Chapter 1 The accountancy profession

Republic act 9298

What is the law regulating the practice of a competency in the Philippines?

Board of accountancy (BOA)

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

Both renewal of CPA license and accreditation to practice the accountancy profession.

The continuing professional development is required for

The state government

Certified public accountants are licensed by

The SEC can register any corporations organize for the practice of public accounting.

Which statement is incorrect in relation to the practice of public accounting?

To develop a single set of high quality IFRS

The international accounting standards board (IASB) was formed

From a position of neutrality

The IASB declared that merits of propose standards are assessed

Discussion paper, exposure draft and standard

What is the chronological order in the evaluation of a typical standard?

International financial reporting standard (IFRS)

That IASB republishes standards called

Enables interested parties to express their views on issues and their consideration

The IASB employees a due process system which

All of this are part of due process in standard setting

-IASB operates in full view of the public , - public hearings are held on proposed standards, - interested parties can make their views known.

What is due process in the standard setting by IASB

Accounting standards are not truly generally accepted

What is the possible danger if politics play too big a role in developing IFRS?

Can be described as a political process which reflects political actions of various interested user groups

Accounting standard setting_

Promotes the use of high quality and understandable global accounting standards

The international accounting standard board __

All of these are true about IFRIC interpretations-

• Are considered authoritative and must be followed

• Covered newly identified financial reporting issues not specifically address

• Covers issues with conflicting interpretations

IFRIC interpretations issued by IASB

General purpose reports on financial position and financial performance

Financial accounting is concerned with_

General purpose financial statements to be used by parties both internal and external to the entity

Financial accounting can be broadly defined as the area of accounting that prepares_

Creditors and investors

Financial accounting emphasizes reporting to_

Developing accounting information for use within an entity

Managerial accounting emphasizes_

Derived their credibility and authority from recognition and acceptance by the accountancy profession

General accepted accounting principles_

The accounting principles have been developed on the basis of such factors as usage and practical necessity

Which statements best describes generally accepted accounting principles?

Professional judgment of the accountant

Proper application of generally accepted accounting principles is most depended upon_

The standard is continually reviewed to see if modification organization of CPAs

Once an accounting standard has been established__

Management

The primary responsibility for properly applying GAAP lines with__