR Chapter1 - Final
FAR Chapter1 - Final
FAR Chapter1 - Final
THE BUSINESS
Service Provider
Merchandising Business
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Chapter 1 – The Accounting and Business Environment
Manufacturing Business
Sole Proprietorship
Partnership
individual income tax return to form part of his personal total taxable
income. Furthermore, a partnership’s life is limited, because, in
accordance with Philippine laws, it is dissolved by any of the following
causes: death, insolvency, insanity, retirement or incapacity of a partner,
withdrawal of an existing partner, and admission of a new partner. It is
also dissolved by partners’ will.
Corporation
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Chapter 1 – The Accounting and Business Environment
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Chapter 1 – The Accounting and Business Environment
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Chapter 1 – The Accounting and Business Environment
supplies, hence they need information that would help them assess the
‘going concern’ status of their suppliers.
6. The public as a whole. The public may wish to assess the effect of an
entity’s operations to the national economy. For example, the entity
may provide employment to the local community or has corporate
social responsibility programs for the society.
To protect the interest of this wider group of users who may not
have immediate opportunity for verification of information, the financial
statements must be prepared in accordance with the prescribed reporting
framework to ensure that such information is both relevant and
representationally faithful.
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Chapter 1 – The Accounting and Business Environment
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Chapter 1 – The Accounting and Business Environment
a) is a Filipino citizen;
b) is of good moral character;
c) is a holder of the degree of Bachelor of Science in Accountancy
conferred by a school, college, academy or institute duly
recognized and/or accredited by the CHED or other authorized
government offices; and
d) has not been convicted of any criminal offense involving moral
turpitude.
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Chapter 1 – The Accounting and Business Environment
DISCUSSION QUESTIONS
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