PRE04 Intro

The International Financial Reporting Standards (IFRSs) are issued by the

• International Accounting Standards Board (IASB)

• International Accounting Standards Committee (IASC)

• Financial Accounting Standards Board (FASB)

• Financial Accounting Standards Board (FASB)

Which of the following oversees the IFRS Foundation?

• Trustees

• IASB

• FASB

• Monitoring Board

The RA 9298:

• Known as The Revised Accountancy Act

• Known as the Philippine Accountancy Act of 2004

• Created the Board of Accountancy

• Regulated the practice of the accountancy profession in the Philippines

The Financial Reporting Standards Council (FRSC) was created by the PRC upon the

recommendation of the BOA to assist the board in carrying out its power and function to:

• Implement the CPE Programs

• Promulgate auditing standards in the Philippines

• Promulgate accounting standards in the Philippines

• Endure that all higher educational instruction and offering of accountancy comply with the

  policies, standards, and requirements prescribed by CHED.

Which of the following is NOT a key player in the development of Generally Accepted Accounting

Principles (GAAP) in the Philippines?

• Bureau of Internal Revenue

• Securities and Exchange Commission

• Commission on Audit

• Central Bank of the Philippines

• Commission on Higher Education

The accounting standards used in the Philippines are adapted from the standards issued by the

• Federal Accounting Standards Board (FASB).

• International Accounting Standards Board (IASB).

• Philippine Institute of Certified Public Accountants (PICPA).

• Board of Accountancy (BOA).

Financial reporting standards continuously change primarily in response to

• users’ needs.

• political influence.

• government regulations.

• changes in social environments.

Which of the following is not part of Philippine Financial Reporting Standards?

• Philippine Accounting Standards (PAS).

• Philippine Standards on Auditing (PSA).

• Philippine Financial Reporting Standards (PFRS).

• Interpretations (PIC).

Every transaction will affect how many accounts?

• Only one

• Only two

• Two or more

• At least three

Which basic feature is applied when immaterial amounts of similar nature and function are grouped or

condensed as one line item in the financial statements?

• aggregation

• accounting policy

• offsetting

• comparability