PQuiz #1: The Accountancy Profession
1. What made the Philippines move towards the adaption of International
Financial Reporting Standards?
2. It is the body authorized by law to promulgate rules and regulations affecting
the practice of the accountancy profession in the Philippines.
3. The highest accounting position in private accounting is known as controller
or comptroller.
4. In the Philippines, in order to qualify to practice the accountancy profession,
a person must finish a degree in Bachelor of Science in Accountancy and pass
a _____ government examination given by the Board of Accountancy.
5. The events that affect the entity and in which other entities participate are
know as
6. According to American Accounting Association, Accounting is the process of
identifying, measuring and communicating economic information to permit
informed judgement and decision by users of the information.
7. Payment of Salaries to employees is an example of external transaction
8. At present, R.A. 9892 or known as the Philippine Accountancy Act of 2004 is
the law regulating the practice of accountancy in the Philippines.
9. The standard setting body of the Philippines at present is
10.
11. Among the four sectors of Accountancy Profession, which sector would you
like to practice your Profession as Certified Public Accountant? Why?
12. How many CPD units does a CPA needs to earn to renew his/her license?
13. US GAAP is based on rules, while IFRS is/are based principles.
14. It refers to the inculcation and acquisition of advanced knowledge, skill,
proficiency, and ethical and moral values after the initial registration of the
Certified Public Accountant for assimilation into professional practice and
lifelong learning.
15.
PQuiz #1: The Accountancy Profession
16. A 65 year old CPA is permanently exempted from CPD requirements both in
the renewal of his/her license and his/her application for accreditation in the
practice of accountancy profession.
17. Communicating is the process of recognition or nonrecognition of business
activities as accountable events.
18. The most common financial attribute used in measuring financial information
i
19. How many CPD units does a CPA needs to earn to apply or renew for
accreditation?
20. The overall objective of financial reporting is to provide information
21. The very purpose of accounting is to provide qualitative information to be
useful in making economic decision.
22.
23. The important points made in the definition of accounting include all of the
following, except
24. According to AAA Accounting is the process of _____ and _____ and _____
economic information to permit informed judgment and decision by users of
the information.
25.
26. International Accounting Standards Board is the accounting standard setting
body of the Philippines.
27. The approved statements or pronouncements of FRSC are known as
Philippine Financial Reposting Standards.