These are prepared under the Accruals Concept of accounting which requires that income and expense must be recognized in the accounting periods to which they relate rather than on cash basis.
Financial Statements
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5
This must be recorded in the accounting period in which they are incurred.
Expenses
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5
____ are determined using professional judgement, study of historical data, and thorough research.
Estimates
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thief
Give points!
5
10
15
20
25
magnet
Take 15 points!
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shark
Other team loses 10 points!
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baam
Lose 10 points!
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5
What does IFRS stand for?
International Financial Reporting Standards
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5
Who needs to report consistently to decide if he or she will still keep his or her ownership interest in the company.
Owner
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monster
Reset all scores!
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rocket
Go to first place!
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shark
Other team loses 5 points!
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thief
Give points!
5
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25
5
What is the "P" inย _____ Financial Reporting Standards (PFRS)?
Philippine
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boom
Lose 50 points!
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rocket
Go to first place!
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fairy
Take points!
5
10
15
20
25
lifesaver
Give 25 points!
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5
Who need to report consistently to decide if it is still beneficial to transact with the company.