CONFRAS QUIZ 1 - PRACTICE

A. Developing accounting information for use within an entity

Managerial accounting is the area of accounting that emphasizes

A. Developing accounting information for use within an entity

B. Reporting to the Securities and Exchange Commission

C. Combining accounting knowledge with an expertise in data processing

D. Reporting financial information to external users

B. Savary Commercial Code

This commercial code used historical code as the basis of valuation

A. France Code of Commerce in 1807

B. Savary Commercial Code

C. France Civil Law in 1804

D. Napoleonic Commercial Code

C. Global Industrial Economy (1900s)

This accounting period showed the rapid changes in accounting practice and reporting including the participative promulgation of accounting standard

A. French Revolultion (1700s)

B. Industrial Revolution (1760-1830)

C. Global Industrial Economy (1900s)

D. International Business and Government Transactions (2000s)

B. External Audit

The following are fields of private accounting, except

A. Tax Accounting

B. External Audit

C. Budget Accounting

D. Cost Accounting

C. Transactions are recorded in two books

The following describe the double-entry bookkeeping except;

A. Value received is always equal to value parted with

B. Based on dual aspect concept

C. Transactions are recorded in two books

D. Based on the principle of balance

Both Statements are Correct

Statement 1: Accounting is useful in making economic decisions

Statement 2: Accounting demands critical thinking and creative skills

A. Provide useful information for economic decision making

Which of the following is the overall objective of financial accounting?

A. Provide useful information for economic decision making

B. Ascertain the result of business operations

C. To assist financial users in predicting the enterprise's financial capacity regarding future cash flows, financial conditions and results of operation

D. Ascertain the financial position of the business

Only Statement 1 is Correct

Statement 1: The primary function of accounting is to prepare the financial reports and provide them to the economic decision makers.

Statement 2: The purpose of accounting is to help financial users see the true picture of the business in social terms

C. To record an amount on the right-hand side of an account.

"Credit" in the context or recording financial transaction is:

A. To sell goods and services on credit.

B. To record an amount on the left-hand side of an account.

C. To record an amount on the right-hand side of an account.

D. To record a decrease in any account.

B. American Accounting Association

Which authority on the field of accounting defined accounting as a process?

A. American Institute of Certified Public Accountants

B. American Accounting Association

C. Accounting Standards Council

D. American Auditors Association

C. The attest function

The singularly unique function performed by Certified Public Accountants is

A. The preparation of financial statements

B. Management Advisory Services

C. The attest function

D. Tax preparation

A. T-Account Book

The following are the books Luca Pacioli introduced into his book called "Summa de Arithmetica" EXCEPT

A. T-Account Book

B. Memorandum Book

C. Ledger Book

D. Journal Book

D. Accounting is perfect science of business

The following statements describe the nature of accounting, except;

A. Accounting is a process, an art and a discipline

B. Accounting is the language and eyes of the business

C. Accounting is a service activity

D. Accounting is perfect science of business

B. Luca Pacioli

Who is the father of Accounting that introduced the use of three books in doing accounting with his book "Summa de Arithmetica"?

A. Jacques Savary

B. Luca Pacioli

C. Eugen Schmalenbach

D. Andrea Bargarigo

D. Capital Structure

Accounting helps businessmen answer questions such as " How much borrowed capital and owner's capital are invested in the business?" or its _____

A. Liquidity

B. Profitability

C. Financial Flexibility

D. Capital Structure

A. Maintenance of Professional Competence

The phase of professional competence that requires a professional accountant to adopt a program designed to ensure quality control in the performance of professional services consistent with technical and professional standard is:

A. Maintenance of Professional Competence

B. Application of Professional Competence

C. Attainment of Professional Comptence

D. Review of Professional Competence

B. To be fair, intellectually honest and free of conflict of interest

The principle of professional competence and due care imposes certain obligations on professional accountants. Which of the following is not one of those obligations required by this principle?

A. To act diligently in accordance with applicable technical and professional standards

B. To be fair, intellectually honest and free of conflict of interest

C. To obtain professional knowledge, and experience to enable them to fulfill their responsibilities

D. o become aware and understand relevant technical, professional and business developments

D. The duty of confidentiality ceases after the end of the relationship between the professional accountant and the client or employer.

Which of the following is incorrect regarding confidentiality?

