Define Economic

May 20th, 2015
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Compressed natural gas (CNG) is a fossil fuel substitute for gasoline (petrol), diesel, or propane/LPG. Although its combustion does produce greenhouse gases, it is a more environmentally clean alternative to those fuels, and it is much safer than other fuels in the event of a spill (natural gas is lighter than air, and disperses quickly when released).

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Chapter 2Measuring FinancialCondition:The Balance SheetSection 2.2How Financial Statements arePrepared?Section 2.1Why one must know the accounting process:1.Accounting has a peculiar technical knowledgethat an analyst needs to understand.2.Financial statements are interrelated.3.Double-entry accounting ensures that recordingaffects two or more accounts.4.Accounting data may not be available to users in atimely way.5.Accounting involves management estimates.Basic Accounting Rules The set of accounting records is called books ofaccount. The process of recording transactions and classifyingthem into accounts is called bookkeeping. Rules of recording transactions are based on thedouble-entry system in accounting, called the debitcredit mechanism. To debit an account means torecord a transaction on the left hand side of anaccount while to credit an account means to record atransaction on the right hand side of an account.Accounting CycleRefers to the sequence of steps leading to thepreparation of financial statements. These stepsare:1.Analysis of transaction.2.Recording the transaction in a journal usingdebit-credit mechanism.3.Summarizing transactions in accounts.4.Preparation of adjusting entries.5.Preparation of financial statements.Accounting StandardsAccounting standards in the Philippines areadopted by the Philippines FinancialReporting Standards Council (PFRSC) andapproved by the Securities and ExchangeCommis

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