Sobrang Latina

What branch accountancy profession is heavily focused in the process of analyzing, classifying, summarizing, communicating transactions involving the receipt and disposition of government funds and property and interpreting the results?

• Public accountancy

• Auditing

• Government Accounting

• Tax Accounting

What do you call the appointed members of the IFRS Foundation?

• Director

• Associates

• Shareholders

• Trustees

Which of the following statements is INCORRECT about the IFRS Interpretations committee (IFRSIC/IFRIC)?

• IFRS IC is the current interpretive body of the IASB

• SIC was reconstituted as IFRS IC

• The interpretations issued by the IFRS IC become part of IFRS once they are approved by the IASB.

• All of these statements are correct about the IFRS IC.

What is IASB known before?

• International Accounting Standing Committee

• International Accounting Standards Committee

• International Accounting Standards Commitment

• International Accountancy Standards Committee

What is the proper order in the development of an IFRS or due process?

I. Exposure draft for public comment

II. Final standard is issued

III. Discussion paper

• I, II, III

• III, I, II

• I, III, II

• III, II,I

Under the IFRS Foundation, the IASB has complete responsibility for all technical matters of the IFRS Foundation including:

Statement 1: Full discretion in developing and pursuing its technical agenda, subject to certain consultation requirements with the Trustees and the public

Statement 2: The preparation and issuing of IFRS (other than interpretations) and exposure drafts, following the due process.

Statement 3: The approval and issuing of interpretations developed by the IFRS Interpretations Committee (IFRS IC).

• Only statements 1 and 2 are correct

• All statements are correct

• All statements are incorrect

The FRCS has 1 member from the following organizations, except

• Accredited Professional Organization of CPAs

• Commission on Audit

• Board of Accountancy

• Bureau of Internal Revenue

Father Luca works in Pacioli Corporation. His daily tasks include the following:

(1) Preparing reports to help managers decide whether to continue or discontinue a product line.

(2) Advises the company to reduce cost and add profit margin.

(3) Tracking budget variances and controlling production costs.

Which branch of accounting is Father Luca primarily practicing?

• Managerial Accounting

• Financial accounting

• Cost accounting

• Fiduciary accounting

The process of establishing financial accounting standards

• is a legislative process based on rules promulgated by government agencies.

• is based solely on economic analysis of the effect each standard will have if it is implemented.

• is a democratic process in that a majority of practicing accountants must agree with a standard before it is implemented.

• is a social process which incorporates political actions of various interested user groups as well as professional research and logic.

Which of the following statements are correct about the IASB and IASC?

Statement I: The IASB was formed to replace the IASC.

Statement II: The IASC was formed to replace the IASB.

Statement III: The accounting standards issued by the IASB were adopted by the IASC

Statement IV: The accounting standards issued by the IASC were adopted by the IASB

• Statements I and III

• Statements I and IV

• Statements II and III

• Statements II and IV