A. Confidentiality should always be observed by a professional accountant unless specific authority has been given to disclose information or there is a legal or professional duty to disclose

B. Confidentiality requires that a professional accountant acquiring information in the course of performing professional services neither uses nor appear to use that information for personal advantage or for the advantage of a third party.

C. Professional accountants have an obligation to respect the confidentiality of information about a client’s or employer’s affairs acquired in the course of professional services.

D. The duty of confidentiality ceases after the end of the relationship between the professional accountant and the client or employer.

D. The collective well-being of the community of people and institutions the professional accountant serves.

How did the Code of Ethics define public interest?

A. The standards of the accountancy profession are heavily determined by the public interest

B. A distinguishing mark of a profession is acceptance of its responsibility to the public.

C. A distinguishing mark of a profession is acceptance of its responsibility to the public.

D. The collective well-being of the community of people and institutions the professional accountant serves.

D. A responsibility to protect exclusively the interest of a client or employer

Which of the following is not one of the characteristics of a profession?

A. Adherence by its members to a common code of conduct

B. A responsibility of a duty to society as a whole

C. Mastery of a particular intellectual skill acquired by training and education

D. A responsibility to protect exclusively the interest of a client or employer

C. Certificate of registration and professional identification card

Which of the following shall be issued to examinees who pass the CPA licensure
examination?

A. Personal identification card

B. Certificate of accreditation

C. Certificate of registration and professional identification card

D. Certificate of full compliance and PRC ID.

A. Quality review

It involves a study or appraisal by the Board or its duly authorized representatives
of the quality of audit of financial statements through an evaluation of the quality
control measures instituted by the CPA firm to ascertain compliance with ethical
and technical standards of the public practice.

A. Quality review

B. External audit

C. Peer review

D. Compliance audit

D. He/She is at least 21 years of age

The following qualifications of applicants for CPA licensure examination, except

A. He/She is of good moral character

B. He/She is a Filipino Citizen

C. He/She is a holder of the degree of Bachelor of Science in Accountancy

D. He/She is at least 21 years of age

B. Who has falsely represented himself / herself in his /her application for examination

The Board of Accountancy may issue certificate of registration and professional identification card to any successful examinee:

A. Convicted by a court of political offense

B. Who has falsely represented himself / herself in his /her application for examination

C. Of unsound mind

D. Guilty of immoral or dishonorable conduct

B. Basic competence at the time of certification

A CPA certificate is evidence of

A. Independence as a professional

B. Basic competence at the time of certification

C. Membership in the accredited association

D. Completion of continuing professional education program

Which is the least function of the Board of Accountancy?

A. To prepare, adopt, issue or amend syllabi at the subjects for examinations in consultation with the academe.

B. To investigate violations of the RA 9298

C. To supervise PICPA

D. To prepare questions for the CPA licensure examination which shall strictly within the scope of the syllabi of the subjects for examination.

B. 3

How long in years is the renewable term of the chairman and members of FRSC?

A. 5

B. 3

C. 4

D. 2

A. To adopt an official seal of the Commission

Which of the following is not one of the functions of the Board of Accountancy?

A. To adopt an official seal of the Commission

B. To prescribe and/or adopt a code of ethics for the practice of accountancy

C. To supervise the registration, licensure and practice of accountancy in the Philippines

D. To issue, suspend, revoke, or reinstate the certificate of registration for the practice of the accountancy profession

D. No persons shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others.

The following statements relates to the RA 9298. Which of the following statement is true?

A. Insanity is not a ground for proceeding against a CPA

B. After three years, subject to certain conditions, the Board of Accountancy may order the reinstatement of a CPA, whose certificate of registration has been revoked

C. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for negligence, incompetence, or any other just cause

D. No persons shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others.

A. ACPAPP

Sectoral Organization have been established to promote the interests of groups of professional accountants. Which of the following is the sectoral organization for CPAs in Public Practice?

Correct answer:

A. ACPAPP

B. ACPACI.

C. ACPAE.

D. GACPA.

C. Research, preliminary views, exposure draft, standard.

Accounting standard-setters use the following process in establishing international standards:

A. Discussion paper, research, exposure draft, standard.

B. Research, exposure draft, discussion paper, standard.

C. Research, preliminary views, exposure draft, standard.

D. Research, preliminary views, discussion paper, standard.

FALSE

TRUE OR FALSE

The FRSC similarly monitors issuances of the International Financial Reporting Interpretations Committee (IFRIC) of the IASB, which it adopts as Philippine Accounting Standards

B. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.

