This is provides information about its parent and student subsidiaries as a single entity.

Consolidated Financial Statements

Unconsolidated Financial Statements

This is provides information about its parent only

Unconsolidated Financial Statements

Consolidated Financial Statements

This is provides information about two entities not at all linked to each other.

Unconsolidated Financial Statements

Consolidated Financial Statements

This are the two types of users of accounting information.

Regulatory bodies and Governent Agencies

Regulatory bodies and External users

I. The financial accounting standards board mainly focuses on setting rules and principles in the US II. International Accounting Standards Board focuses on international accounting standards

Statement 1 is true and statement 2 is false

Statement 1 is false and statement 2 is true

I. US GAAP and IFRS are similar but are not exactly the same II. US GAAP and IFRS are working on a joint project using the existing framework but not yet approved

Statement 1 is true and statement 2 is false

Statement 1 is false and statement 2 is true

I. The Philippines first adopted International accounting standards before financial accounting standard council II. The Philippines first adopted financial accounting standard council before International accounting standards

Statement 1 is false and statement 2 is true

Statement 1 is true and statement 2 is false

I. The International Accounting Standards Council (IAS) then changed its name to International Accounting Standard Board (IFRS) II. The Philippines followed closely to International Accounting Standards

Statement 1 is true and statement 2 is false

Statement 1 is false and statement 2 is true

The role of this committee is to assist standards in the Philippines also The role of this committee is to issue guidance on PFRSs

Philippine Interpretation Committee

Financial Reporting Standards Council

Board of Accountancy approved the renaming of Financial Reporting Standards Council to..

Financial and Sustainability Reporting Standards Council

Philippine Interpretation Committee

Standing Interpretations Committee

International Financial Reporting Interpretation Committee

Which of the following is true about adopting IFRS

Growth in size and importance of multinational companies affect every country, every government, and every person.

Different set of business regulations and different accounting methods create challenge and difficulty because of the complexity of conducting international business operations across borders

IFRS is envisioned to be capable of worldwide acceptance in improving the quantity and comparability of financial reports

What is the hierarchy of application of financial statements.

Related Standards, Conceptual Framework, Most Recent pronouncements of other standard setting bodies, Other accounting literature and accepted industry practices

Conceptual Framework, Related Standards, Most Recent pronouncements of other standardsetting bodies, Other accounting literature and accepted industry practices

Related Standards, Most Recent pronouncements of other standardsetting bodies, Conceptual Framework, Related Standards, Other accounting literature and accepted industry practices

Related Standards, Conceptual Framework, Other accounting literature and accepted industry practices, Most Recent pronouncements of other standardsetting bodies,

Is in the hierarchy that the management must, in the absence of a specific PFRS requirement apply in developing an accounting policy that results in an information that is relevant?

overrides all other PFRS requirements?

does not define standards for any particular measurement or disclosure issue?

This is the first level of the framework and its objective.

Provide financial information about the reporting entity that is useful to the following users in making decisions in their capacity as capital providers or providers of resources to the entity.

To give faithful representation

According to the Conceptual framework, the objectives of financial reporting for business enterprises are based on?

The needs of the users of the information

Generally accepted accounting principles

Reporting on management’s stewardship

All of the following are objectives of financial reporting except to provide information:

About the management and major shareholders of an enterprise

About enterprise resources, claims to those resources, and changes in them.

That is useful in investment and credit decisions.

That is useful in assessing cash flow prospects.

Which of the following are relevance's qualities

Predicitive Value, Materiality, Confirmatory Value

Predictive Value, Confirmatory Value, No bias

Predicitive Value, Materiality, Free from error

Predictive Value, Confirmatory Value, Free from error

Which of the following are Faithful representation's qualities

Completeness, Neutrality, Free from error

Neutrality, Materiality, Free from error

Completeness, Materiality, Free from error

Neutrality, Materiality, Free from error

CFAS

Authored by CLARENCE PEREZ

Other

University

100 Questions

Used 10+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

This is the revised conceptual framework made by IASB to ensure uniformity in interpretation in various accounting methodologies

March 2019

April 1998

March 2018

April 2020

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Two types of accounting

Financial and Tax accounting

Financial and Management accounting

Financial and Ledger Accounting

Financial and Cost Accounting

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

what is Financial Accounting is primarly for, and does it comply with GAAP?

Internal Users and Does not comply with GAAP

Internal Users and Complies with GAAP

External Users and Does not comply with GAAP

External Users and complies with GAAP

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What does management accounting primarly use for, and does it comply with the GAAP

Internal users and does not comply with gaap

Internal users and complies with gaap

External users and complies with gaap

External users and does not comply with gaap

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

This is the primary focus of financial accounting

Report on the companies accounting principles

To prepare financial statements that will be presented to their present and potential investors

To gain monetary value

To prepare financial statement that will be presented to the employees and managers

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the first prepared financial statement and the first presented financial statement

Statement of Changes in Equity and Statement of Cash flows

Statement of Profit and Loss or Statement of Comprehensive Income and Statement of Changes in Equity

Statement of Changes in Equity and Statement of Financial Position

Statement of Financial Position and Statement of Profit and Loss or Statement of Comprehensive Income

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

This is called _____ financial statements based on gathered information from business transactions

Presentation

Preparation

Faithful Representation

Relevance

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

97 questions

FSED Pathology for Funeral Services Chs 2-3

Quiz

•

University

100 questions

NCC Specialised Subject - Map Reading

Quiz

•

University

100 questions

Latihan Soal LCC Paket A

Quiz

•

6th Grade - University

100 questions

Undercarriedge 5

Quiz

•

12th Grade - University

100 questions

NISM Practice

Quiz

•

University

100 questions

Paket Soal kearsipan 7.0

Quiz

•

University

100 questions

Paket Soal Kearsipan 3.0

Quiz

•

University

100 questions

IJCAHPO: COA QUICK STUDY CARDS (01-100)

Quiz

•

University

Popular Resources on Wayground

5 questions

This is not a...winter edition (Drawing game)

Quiz

•

1st - 5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

10 questions

Identify Iconic Christmas Movie Scenes

Interactive video

•

6th - 10th Grade

20 questions

Christmas Trivia

Quiz

•

6th - 8th Grade

18 questions

Kids Christmas Trivia

Quiz

•

KG - 5th Grade

11 questions

How well do you know your Christmas Characters?

Lesson

•

3rd Grade

14 questions

Christmas Trivia

Quiz

•

5th Grade

20 questions

How the Grinch Stole Christmas

Quiz

•

5th Grade

Discover more resources for Other

26 questions

Christmas Movie Trivia

Lesson

•

8th Grade - Professio...

20 questions

christmas songs

Quiz

•

KG - University

20 questions

Holiday Trivia

Quiz

•

9th Grade - University

15 questions

Holiday Movies

Quiz

•

University

14 questions

Christmas Trivia

Quiz

•

3rd Grade - University

20 questions

Christmas Trivia

Quiz

•

University

8 questions

5th, Unit 4, Lesson 8

Lesson

•

KG - Professional Dev...

20 questions

Disney Trivia

Quiz

•

University

CFAS

This is the revised conceptual framework made by IASB to ensure uniformity in interpretation in various accounting methodologies

Two types of accounting

what is Financial Accounting is primarly for, and does it comply with GAAP?

What does management accounting primarly use for, and does it comply with the GAAP

This is the primary focus of financial accounting

What is the first prepared financial statement and the first presented financial statement

This is called _____ financial statements based on gathered information from business transactions

This is called _____ financial statements which can be useful to various users

This is provides information about its parent and student subsidiaries as a single entity.

This is provides information about its parent only

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Other