Question: Do not worry I will get only some ideas. Thank you in advance to that person that will answer this. Keep safe! Answer each questions

Do not worry I will get only some ideas. Thank you in advance to that person that will answer this. Keep safe! Answer each questions

  1. What is the importance of financial statements in business?
  2. What happens if companies do not practice the proper recording of transactions and events?
  3. What is the importance of accounting?
  4. What are the historical developments of accounting from Sumerian Times to Modern Accounting?
  5. Explain at least one (1) function of any accounting standard-setting bodies for financial reporting in the Philippines.
  6. Enumerate the two (2) qualitative characteristics for financial reporting and its subtopics.

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