Short Quiz 06 November 2024 (SEEA CF)

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Republic Act of 2013 mandates the PSA to Generate & maintain frameworks on social, economic, environmental accounts, including satellite accounts.

• 10625

• 10623

• 10661

Answer explanation

Republic Act 10625 of 2013 mandates the PSA to Generate & maintain frameworks on social, economic, environmental accounts, including satellite accounts. Therefore, the correct choice is 10625.

An act institutionalizing the Philippine Ecosystem and Natural Capital Accounting System, mandating its use in policy and decision-making, designating the agencies responsible for its implementation, providing institutional arrangements among respondible agencies, and appropriating funds

• Republic Act 11995

• Republic Act 11996

• Republic Act 11992

• Republic Act 11991

Answer explanation

The correct choice is Republic Act 11995 as it institutionalizes the Philippine Ecosystem and Natural Capital Accounting System.

The Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act signed into law on .

• 23 May 2024

• 23 April 2024

• 22 May 2024

• 22 April 2024

Answer explanation

The correct answer is 22 May 2024 as the Philippine Ecosystem and Natural Capital Accounting System (PENCAS) Act was signed into law on that date.

A tool that measures changes in the stock of natural capital and integrates the value of ecosystem services into accounting and reporting systems for a given region or ecosystem.

• Natural Capital Accounting (NCA)

• SEEA Central Framework (SEEA CF)

• System of National Accounts (SNA)

• Natural Resources

Answer explanation

Natural Capital Accounting (NCA) is the tool that measures changes in the stock of natural capital and integrates the value of ecosystem services into accounting and reporting systems for a given region or ecosystem.

The is the first international statistical standard for environmental economic accounting.

• System of Ecosystem Accounting

• System of Environmental-Ecosystem Accounting

• System of Environmental-Economic Accounting

• System of National Accounts

Answer explanation

The correct choice is 'System of Environmental-Economic Accounting' as it is the first international statistical standard for environmental economic accounting.

The SEEA Central Framework adopted as an international standard in .

• 2000

• 1194

• 2003

• 2012

Answer explanation

The SEEA Central Framework was adopted as an international standard in 2012, making it the correct choice.

This quadrant aims at reducing human economic and ecological harm created by extreme natural events and changing environmental patterns.

• 1st quadrant: Improving access to services and resources

• 3rd quadrant: Improving the state of the ecosystem

• 2nd quadrant: Managing supply and demand and reducing impacts

• 4th quadrant: Mitigating and adapting to extreme events

Answer explanation

The correct choice is the 4th quadrant: Mitigating and adapting to extreme events, as it specifically focuses on reducing human economic and ecological harm caused by extreme natural events and changing environmental patterns.

This framework was adopted by the UN Statistical Commission as the first international standard for environmental-economic accounting in 2012. 

• SEEA Central Framework (SEEA CF) 

• SEEA Ecosystem Accounting (SEEA EA) 

• SEEA Application and Extensions

Answer explanation

The correct choice is SEEA Central Framework (SEEA CF) as it was adopted by the UN Statistical Commission as the first international standard for environmental-economic accounting in 2012.

Is a multipurpose conceptual framework for describing the interaction between the economy and the environment, and the stocks and changes in stocks of environmental assets.

• System of Environmental-Economic Accounting Ecosysem Accounting

• System of National Accounts

• System of Environmental-Economic Accounting Central Framework

Answer explanation

The correct choice is System of Environmental-Economic Accounting Central Framework, as it is a multipurpose conceptual framework for describing the interaction between the economy and the environment.

It records both the opening and closing  stock of assets and the changes over the accounting  period.

• Asset accounts

• Flow accounts

• Activity/purpose accounts

Answer explanation

The correct choice is Asset accounts because they record both the opening and closing stock of assets and the changes over the accounting period.