Cherry Antonette Almonte

ACT 225

22. Preventative costs are any costs incurred by a company with the intention of
reducing the incidence of product or service errors. The ability to operate in daily life
requires certain abilities, which rehabilitation can help you regain, preserve, or develop.
The employee is spoken to in order to improve their behavior or performance after
previous methods like coaching and performance reviews have failed.

23. How does a business firm address the above changes:

Preventive and protection cost…

- Nowadays, businesses always impose a no-paper-bags-allowed policy. Meaning

that they maximize their costs while while safeguarding the environment.

Rehabilitation…

- Some commercial and industrial facilities adopt the reuse, reduce, and recycle
strategy to conserve and recycle their materials.

Corrective…

- Proper segregation and solid waste management.

24. A 21st-century businessperson needs to be innovative, risk-taking, adaptable, and

have solid governance and transparency.

25. White Hat - We are acting in a white-hat approach when we only take into account
the information at hand. the clear facts and information.

Red Hat: We wear the red hat while we are thinking with fiery red emotion. It supports
the use of intuition and gut feelings, despite the fact that they are not based on verified
facts.

Black Hat - We don the black hat when our attention is on unpleasant black notions.
when we have an excessive amount of caution, defense, and pessimism.

Yellow Hat - This helps you see the value of the choice, together with all of its benefits
and the opportunities it creates. The yellow hat strategy might help you endure when
everything seems difficult and hopeless.

Green Hat: We wear our green hats when we want to focus on creative ideas and see
where a choice or an opportunity might develop.
Blue Hat: When we wish to organize our thinking and decision-making, we put on the
blue hat.

26. A businessperson or accountant needs the following skills:

• Capability of data analysis

• Information about standard business procedures

• Capability to think critically

• Effective time management and delegating

27. Career options include:

• Accounting Public

Consultant in Management

- Financial Consultant

• Business Accounting

- Accountant, Financial

Auditor internal

Finance Officer

• Accounting for the government and nonprofits

• Education and research

- Researcher

- Professor of Accounting

28. The things you need to do to succeed as a CPA

• Possessing a degree in accounting or a specific amount of accounting units

• Had finished and passed the CPA licensing test.

• A grade of at least 75% is needed to pass each exam section.

29. In contrast to cost accounting, which deals with the recording and analysis of cost
data, managerial accounting is the internal process used to keep track of business
operations. Financial accounting, on the other hand, involves the gathering of
accounting data in order to create financial statements.
30. Responsibilities or roles of the following:

• External Auditor – An external auditor reviews the financial records of a company and
then offers their conclusions. The task of the external auditor is to carry out operational
audits, examine financial records for fraud and errors, report findings, and offer
recommendations.

• Accountant: Among the financial duties performed by an accountant are the

gathering, accuracy, recording, analysis, and presentation of a business, organization,
or company's financial operations.

• The controller is crucial to the company's financial health since it guides strategic
financial choices.

• Tax Officer – The tax officer's responsibilities include preparing tax returns, reviewing
tax legislation, monitoring market trends, and filing tax reports.

• Budget Officer: Responsible for planning, allocating, and organizing monitoring

resources.

• Management Consultants are responsible for helping businesses solve issues, create
value, maximize development, and improve operational effectiveness.

• Internal auditor – Qualified professional responsible with providing objective

evaluations of a company's operational and financial business activities.

• Fraud Examiner – The Fraud Examiner, Investigator, and Analyst will assist in the
settlement of fraud allegations by gathering information, taking testimony, preparing
reports, writing and producing reports, and testifying on findings.

31. GSIS- Created and founded to manage its resources and carry out the regulations
governing the social security and insurance benefits of all public employees.

BIR- You will be responsible for completing tax forms, understanding tax laws,
monitoring market movements, and creating tax reports.

32. Education Technical Council- Assist the board in attaining the objective of
continuously improving accountancy education in the Philippines to make Filipino CPAs
competitive on a worldwide scale. Created by PRC following a suggestion from BOA.

Continuing Profession Education Council- is used to describe the credits professionals

receive for participating in specialized training in fields like IT.

Financial Reporting Standard Council- In order to improve government accountability, it

establishes federal financial accounting and reporting standards that are in line with
industry best practices.
Quality Review Council- the fundamental objective of the evaluation is to confirm that
our policies and processes comply with, and ideally exceed, international requirements
for quality assurance.

Philippine Interpretation Council- help the FRSC create and improve Philippine financial
reporting standards with assistance from the Philippine Interpretation Council. The main
duty of the PIC is to give PFRSs implementation guidance.

33. The information contained in a company's financial statements is measured,

recognized, displayed, and disclosed according to a set of rules called an accounting
framework.

34. To develop IFRS Standards in order to make global financial markets more effective,
accountable, and transparent. Our work serves the public interest by encouraging trust,
growth, and long-term monetary stability in the global economy.

35. Procedures and organizations must provide results that meet social needs while
making the best use of available resources if they want to be regarded as engaging in
good governance.

Adopting Good Governance Practices

- Matching objectives with strategies

- Being responsible

- A high level of ethics

36. People

Examples:

 Customers
 Vendors
 Suppliers
 Advisers
 Partners
 Investors

Process-

 Delivering a service
 Creating a product
 Making a sales presentation
 Responding to emergencies
 Answering the phone
  Providing information to customers
 Keeping track of supplies on hand

Product- Your company's main selling point is its product. It might actually be
something you can hold in your hand. Or it might be a service that just makes its
results visible.

37. Everyone involved in accounting can prevent misusing financial information or their
managerial position by adhering to certain standards and laws imposed by governing
organizations. What is meant by ethics is this. Accountants are required by ethical
standards to obey the laws and regulations that govern their fields of expertise and
competence.

38. The 6 Ethical Standards:

• Autonomy - The capacity for independent thought, judgment, and action

individual choice made with freedom.

• Beneficence - In terms of bioethics, this term refers to promoting what is best for the
patient. demonstrates the moral importance of being friendly to others.

• Non-maleficence: Often described as the complete opposite of beneficence. It

argues against harming patients in any way.

• Justice: A four-part principle that includes retributive justice, respect for the law,
distributive justice, and respect for rights.

• Fidelity- This term refers to respecting agreements made between a doctor and a
patient as well as fulfilling the patient's realistic expectations with regard to respect,
competence, adherence to a professional code of conduct, and other elements.

• Truth telling- This phrase refers to the courteous and respectful disclosure of
information.

39. Accounting fraud examples discovered in financial statements:

• Inflating income by documenting anticipated future sales

• Falsely reporting assets and liabilities

40. Environmental and social projects carried out by businesses:

• Windmills

• Recycle items and plastics

41. Financial reports that cover social costs and expenses include:

• Financial Measures

- Examples of quality advancements include advancements in product manufacture and

packaging, inspection costs, waste, and scarps.

• Non-financial Measures

A Company whose staff members donate their time to pack and distribute food and
other supplies to typhoon and fire victims.

42. Expenses and Costs Related to the Environment Included in the Financial Reports:

• Cost of prevention or protection

• Cost of correction or rehabilitation