ACFAR 1231- the accountancy profession 2022 new exam solution update

What is the law regulating the practice of accountancy in the Philippines? - R.A No. 9298 What is the accounting standard setting body in the present time? - FRSC All of the following are represented in FRSC, except: A.) board of accountancy B.) SEC C.) Commission on Audit D.) Department of Budget and Management - D.) The Philippines Financial Reporting Standards collectively include: A.) PFRS according to IFRS B.) PAS according to IAS C.) Philippine Interpretations corresponding to IFRIC D.) All of these are included - D.) GAAP is an abbreviation for: - Generally Accepted Accounting Principles Accounting standard-setting has been characterized as... - A political process The International Accounting Standards board was formed.. - To develop a single set of high quality IFRS The IASB declared that the merits of proposed standards are assessed... - From a position of neutrality What is the chronological order in the evaluation of a typical standard? - Discussion paper, exposure paper, Standard The IASB publishes standards called - IFRS The IASB employs a due process system which - Enables interested parties to express their views on issues under consideration What is due process in the standard setting by IASB? A.) IASB operates in full view of the public B.) public hearings are held on proposed standards C.) interested parties can make their views known D.) all of the above - D.) What is a possible danger if politics play too big a role in developing IFRS? - Accounting standards are not truly generally accepted Accounting standard setting... - Can be described as a political process which reflects political actions of various interested under groups The International Accounting Standards Board... - promotes the use of high-quality, understandable global accounting standards IFRIC Interpretations issued by IASB a. are considered authoritative and must be followed. b. cover newly identified financial reporting issued not specifically addressed. c. cover issued where unsatisfactory or conflicting interpretations have developed. d. All of these - D Financial accounting is concerned with.. - General purpose reports on financial positions and financial performance Financial accounting can be broadly defined as the area of accounting which prepares... - General purpose financial statements to be used by parties both internal and external to the entity