QUIZ 1 CFAS

What is the law regulating the practice of accountancy in the Philippines?

• RA No. 9298

• RA No. 9198

• RA No. 9928

• RA No. 9892

It is the body authorized by law to promulgate rules and regulations affecting the practice of the accountancy profession in the Philippines.

• Board of Accountancy

• Philippine Institute of Certified Public Accountants

• Securities and Exchange Commission

• Financial Reporting Standards Council

What are the three main areas in the practice of the accountancy profession?

• Public accounting, private accounting, and managerial accounting

• Auditing, taxation, and managerial accounting

• Financial accounting, managerial accounting, and corporate accounting

• Public accounting, private accounting, and government accounting

What is the primary service of CPAs in public practice?

• Auditing

• Taxation

• Managerial accounting

• Controllership

Accountants employed in entities in various capacity as accounting staff, chief accountant, or controller are said to be engaged in

• Public accounting

• Private accounting

• Government accounting

• Financial accounting

It is the area of the accountancy profession that encompasses the process of analyzing, classifying, summarizing, and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.

• Internal auditing

• External auditing

• Private accounting

• Government accounting

Which statement is incorrect in relation to the practice of public accounting?

• Single practitioners for the practice of public accounting shall be registered CPAs in the Philippines.

• Partners of partnership formed for the practice of public accounting shall be registered CPAs in the Philippines.

• The Securities and Exchange Commission can register any corporation organized for the practice of public accounting.

• The Professional Regulation Commission upon favorable recommendation of the Board of Accountancy shall issue certificate of accreditation to CPAs in public practice provided the registrant has acquired a minimum of three years of meaningful experience in public practice.

All of the following are represented in FRSC, except

• Board of Accountancy

• Securities and Exchange Commission

• Commission on Audit

• Department of Budget and Management

The Philippine Financial Reporting Standards collectively include

• PFRS corresponding to IFRS.

• PAS corresponding to IAS.

• Philippine Interpretations corresponding to IFRIC and SIC Interpretations and Interpretation developed by PIC.

• All of the choices are included in the Philippine Financial Reporting Standards.

The International Accounting Standards Board was formed

• To enforce IFRS in foreign countries

• To develop a single set of high quality IFRS

• To establish accounting standards for multinational entities

• To develop accounting standards for countries that do not have their own standard-setting bodies