What is the "P" in _____ Financial Reporting Standards (PFRS)?
Philippine
5
This is also called conservatism.
Prudence
5
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
5
This must be recorded in the accounting period in which they are incurred.
Expenses
5
____ are determined using professional judgement, study of historical data, and thorough research.
Estimates
5
Who needs to report consistently to decide if he or she will still keep his or her ownership interest in the company.
Owner
5
Who need to report consistently to decide if it is still beneficial to transact with the company.
