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WorksheetsELEACT long quiz review
Total questions: 28
Worksheet time: 17mins
TRUE OR FALSE: Financial Executives Institute of the Philippines (FINEX) – which is the largest organization of financial executives who are responsible for the preparation of the financial statements.
TRUE
FALSE
TRUE OR FALSE: The Philippines has adopted IFRS Standards as Philippine Financial Reporting Standards (PFRSs), except on the aspect of revenue recognition under IFRS 15 for real estate companies that avail of the relief granted by the SEC. IFRS Standards adopted as Philippines Financial Reporting Standards (PFRS) are required.
TRUE
FALSE
TRUE OR FALSE: Republic Act 9928 is the Philippine Accountancy Act of 2004
TRUE
FALSE
The creation of the Accounting Standard Council is fully supported by the followin except:
Professional Regulation Commission (PRC) through the Board of Accountancy
Financial Executives Institute of the Philippines (FINEX)
Philippine National Bank (PNB)
Securities and Exchange Commission (SEC)
It is a transaction in which the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity's shares or other equity instruments of the entity.
Share-Based Payment
Goodwill
Based-Share Payment
Share Option Grant
It is a transaction or other event in which an acquirer obtains control of one or more businesses
Business
Combination Business
Acquirer
Business Combination
This Standard specifies the financial reporting for insurance contracts by any entity that issues such contracts (described in this PFRS as an insurer) until the Board completes the second phase of its project on insurance contracts.
PFRS 3
PFRS 1
PFRS 2
PFRS 4
This standard specifies the financial reporting by an entity when it undertakes a share-based payment transaction. In particular, it requires an entity to reflect in its profit or loss and financial position the effects of share-based payment transactions, including expenses associated with transactions in which share options are granted to employees.
PFRS 1
PFRS 3
PFRS 4
PFRS 2
PFRS 1 (Revised) is entitled:
Business Combination
Parent – subsidiary transactions
First-time Adoption of Philippine Financial Reporting Standards
Shared-based payment
The one which instill ideals of professionalism, ethics and competence among accountants.
PACPI
PICPA
PIC
BOA
PICPA is not to be governed by a National Board of Directors, composed of twenty-five (25) national directors, elected from the four (4) geographical areas representing the nine (9) regions and the four (4) sectors of the profession
TRUE
FALSE
One of the objectives of the Philippine Institute of Certified Public Accountant is: (Choose 3)
Not to protect and enhance the credibility of the CPA certificate in the service of the public
To instill ideals of professionalism, ethics and competence among medical professionals.
To foster unity and harmony among engineers.
To maintain high standards in accounting education.
The role of the PIC is principally:
to govern the preparation of financial statements
To set accounting standard
to issue implementation guidance on PFRSs.
To ensure consistency in recording, recognizing and measuring financial transactions
It is the term used for the removal of an asset or liability from a balance sheet.
Recognition
Hyperinflationary
Derecognition
What is the objective of the IFRS 1 First-time Adoption of International Financial Reporting Standards?
It sets out the procedures that an entity must disobey when it adopts IFRSs for the first time as the basis for preparing its special purpose financial statements.
It sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its general purpose financial statements.
It sets out the violations that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its specific purpose financial statements.
It sets out the procedures that an entity must follow when it adopts IFRSs for the first time as the basis for preparing its purpose financial statements.
Which IFRS requires the offsetting debit entry to be expensed when the payment for goods or services does not represent an asset?
IFRS 1
IFRS 11
IFRS 2
IFRS 22
This standard improves the relevance, reliability and comparability of the information that a reporting entity provides in its financial statement about a business combination and its effects.
PFRS 33
PFRS 4
PFRS 1
PFRS 3
Which IFRS seeks to enhance the relevance, reliability, and comparability of information provided about business combinations (Example: Acquisitions and Mergers) and their effects.
IFRS 1
IFRS 2
IFRS 3
IFRS 5
TRUE OR FALSE: The statements and interpretations issued by the Accounting Standard Council represent generally accepted accounting principles in the Philippines.
TRUE
FALSE
Which of the following are the steps in applying the acquisition method?
Determination Of The Acquisition Date
Recognition and measurement of the identifiable assets acquired, the liabilities assumed and any non-controlling interest (NCI, formerly called minority interest) in the acquiree
Identify assets acquired, liabilities assumed, and non-controlling interests in the acquiree, are
recognised separately from goodwill
Identification Of The Acquirer
This Standard specifies the financial reporting for insurance contracts by any entity that issues such contracts (described in this PFRS as an insurer) until the Board completes the second phase of its project on insurance contracts.
PFRS 2
PFRS 3
PFRS 4
PFRS 1
It is a "contract under which one party accepts significant insurance risk from another party by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policy holder.
Contract Insurance
Accounting Policies
Insurance Policies
Insurance Contract
The standards would generally be based on the following except:
Research or studies by the Council
The statements, recommendations, studies or standards issued by other standard-setting bodies such as the International Standards Board (IASB) and Financial Accounting Standards Board (FASB).
Existing practices in the United States
Locally or internationally available literature on the topic or subject
Cost method is type of accounting used for investment. This method is used:
when the investor exerts little or no influence over the investments that it owns. In this case, the term parent and subsidiary are not used.
when the investor exerts full control over its investor.
when the investor exerts full control over its investee.
when the investor exerts little or no influence over the investments that it owns
TRUE OR FALSE: Per Section 9 (A) of the Rules and Regulations implementing Republic Act No. 9298. Otherwise known as the Philippine Accountancy Act of 2004, the Financial Reporting Standards Council (FRSC) shall be the new accounting standard setting body
TRUE
FALSE
Accounting principles become generally accepted if they have substantial authoritative support from the relevant parties interested in the financial statements – the preparers and users, auditors and regulatory agencies
TRUE
FALSE
Goodwill is measured as the difference between: (Choose 2)
the value of the consideration transferred (generally at transfer value)
the amount of any non-controlling interest
the value of the consideration transferred (generally at fair value)
Professional Regulation Commission (PRC) through the Board of Accountancy – supervises CPAs and auditors.
TRUE
FALSE
