ACCOUNTING

Meaning: It is the process of identifying, measuring, and communicating economic information to permit informed
judgement and decision by users of the information.

Objective: To provide quantitative financial information about a business useful to statement users particularly owners
and creditors in making economic decisions.

The primary task of accountant: To supply financial information to users in order for them to make informed judgment
and better decision.

R.A. 9298, also known as PHILIPPINE ACCOUNTANCY ACT OF 2004

Board of Accountancy: Body authorized by law to promulgate rules and regulations affecting the practice of
accountancy profession in the Philippines. Responsible for preparing and grading the CPA examination.

CPA: They are required to register with the BOA and PRC for the practice of public accountancy.
Certificate: The PRC upon favorable recommendation of the BOA shall issue the CERTIFICATE OF REGISTRATION to public
accountancy.
Validity: 3 years and renewable every 3 years upon payment of required fees.

3 MAIN AREAS:
1. Public Accounting
2. Private Accounting
3. Government Accounting