Author Archives: admin_H.R. Albia
2.2 Monetary Measurement Concept
The Monetary Measurement Concept simply means that accounting records only transactions and activities that can be measured in money. In the Philippines, accounting information is normally measured using Philippine Pesos. This means accounting focuses on financial activities such as: However, … Continue reading
2.1 Business Entity Concept
One of the very first things I learned in accounting — and something I constantly remind business owners about — is that the business and the owner should be treated separately. This is called the Business Entity Concept. In simple … Continue reading
1.7 Accounting in a Business Environment
In reality, accounting is everywhere in a business—even if you don’t notice it. Every time you: —you are already using accounting. From my perspective: In Operations Accounting tracks daily activities. In Compliance It ensures proper reporting to the Bureau of … Continue reading
1.6 Limitations of Accounting Information
Although accounting is highly valuable, it is important to recognize its limitations. As a CPA practitioner, financial reports should never be interpreted blindly without professional judgment. Accounting Is Based on Historical Information Financial statements mainly reflect past transactions. They do … Continue reading
1.5 Accounting and Bookkeeping Distinguished
This is one of the most common misunderstandings, especially among small business owners. Let me explain it simply: For example: As an accounting manager, I analyze and interpret data. As a CPA, I use those records to: Think of … Continue reading
1.4 Importance of Accounting in Businesses Operations
In real business practice, accounting affects nearly every business decision. As an Accounting Manager, accounting is not only about preparing reports. It is about helping management understand: Many businesses fail not because sales are low, but because: Accounting supports business … Continue reading
1.3 Users and Uses of Accounting Information
One of the realities in business is that accounting information affects many people beyond the owner of the company. As a CPA practitioner, I have seen how financial reports influence: Because of this, accounting information carries significant responsibility. Internal Users … Continue reading
1.2 Accounting as a Business Information System
In real business operations, accounting works like the “information center” of a company. It gathers financial information from different business activities and converts them into reports that management can use. Every day, businesses generate financial data through: Accounting organizes all … Continue reading
1.1 Meaning and Nature of Accounting
When people hear the word “accounting,” many immediately think of calculators, spreadsheets, taxes, or complicated numbers. Some even think accounting is boring or only for accountants. But after years of working as an Accounting Manager and CPA public practitioner, I … Continue reading
BIR ITR FORMS BY TAXPAYER TYPE (PHILIPPINES)
1. Sole Proprietors & Professionals (Non-Incorporated) Primary ITR Form BIR Form 1701 / 1701A Key Accounting Basis CPA Tip: Many sole proprietors use the wrong form, resulting in incorrect tax computation. 2. Professionals Using the 8% Income Tax Rate Applicable … Continue reading