Accounting Concepts and Principles ii

An audit is the independent examination that ensures the fairness and reliability of the reports that management submits to users outside the business entity.

• TRUE

• FALSE

The set of guidelines and procedure that constitute acceptable accounting practice at a given time is GAAP which stands for Generally Accepted Accounting Process.

• TRUE

• FALSE

Most members of the accountancy profession are Certified Public Accountants.

• TRUE

• FALSE

The Accountant in the Philippines considers peso as the common unit of measure for all business transactions.

• TRUE

• FALSE

A professional accountant should ignore the relevant laws and regulations and should avoid any action that discredits the profession.

• TRUE

• FALSE

A professional Accountant should not allow bias, conflict of interest or undue influence of others to override professional or business judgements.

• TRUE

• FALSE

A professional accountant should respect the confidentiality of information acquired as a result of pro

• TRUE

• FALSE

The PICPA created the Accounting Standards Council (ASC) to establish and improve accounting standards that will be generally accepted in the Philippines.

• TRUE

• FALSE

All members of the accountancy profession are Certified Public Accountants.

• TRUE

• FALSE

CPAs adhere to a Code of Ethics that upholds their responsibility to serve the public with competence and integrity.

• TRUE

• FALSE