What is the standard-setting body in the Philippines at the present time?

a. Accounting Standards Council

b. Auditing and Assurance Standards Council

c. Philippine Accounting Standards Board

All of the following are represented in FRSC, except

d. Department of Budget and Management

b. Securities and Exchange Commission

The Philippine Financial Reporting Standards collectively include

d. All of these are included in Philippine Financial Reporting Standards

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

GAAP is an abbreviation for

d. Generally accepted accounting principles

a. Generally authorized accounting procedures

b. Generally applied accounting procedures

c. Generally accepted auditing practices

The Continuing Professional Development is required for

b. Accreditation to practice the accountancy profession

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

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

A CPA shall be permanently exempted from renewal of CPA license

c. When practicing the profession abroad

The International Accounting Standards Board was formed

c. To establish accounting standards for multinational entities

a. To enforce IFRS in foreign countries

b. To develop a single set of high quality IFRS

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

The International Accounting Standards Board

a. Was the predecessor to the IASC

b. Can overrule the USA GAAP when their policies disagree.

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

d. Has its headquarters in Geneva

The IASB declared that the merits of proposed standards are assessed

a. From a position of neutrality

b. From a position of materiality

c. Based on possible impact on behavior

d. Based on arguments of lobbyist

The standard-setting process includes in the correct order

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

a. Exposure draft, research, discussion paper and accounting standard

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

d. Discussion paper, research, exposure draft and accounting standard

The IASB employs a due process system which

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

a. Is an efficient system for collecting dues from members.

c. Identifies the accounting issues that are the most important.

d. Requires that all CPAs must receive a copy of IFRS.

What is due process in standard-setting by IASB?

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

a. IASB operates in full view of the public.

b. Public hearings are held on proposed standards.

c. Interested parties can make their views known.

The standards published by IASB are called

c. International Financial Reporting Standards

a. International Accounting Standards

b. Financial Reporting Standards

d. Statement of Financial Accounting Standards

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

a. Financial reporting standards are not truly generally accepted.

b. Individuals may influence the standards.

d. The IASB delegates its authority to elected officials.

Accounting standard-setting

a 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.

b. Is based solely on research and empirical findings.

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

IFRIC Interpretations issued by IASB

d. All of these are true about IFRIC Interpretations.

a. Are considered authoritative and must be followed.

b. Cover newly identified financial reporting issues not specifically addressed.

c. Cover issues where unsatisfactory or conflicting interpretations have developed.

Which is true about the Conceptual Framework?

d. All of these statements are true.

a. The Conceptual Framework is not a Standard.

b. The Conceptual Framework describes the concepts for general purpose financial reporting.

c. In case of conflict, the requirements of the IFRS prevail over the Conceptual Framework.

Which is not a purpose of Conceptual Framework?

d. To assist regulatory agencies in issuing rules and regulations for a particular industry.

a. To assist the IASB in developing IFRS.

b. To assist preparers to develop consistent accounting policy when no standard applies to a particular transaction or when Standard allows a choice of accounting policy.

c. To assist all parties to understand and interpret the Standards.

What is the authoritative status of the Framework?

c. In the absence of a standard or an interpretation, management shall consider the Conceptual Framework in developing and applying an accounting policy that results in information that is relevant and reliable

a. The Conceptual Framework has the highest level of authority.

b. In the absence of a standard or an interpretation, the Conceptual Framework shall be followed.

d. The Conceptual Framework applies only when the IASB develops new standards.

The Conceptual Framework is intended to establish

c. The objectives and concepts for use in developing standards of financial accounting and reporting.

a. GAAP in financial reporting.

b. The meaning of "present fairly in accordance with GAAP".

d. The hierarchy of sources of GAAP.

A Conceptual Framework should

d. Define the basic objectives, terms and concepts.

a. Lead to uniformity of financial statements.

b. Eliminate alternative accounting principles.

C. Guide multinational entities in developing GAAP.

Which of the following is not a benefit associated with the Conceptual Framework?

d. Business entities will need far less assistance from accountants.

a. A Conceptual Framework should increase users' understanding and confidence in financial reporting.

b. Pratical problems should be more quickly solvable.

c. A coherent set of accounting standards should result.

Which is not true about the Conceptual Framework?

c. The Conceptual Framework should be based on fundamental truth derived from law.

a. The Conceptual Framework should be a basis for standard setting.

b. The Conceptual Framework should allow practical problems to be solved more quickly.

d. The Conceptual Framework should increase users' understanding and confidence in financial reporting.

Which is not a purpose of the Conceptual Framework?

b. To provide specific guidelines for resolving situations not covered by existing accounting standards.

a. To provide definitions of key terms and fundamental concepts.

c. To assist accountants in selecting among alternative accounting and reporting methods.

d. To assist the International Accounting Standards Board in the standard-setting process.

