CFAS

This is the revised conceptual framework made by IASB to ensure uniformity in interpretation in various accounting methodologies

• March 2019

• April 1998

• March 2018

• April 2020

Two types of accounting

• Financial and Tax accounting

• Financial and Management accounting

• Financial and Ledger Accounting

• Financial and Cost Accounting

what is Financial Accounting is primarly for, and does it comply with GAAP?

• Internal Users and Does not comply with GAAP

• Internal Users and Complies with GAAP

• External Users and Does not comply with GAAP

• External Users and complies with GAAP

What does management accounting primarly use for, and does it comply with the GAAP

• Internal users and does not comply with gaap

• Internal users and complies with gaap

• External users and complies with gaap

• External users and does not comply with gaap

This is the primary focus of financial accounting

• Report on the companies accounting principles

• To prepare financial statements that will be presented to their present and potential investors

• To gain monetary value

• To prepare financial statement that will be presented to the employees and managers

What is the first prepared financial statement and the first presented financial statement

• Statement of Changes in Equity and Statement of Cash flows

• Statement of Profit and Loss or Statement of Comprehensive Income and Statement of Changes in Equity

• Statement of Changes in Equity and Statement of Financial Position

• Statement of Financial Position and Statement of Profit and Loss or Statement of Comprehensive Income

This is called _____ financial statements based on gathered information from business transactions

• Presentation

• Preparation

• Faithful Representation

• Relevance

This is called _____ financial statements which can be useful to various users

• Presentation

• Preparation

• Faithful Representation

• Relevance

This is provides information about its parent and student subsidiaries as a single entity.

• Unconsolidated Financial Statements

• Combined Financial Statements

• Consolidated Financial Statements

• Notes to Financial statements

This is provides information about its parent only

• Unconsolidated Financial Statements

• Combined Financial Statements

• Consolidated Financial Statements

• Notes to Financial statements