Font size
WorksheetsSobrang Latina
Total questions: 20
Worksheet time: 14mins
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
What did the Philippine Institute of Certified Public Accountants (PICPA) establish on November 18, 1981?
PFRSC
ASC
PIC
FRSC
Which of the following is CORRECT about FRSC?
Statement 1: The FRSC replaces the Accounting Standards Council (ASC).
Statement 2: The FRSC's main function is to establish generally accepted accounting principles in the Philippines.
Statement 3: The FRSC was established to assist the Board of Accountancy in carrying out its power and function in promulgating accounting standards in the Philippines.
All of these are correct about the FRSC.
Statement 2 only
Statement 3 only
Statements 1 and 3
The committee that develops authoritative interpretations of existing IAS and IFRS and provides guidance on financial reporting issues not specifically addressed by the IAS and IFRS is the
Standards Interpretations Committee (SIC)
International Financial Reporting Standards Interpretations Committee (IFRS IC/IFRIC)
Philippine Interpretations Committee (PIC)
Financial Reporting Standards Committee (FRSC)
The following groups of jurisdictional entities are directly involved in the development of the accountancy profession in the Philippines. Authorities in each group should be correct. Which of the following is correct?
Group 1: BOA, PRC, SEC
Group 2: BSP, BIR, DBM
Group 3: FRSC, CDA, and PIC
All are correct
None are correct
Group 1 and 3 are correct
Group 2 and 3 are correct.
The International Sustainability Standards Board (ISSB) was established to address the growing demand for global consistency in sustainability reporting. Which of the following statements about the ISSB is NOT true?
The ISSB enforces its standards worldwide and can impose a penalty for companies that do not follow them.
The ISSB is part of the IFRS Foundation and creates global standards for sustainability reporting.
The ISSB’s standards help investors understand sustainability risks and opportunities and work alongside IFRS accounting standards.
The ISSB is the 'kapatid' or new sibling of IASB
TRUE OR FALSE: The president of the Philippines shall appoint the members of the Professional Regulatory Board of Accountancy consisting of chairman and six members.
TRUE
FALSE
FALSE BUT YELLOW
Gusto kong red 😍 na C2 sa akin😔🙏 sa akin ibigAaAy 😩
Certified Public Accountants are licensed by
PICPA
SEC
Financial Executives Institute of the Philippines
The state government
Which of the following is/are external users of financial reports?
Select 2 or more.
Financial Analyst
Passive Owner
Employee Union
General Partner
Employee
Which of the following statements is true?
Management Discussion and Analysis is a narrative explanation and a section of a company’s financial reports that generally provides financial information of the entity’s performance.
Single practitioners, partnerships, and corporations engaged in the practice of public accountancy shall be registered CPAs in the Philippines.
Republic Act 9298 also known as the Philippine Accountancy Act of 2001 is the law regulating the practice of accountancy in the Philippines.
None of the above statements are true
Which statement/s is/are true about financial and management accounting?
Select.
Management accounting is typically more precise
Management accounting has a future focus
The emphasis on management accounting is relevance and the emphasis on financial accounting is timeliness.