Which is not a purpose of the Conceptual Framework?

d. To assist the Board of Accountancy to promulgate rules and regulations affecting the accountancy profession.

a. To enable the accountancy profession to solve more quickly emerging practical problems.

b. To provide a foundation from which to build more useful financial accounting standards.

c. To enhance comparability of financial statements across entities.

What are the attributes that make the information provided in the financial statements useful to the readers?

a. Qualitative characteristics of financial information

b. Quantitative characteristics of financial information

c. Elements of financial statements

d. Objectives of financial reporting

Qualitative characteristics

d. All of the choices are correct.

a. Are considered either fundamental or enhancing.

b. Contribute to the decision-usefulness of financial reporting information.

c. Distinguish better information from inferior information for decision-making purposes.

3. The fundamental qualitative characteristics are

a. Relevance and faithful representation

b. Relevance, faithful representation and materiality

d. Faithful representation and materiality

4. Accounting information is considered relevant when it

b. Is capable of making a difference in a decision.

a. Can be depended on to represent the economic conditions and events that it is intended to represent.

c. Is understandable by reasonably informed users of accounting information.

The ingredients of relevant financial information are

a. Predictive value and confirmatory value

b. Predictive value, confirmatory value and timeliness

c. Predictive value, confirmatory value and materiality

d. Predictive value, confirmatory value, timeliness and materiality

Which of the following is the best description of faithful representation in relation to information in financial statements?

a. Influence on the economic decisions of users

b. Inclusion of a degree of caution

To achieve faithful representation, the financial statements

b. Must be complete, neutral and reasonably free from error.

a. Must have predictive and confirmatory value.

c. Are understandable, comparable, verifiable and timely.

An entity issuing the annual financial reports within one month after the end of reporting period is an example of which enhancing quality of accounting information?

d. Representational faithfulness

Allowing entities to estimate rather than physically count inventory at interim periods is an example of a tradeoff between

c. Timeliness and verifiability

a. Verifiability and comparability

b. Timeliness and comparability

CFAS REVIEWER PT. 1

Authored by Raia M.

Others

University

Used 1+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

111 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the overall objective of accounting?

a. To provide the information that the managers of an economic entity need to control the operations.

b. To provide information that the creditors can use in deciding whether to grant loans to an entity.

c. To measure the periodic income of the economic entity.

d. To provide quantitative financial information about an entity useful in making economic decision.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. R.A. No. 9298

b. R.A. No. 9198

c. R.A. No. 9928

d. R.A. No. 9892

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. Board of Accountancy

b. Philippine Institute of Certified Public Accountants

c. Securities and Exchange Commission

d. Financial Reporting Standards Council

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a. Public accounting, private accounting and managerial accounting.

b. Auditing, taxation and managerial accounting.

c. Financial accounting, managerial accounting and corporate accounting.

d. Public accounting, private accounting and government accounting.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The term recognized is synonymous with the term

a. Recorded

b. Realized

c. Matched

d. Allocated

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement is correct in relation to the practice of public accountancy?

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

b. Partners of partnerships formed for the practice of public accountancy shall be registered CPAs in the / Philippines.

c. The Securities and Exchange Commission shall not register any corporation organized for the practice of public accountancy.

d. All of these statements are correct about the practice of public accountancy.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. CPAs are licensed by

a. The PICPA

b. The SEC

c. The city government

d. State government

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

112 questions

CHƯƠNG 2 TÀI CHÍNH

Quiz

•

University

106 questions

Spark Streaming бойынша тест

Quiz

•

University

116 questions

Quiz về Chủ nghĩa duy vật biện chứng

Quiz

•

University

112 questions

(A2) The Princess and the frog

Quiz

•

University

107 questions

Câu hỏi ôn tập môn tin 1

Quiz

•

University

Popular Resources on Wayground

10 questions

5.P.1.3 Distance/Time Graphs

Quiz

•

5th Grade

10 questions

Fire Drill

Quiz

•

2nd - 5th Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

15 questions

Hargrett House Quiz: Community & Service

Quiz

•

5th Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

20 questions

Inferences

Quiz

•

4th Grade

15 questions

Equivalent Fractions

Quiz

•

4th Grade

Discover more resources for Others

18 questions

Informative or Argumentative essay

Quiz

•

5th Grade - University

20 questions

Disney Trivia

Quiz

•

University

20 questions

8.II_Review_TEACHER

Quiz

•

University

39 questions

Unit 7 Key Terms

Quiz

•

11th Grade - University

20 questions

Subject verb agreement practice

Quiz

•

University

20 questions

Quadrilaterals

Quiz

•

KG - University

5 questions

Examining Theme

Interactive video

•

4th Grade - University

25 questions

WWI, Great Depression, WWII

Quiz

•

KG - University