4

Question 1

The law regulating the practice of accountancy in the Philippines

Answer 1

Republic Act 9298 known as the Philippine Accountancy Act of 2004

Question 2

The standard-setting body in the international scene at the present time

Answer 2

IFRS (INTERNATIONAL FINANCIAL REPORTING STANDARDS) FOUNDATION

Question 3

International Accounting Standards Board was formed

Answer 3

To develop a single set of high quality IFRS

Question 4

The body authorized by law to promulgate rules and regulations affecting the practice of the accountancy profession in the Philippines.

Answer 4

BOA Board of accountancy

Question 5

True or False

The Securities and Exchange Commission can register any corporation organized for the practice of public accounting

Answer 5

FALSE

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

Question 6

Accountants employed in entities in various capacity as accounting staff, chief accountant or controller

Answer 6

Private accounting

Question 7

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

Answer 7

Public, private, government

Question 8

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

Answer 8

Board of Accountancy

Question 9

What is the overall objective of accounting?

Answer 9

To provide quantitative information about an entity that is useful in making economic decisions.

Question 10

The events that affect the entity and in which other entities participate are known as

Answer 10

External events

Question 11

The FRSC is created by PRSC upon recommendation of BOA to assist BOA in carrying out its powers and functions under RA No.9298.

Answer 11

FALSE

to assist PRC

Question 12

The chairman and members of FRSC are appointed by PRC upon recommendation of BOA and shall have a term of three years renewable for another term. True or False?

Answer 12

FALSE

Question 13

The Continuing Professional Development is required for both renewal of CPA license and accreditation to practice the accountancy profession. True or False?

Answer 13

TRUE

Question 14

Accredits practitioners who audit publicly listed companies, companies with at least Php50 million worth of assets and companies with secondary licenses

Answer 14

SECURITIES AND EXCHANGE COMMISSION (SEC)

Question 15

Assists FRSC in establishing and improving financial reporting standards in the Philippines. The role is principally to issue implementation guidance on PFRSs.

Answer 15

PHILIPPINE INTERPRETATION COMMITTEE