Economic consequences of accounting standard-setting means:

A. standard-setters must give first priority to ensuring that companies do not suffer any adverse effect as a result of a new standard.

B. accounting standards can have detrimental impacts on the wealth levels of the providers of financial information.

C. standard-setters must ensure that no new costs are incurred when a new standard is issued.

D. the objective of financial reporting should be politically motivated to ensure acceptance by the general public.

TRUE

TRUE OR FALSE

Generally accepted accounting principles (GAAP) for U.S.
companies are developed by the Financial Accounting Standards Board (FASB).

TRUE

TRUE OR FALSE

Both the IASB and the FASB have essentially the same
governance structure, that is, a Foundation that provides
oversight, a Board, an Advisory Council, and an Interpretations Committee.

D. Enables interested parties to express their views on accounting issues under consideration

In the development of accounting standards, the FRSC employs a "due process" system which

A. Identifies the accounting issues that are the most important

B. Requires that all CPAs must have a copy PFRS

C. Is efficient for collecting dues from members

D. Enables interested parties to express their views on accounting issues under consideration

B. International Financial Reporting Standards, International Accounting Standards, and Interna tional Accounting Standards Interpretations.

IFRS is comprised of:

A. FASB financial reporting standards and International Accounting Standards.

B. International Financial Reporting Standards, International Accounting Standards, and Interna tional Accounting Standards Interpretations.

C. International Accounting Standards and International Accounting Standards Interpretations.

D. International Financial Reporting Standards and FASB financial reporting standards.

D. what the public thinks accountants should do and what accountants think they can do.

The expectations gap is the difference between:

A. what the users of financial statements want from the government and what is provided.

B. what the governmental agencies want from standard-setting and what the standard-setters provide.

C. what financial information management provides and what users want.

D. what the public thinks accountants should do and what accountants think they can do.

D. IASB and IOSCO.

The major key organizations on the international side are the:

A. IOSCO and the U.S. SEC.

B. London Stock Exchange and International Securities Exchange.

C. IASB and IFRS Advisory Council.

D. IASB and IOSCO.

FALSE

TRUE OR FALSE

The objective of financial statements emphasizes a stewardship approach for reporting financial information.

D. To provide quantitative information about an entity that is useful in making rational economic descision

The basic objective of accounting is

A. To measure the periodic income of the economic entity

B. To provide the information that the managers of an economic entity need to control its operations

C. To provide information that the creditors of an economic entity can use in deciding whether to make additional loans to the entity

D. To provide quantitative information about an entity that is useful in making rational economic descision

B. It is the accumulation and preparation of financial reports for internal users only.

The following statements pertain to financial accounting, except

A. It must comply with the PAS and PFRS.

B. It is the accumulation and preparation of financial reports for internal users only.

C. It is primarily concerned with the recording if business transactions and the eventual preparation of financial statements.

D. It normally focuses on historical financial information.

C. General Accounting

The field of accounting which is directly involved in the preparation of financial statements

A. Internal Auditing

B. Managerial Accounting

C. General Accounting

D. Cost accounting

B. Liquidity

Accounting helps businessmen answer questions such as " Are there available funds to finance the business operations?" or its _____

A. Solvency

B. Liquidity

C. Profitability

D. Capital Structure

A. Financial Flexibility

Accounting helps businessmen answer questions such as " Is there excess cash available for investment opportunities and other uncertainties?" or its _____

A. Financial Flexibility

B. Capital Structure

C. Stability

D. Profitability

B. It refers to a service activity with a function of providing quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

What is the definition of Accounting according to Accounting Standards Council?

A. It includes the preparation of annual income tax returns and determination of tax consequences of certain proposed business endeavors

B. It refers to a service activity with a function of providing quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decision.

C. It is the examination of financial statements by independent certified public accountants for the purpose of expressing an opinion as to the fairness with which the financial statements are prepared.

D. It refers to services to clients on matters of accounting, finance, business policies, organization procedures, product costs, distribution and many other phases of business conduct and operations.

