Financial Accounting

Financial Accounting Reviewers and Financial Accounting Lesson Notes

PHILIPPINE ACCOUNTING STANDARDS The Philippine Accounting Standards comprise all the rules that we need to follow in accounting. Download all the PAS standards in PDF format here. Download 1 DEFINITIONS OF ACCOUNTING TERMS There are a lot of accounting terms……

Forms of Business Organizations – Advantages and Disadvantages

FORMS OF BUSINESS ORGANIZATIONS Business organizations take on different shapes and forms. Each have their own advantages and disadvantages. There are just 4 primary forms of business organizations, and they are: Sole Proprietorship Partnership Corporation Cooperative SOLE PROPRIETORSHIP A sole…..

Cash and Cash Equivalents Multiple Choice Quiz Part 1

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Cash and Cash Equivalents Multiple Choice Quiz Part 2 (Problem Solving)

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cash and cash equivalents

What are Cash and Cash Equivalents

What are Cash and Cash Equivalents? This post tackles the topic what are Cash and Cash Equivalents, how these items are valuated, how they are presented in the financial statements, and examples of each item. CASH From the point of…..

Two Types of Inventory Systems – Perpetual and Periodic Inventory System

INVENTORY SYSTEMS Merchandise inventory is the key factor in determining cost of sales. Because merchandise inventory represents goods available for sale, there must be a method of determining both the quantity and the cost of these goods. There are two…..

Factoring of Receivables

FACTORING A financing method in which a business owner sells accounts receivable at a discount to a third-party funding source to raise. It is usually done either on a with recourse and without recourse. Factoring Without Recourse Factoring without recourse…..

Philippine Accounting Standards Download

Philippine Accounting Standards Download PDF

Philippine Accounting Standards The Philippine Accounting Standards (PAS) along with the Philippine Financial Reporting Standards (PFRS) are the current set of Generally Accepted Accounting Principles (GAAP) in the Philippines. They were issued by the Accounting Standards Council (ASC) to govern…..

petty cash fund

Petty Cash Fund

A petty cash fund may be established in a department when there is evidence that a continuing cash advance should be kept on hand to permit the purchase of low-value supplies and services that cannot be purchased under the Low-Value…..

What is Fair Market Value?

FAIR MARKET VALUE Fair Market Value or simply Fair Value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction. Moreover, fair market value is also defined…..