Glossary of Terms

Accounting Information System (AIS) -is a structure that a business uses to collect, store,

manage, process, retrieve and report its financial data so that it can be used by accountants,

consultants, business analysts, managers, chief financial officers (CFOs), auditors, regulators and

tax agencies. (www.investopedia.com/articles/professionaleducation/11/accounting-information-

systems.asp)

Bureau of Internal Revenue (BIR) - is an agency of Department of Finance tasked in the

reduction and collection of all internal revenue taxes, fees and charges; and enforcement of all

forfeitures, penalties, and fines connected therewith, including the execution of judgments in all

cases decided in its favor by the Court of Tax Appeals and the ordinary courts; It shall also give

effect to the administer supervisory and police powers conferred to it by the National Internal

Revenue Code and special laws.

(en.wikipedia.org/wiki/Bureau_of_Internal_Revenue_(Philippines)

Filing Reference Number - A system generated filing reference number (FRN) is issued for

every successful filing transaction. The reference number is embedded on the upper right hand

corner of the return, which shall serve as your proof for e-filing.

(https://efps.bir.gov.ph/eFPSFAQ.html)

Financial Reporting - is the process of producing statements that disclose an organization's

financial status to management, investors and the government. It is the financial results of an

organization that are released to the public.

Generally Accepted Accounting Principles (GAAP) - is a collection of commonly-followed

accounting rules and standards for financial reporting. The specifications include definitions of

concepts and principles, as well as industry-specific rules.

Hotel Management System - is a local hotel administration system used for reservation,

availability and occupancy management, check-in/out, images, guest profiles, report generation

etc. This application is used in-house (in an individual hotel) to control the onsite property

activities. (//www.xotels.com)

Philippine Financial Reporting Standards (PFRS)/Philippine Accounting Standards (PAS)

- are the new set of Generally Accepted Accounting Principles (GAAP) issued by the

Accounting Standards Council (ASC) to govern the preparation of financial statements.

(https://whatis.techtarget.com/definition/GAAP-generally-accepted-accounting-principles)

Point of Sale System – A computerized network operated by a main computer and linked to
several checkout terminals.  It is a combination of hardware and software built to centralize
business operations, manages business transactions, including credit card processing, and the
post-transaction operations. (https://www.entrepreneur.com/encyclopedia/point-of-sale-pos-
system)