B. Private Accounting

Accountants employed by a business firm or a non-government organization are said to be engaged in

A. General Accounting

B. Private Accounting

C. Independent Accounting

D. Public Accounting

B. Eugene Schmalenbach

He believed that the Chart of Accounts contains relevant dynamic information affecting the economics flight of an enterprise

A. Emperor Wang Mang

B. Eugene Schmalenbach

C. Luca Pacioli

D. Jacques Savary

B. Socio-economic Accounting

Its concern is the measurement of the impact of business or government decision on the public Sector

A. Managerial Advisory Services

B. Socio-economic Accounting

C. Government Accounting

D. Tax Accounting

A. It means the CPAs are employed in business entities in various capacity as accounting staff, chief accountant, internal auditor and controller

Which of the following statements pertains to “private Accounting”?

A. It means the CPAs are employed in business entities in various capacity as accounting staff, chief accountant, internal auditor and controller

B. It refers to the rendering of independent and expert financial services to the public such as auditing, taxation and management advisory services.

C. It encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.

D. It refers to the field in which CPAs work as professors, lecturers and researchers in various universities and colleges.

C. Confidence

In order to achieve the objectives of the accountancy profession, professional accountants have to observe a number of prerequisites or fundamental principles.  The fundamental principles include the following, except

A. Confidentiality

B. Professional Competence and due care

C. Confidence

D. Objectivity

1, 2, 3

In marketing and promoting themselves and their work, professional accountants should

1. Not use means which brings the profession into disrepute

2. Not make exaggerated claims for the services they are able to offer, the qualifications they possess, or experience they have gained.

3. Not make disparaging references or unsubstantiated comparisons to the work of others

A. The need for public confidence in the quality of service of the profession

The underlying reason for a code of professional ethics is

A. The need for public confidence in the quality of service of the profession

B. That it is required by legislation

C. That it provides a safeguard against unscrupulous people

D. To provide the licensing agencies with a basis for measuring the performance of the practitioners

A. Continuing awareness of development in the accountancy profession.

Which of the following is the least required in attaining professional competence?

A. Continuing awareness of development in the accountancy profession.

B. Specific education, training and examination in professionally relevant subjects.

B. Corporations

CPAs may practice public accountancy under the following forms of organization,
except:

A. Limited liability partnership

B. Corporations

C. General partnership

D. Sole proprietorship

A. He/She must have at least 10 years of experience in the practice of public accountancy

Which of the following is not among the qualifications of a member of the Board of Accountancy?

A. He/She must have at least 10 years of experience in the practice of public accountancy

B. He/She must not be a director or officer of the accredited national professional organization at the time if appoinment

C. He/She must be of a good moral character

D. He/She must be a natural-born Filipino citizen and a resident of the Philippines

D. Private accounting

What is the branch of accounting that is most related with the accounting sector
“Association of CPAs in Commerce nd Industry (ACPACI)?”

A. Accounting education

B. Government accounting

C. Public accounting

D. Private accounting

C. Auditing and Assurance Standards Council

Which of the following functions to promulgate auditing standards?

A. National Accredited Professional Organization

B. ACPAPP

C. Auditing and Assurance Standards Council

D. Financial Reporting Standards Council

B. Must be a natural-born CPA and a resident of the Philippines.

Which of the following is not one of the qualifications of the members of the Board of
Accountancy?

A. Must be of good moral character.

B. Must be a natural-born CPA and a resident of the Philippines.

C. Must not have been convicted of crimes involving moral turpitude.

D. Must be a duly Certified Public Accountant with at least ten years experience in practice of accountancy.

Both Statement are Correct

To be qualified as having passed the CPA licensure examination;

Statement 1:The candidate must have a general weighted average of at least 75%.

Statement 2:The candidate must not have a grade lower than 65% in any given subject

FALSE

TRUE OR FALSE

The objective of financial reporting is to prepare a statement of financial position, a statement of comprehensive income, a statement of cash flows, and a statement of changes in equity.

D. It is used when there is no standard or interpretation related to the reporting issues under consideration.

The authoritative status of the Conceptual Framework for Financial Reporting is as follows:

A. It is not as authoritative as a standard but takes precedence over any interpretation related to the reporting issue.

B. It takes precedence over all other authoritative literature.

C. It has no authoritative status.

D. It is used when there is no standard or interpretation related to the reporting issues under consideration.

TRUE

TRUE OR FALSE

Both the IASB and the FASB have essentially the same
governance structure, that is, a Foundation that provides
oversight, a Board, an Advisory Council, and an Interpretations Committee.

