All of the following are represented in FRSC, except

Department of Budget and Management

Securities and Exchange Commission

The Philippine Financial Reporting Standards collectively include

All of these are included in Philippine Financial Reporting Standards.

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

The Continuing Professional Development is required for

Both renewal of CPA license and accreditation to practice the accountancy profession.

Accreditation to practice the accountancy profession.

Neither renewal of CPA license nor accreditation to practice the accountancy profession.

A CPA shall be permanently exempted from renewal of CPA license.

When practicing the profession abroad

The International Accounting Standards Board was formed

To develop a single set of high quality IFRS

To enforce IFRS in foreign countries

To establish accounting standards for multinational entities

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

The International Accounting Standards Board

Promotes the use if high-quality and understandable global accounting standards.

Has its headquarters in Geneva.

Can overrule the USA GAAP when their policies disagree.

Was the predecessor to the IASC.

The IASB declared that the merits of proposed standards are assessed.

Based on possible impact on behavior

The standard-setting process includes in the correct order

Research, discussion paper, exposure draft and accounting standard.

Discussion paper, research, exposure draft and accounting standard.

Exposure draft, research, discussion paper and accounting standard.

Research, exposure draft, discussion paper and accounting standard.

Research, exposure draft, discussion paper, and accounting standard.

Enables interested parties to express their own views on issues under consideration.

Is an efficient system for collecting dues from members.

Identifies the accounting issues that are the most important.

Requires that all CPAs must receive a copy of IFRS.

What is the due process in standard-setting body by IASB?

All of these are part of due process in standard-setting.

IASB operates in full view of the public

Public hearings are held on proposed standards

Interested parties can make their views known.

The standards published by IASB are called

International Financial Reporting Standards

International Accounting Standards

Statement of Financial Accounting Standards

What is a possible danger if politics plays too big a role in developing IFRS?

Financial reporting standards are not truly generally accepted.

Individuals may influence the standards.

The IASB delegates its authority to elected officials.

Accounting standard-setting

Can be described as a political process which reflects political actions of various interested user groups as well as a product of research and logic.

Is based solely on research and empirical findings.

Is democratic in the sense that a majority of accountants must agree with a standard before it becomes enforceable.

IFRIC Interpretations issued by IASB

All of these are true about IFRIC Interpretations.

Cover newly identified financial reporting issues not specifically addressed.

Cover issues where unsatisfactory or conflicting interpretations have developed.

Financial accounting is concerned with

General purpose reports on financial position and financial performance.

General purpose reports on changes in share prices.

Specific reports for inventory management.

Specific reports for income tax computation

Financial accounting can be broadly defined ad the area of accounting that prepares

General purpose financial statements to be used by parties both internal and external to the entity.

General purpose financial statements to be used by parties internal to the entity.

Financial statements to be used by investors.

Financial statements to be used primarily by management.

Managerial accounting emphasizes

Developing accounting information for use within an entity

Which statement is true regarding managerial and financial accounting?

Managerial accounting need not follow generally accepted accounting principles while financial accounting must follow GAAP.

Managerial accounting is generally more precise.

Managerial accounting has a future focus.

The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.

Generally accepted accounting principles

Derive their credibility and authority from general recognition and acceptance by the accountancy profession.

Are accounting adaptations based on law.

Derive their credibility and authority from legal rulings and court precedents.

Derive their credibility and authority from a government regulatory authority.

Which statement best describes GAAP?

The accounting principles have been developed on the basis of such factors as usage and practical necessity.

The accounting principle have been formulated in the public sector.

The accounting principles are same as laws.

The accounting principles do not apply to small and medium-sized entities.

The Accounting Profession Quiz

54 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

ACCOUNTING STANDARDS COUNCIL

BOARD OF ACCOUNTANCY

PROFESSIONAL REGULATION COMMISSION

FINANCIAL REPORTING STANDARDS COUNCIL

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting is a service activity and its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. This accounting definition is given by_________.

ACCOUNTING STANDARDS COUNCIL

BOARD OF ACCOUNTANCY

Financial Reporting Standards Council

PROFESSIONAL REGULATION COMMISSION

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law regulating the practice of accountancy in the Philippines.

R.A No. 9892

PHILIPPINE ACCOUNTANT ACT OF 2004

PHILIPPINE ACCOUNTANCY ACT OF 2004

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This accounting process is the recognition or nonrecognition of business activities as accountable events.

MEASURING

INTERPRETING

IDENTIFYING

COMMUNICATING

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The assigning of peso amounts to the accountable events.

MEASURING

IDENTIFYING

INTERPRETING

COMMUNICATING

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The most common financial attribute used in measuring financial information.

PRESENT VALUE

CURRENT COST

HISTORICAL COST

FAIR VALUE

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The standards-setting body in the Philippines at the present time.

ACCOUNTING STANDARDS COUNCIL

FINANCIAL REPORTING STANDARDS COUNCIL

BOARD OF ACCOUNTANCY

PROFESSIONAL REGULATION COMMISSION

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The Accounting Profession

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

Accounting is a service activity and its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. This accounting definition is given by_________.

The law regulating the practice of accountancy in the Philippines.

This accounting process is the recognition or nonrecognition of business activities as accountable events.

The assigning of peso amounts to the accountable events.

The most common financial attribute used in measuring financial information.

The standards-setting body in the Philippines at the present time.

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

The overall objective of accounting is to provide qualitative information about an entity that is useful in making economic decision.

The communicating process of accounting includes recording, classifying, summarizing and interpreting.

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