TRUE

TRUE OR FALSE

The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.

TRUE

TRUE OR FALSE

The FRSC formed the Philippine Interpretations Committee (PIC)  in August 2006 to assist the FRSC in establishing and improving financial reporting standards in the Philippines.

D. external users.

General-purpose financial statements are prepared primarily for:

A. internal users

B. government regulators

C. auditor

D. external users.

FALSE

TRUE OR FALSE

The IASB has a government mandate and therefore does not have to follow due process in issuing an IFRS.

C. An accounting system in which every transaction is recorded with both of at least one debit entry and at least one credit entry.

The "Double-Entry System of Accounting" is

A. An accounting system in which all transactions must balance.

B. An accounting system in which all transactions are made up of debits and credits.

C. An accounting system in which every transaction is recorded with both of at least one debit entry and at least one credit entry.

D. An accounting system in which you must always use two accounts.

B. American Institute of Certified Public Accountant

Which authority on the field of accounting defined accounting as an art?

A. American Auditors Association

B. American Institute of Certified Public Accountant

C. Accounting Standards Council

D. American Accounting Association

C. quantitative information

The function of accounting is to provide

A. qualitative information

B. None of the Choices

C. quantitative information

D. Qualitative and Quantitative information

A. Prepare the Financial Statements

Which of the following is NOT the function of an Auditor?

A. Prepare the Financial Statements

B. Locate and Rectify Accounting Errors

C. Trace Fraudulent Transactios

D. Test the reliability of the financial reports

A. Solvency

Accounting helps businessmen answer questions such as " Can the business pay its long-term obligations to others?" or its _____

A. Solvency

B. Stability

C. Capital Structure

D. Financial Flexibility

B. Profitability

Accounting helps businessmen answer the question of "How much is the increase in capital as a result of business operations?" or its _____

A. Capital Structure

B. Profitability

C. Liquidity

D. Solvency

Both Statements are Correct

Statement 1: Accounting is useful in making economic decisions

Statement 2: Accounting demands critical thinking and creative skills

Public Accounting

Accountant whose services as professional are hired not on employee-employer relationships are said to be engaged in

A. Government Accounting

B. Private Accounting

C. General Accounting

D. Public Accounting

C. Professional accountants may portray themselves as having expertise or experience they do not possess.

Which of the following is incorrect regarding professional competence?

A. Professional accountants may portray themselves as having expertise or experience they do not possess.

B. The maintenance of professional competence requires a continuing awareness of development in the accountancy profession.

C. Professional accountants may portray themselves as having expertise or experience they do not possess.

D. The attainment of professional competence requires initially a high standard of general education.

A AND B

Which of the following statements is (are) correct about objectivity and integrity?

a) The principle of integrity imposes the obligation on all professional accountants to be straightforward and honest in professional and business relationships. Integrity also implies fair dealing and truthfulness.

b) The principle of objectivity imposes an obligation on all professional accountants not to compromise their professional or business judgment because of bias, conflict of interest or the undue influence of others.

Bureau of Internal Revenue

Which of the following government regulatory agencies is not represented in the
AASC?

A. Board of Accountancy

B. Bureau of Internal Revenue

C. Securities and Exchange Commission

D. Banko Sentra ng Pilipinas

All statements are correct

The following statements relate to the term of the office of the chairman and the members of the Board of Accountancy (BOA)

I. No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year

II. Appointment to fill up an expired term is not to be considered a complete term

III. A person may serve in the Board of Accountancy for eight consecutive years.

IV. No person shall serve in the Board of more than 12 years.

A. A person is appointed as marketing director of a government owned and controlled corporation.

Which of the following does not constitute a practice of accountancy?

A. A person is appointed as marketing director of a government owned and controlled corporation.

B. A person representing his/her employer before government agencies on tax and other accounting related matters.

C. A person in educational institution teaching accounting, auditing, business law, taxation or other technically related subjects.

D. A person holding out himself as one skilled in the knowledge and practice of accounting and as a qualified person to render professional services as a CPA to more than one client.

C. Board of Accountancy

All licensed CPAs shall obtain and use a seal of a design prescribed by the

A. PRC

B. Philippine Institute of CPAs.

C. Board of Accountancy

D. Accounting Standards Council.

D. Auditing and Assurance Standards Council (AASC)

The auditing standard setting body created by the Board of Accountancy is known
as

A. Accountancy Standards Council (ASC)

B. Auditing Standards and Practices Council (ASPC)

C. Financial Reporting Standards Council (FRSC)

D. Auditing and Assurance Standards Council (AASC)

FALSE

TRUE OR FALSE

Any company claiming compliance with IFRS must follow most standards and interpretations but not the disclosure requirements.

FALSE

TRUE OR FALSE

The difference between International Accounting Standards and IFRS is that International Accounting Standards are more authoritative.

I, II, III

The Philippine Financial Reporting Standards collectively include

I. PFRS corresponding to IFRS

II. PAS corresponding to IAS

III. Philippine Interpretations corresponding to IFRIC and SIC Interpretations and Interpretations developed by PIC

B. International Financial Reporting Standards.

IFRS stands for:

A. Independent Financial Reporting Standards.

B. International Financial Reporting Standards.

C. International Federation of Reporting Services.

D. Integrated Financial Reporting Services.

B. Investors

These users require information on risk and return on investment

A. Customers

B. Investors

C. Employees

D. Lenders

BOTH I AND II

Which of the following statements in relation to information needs is TRUE?

I. Information that meets the needs of specified primary users is likely to meet the needs of other users, such as employees, customers, governments and other agencies and the public

II. The management is also interested in financial information but it need not rely on general purposes financial reports because it can access additional information internally

C. Lenders and other Creditors

These users are interested in information that enables them to assess whether their loans, the related interest thereon, and other amounts owing to them will be paid when due:

A. Trade Creditors

B. Owners

C. Lenders and other Creditors

D. Borrowers

B. reporting to users of financial information for their decision making

The objective of financial reporting places most emphasis on:

A. providing specific guidance related to specific needs.

B. reporting to users of financial information for their decision making

C. reporting on stewardship.

D. providing information to individuals who are experts in the field.

C. General Accounting

The field of accounting which is directly involved in the preparation of financial statements

A. Managerial Accounting

B. Internal Auditing

C. General Accounting

D. Cost accounting

D. Tax Accounting

This field of accounting was born due to the infusion of CPA's in the practice of taxation

A. Tax Advisory Accounting

B. Internal Revenue Accounting

C. Business Tax Accounting

D. Tax Accounting

1,2,3

A professional accountant should not be associated with reports, returns, communications or other information that

1. Contains a false or misleading statement

2. Contains statements or information furnished recklessly or without any real knowledge of whether they are true or false.

3. Omits or obscures information required to be submitted and such omission or obscurity would be misleading.

B. Seven members with a chairman.

The Education Technical Council shall be composed of

A. Seven members with a chairman and a vice-chairman.

B. Seven members with a chairman.

C. Eight members with a chairman, a vice-chairman, and a secretary.

D. Six members

B. Public Practice

The sector that is most represented in the AASC is the

A. Commerce and Industry

B. Public Practice

C. Academe

D. Government

A. The President of the Republic of the Philippines.

Who is the person that has the authority to suspend or remove a member of the
BOA, on valid grounds and after due process?

A. The President of the Republic of the Philippines.

B. The Commissioner of the Professional Regulation Commission.

C. The Chairman of the Professional Regulatory Board of Accountancy, unless he is one who is under investigation.

D. None of them.

B. The Board shall elect a chairman from among its members to serve for a term of one year

Which of the following statements about the composition of the Board of Accountancy is incorrect?

A. The Board shall be composed of a chairman and six members

B. The Board shall elect a chairman from among its members to serve for a term of one year

C. The four sectors in the practice of accountancy shall as much as possible be equitably represented in the board

D. The members of the Board shall be appointed by the President of the Philippines from a list of three recommendees for each position and ranked by the Commission, from a list of five nominees for each position submitted by Accredited Professional Organization (ARO)

A. Education Technical Council

This council is tasked to assist the BOA in continuously upgrading accountancy education in the Philippines to make the Filipino CPAs globally competitive.

A. Education Technical Council

B. CPE council

C. Quality Review Committee

D. CHED

TRUE

TRUE OR FALSE

The overriding requirement of IFRS is for the financial statements to give a fair presentation (or true and fair view)

TRUE

TRUE OR FALSE

IFRS is the term used to indicate the whole body of IASB authoritative literature