CFAS - Preliminaries of Conceptual Framework Exam Questions with Correct Answers Graded A+
Accounting is a _______. Its function is to provide quantitative information, primarily financial in nature,
about economic entities, that is intended to be useful in making _______. - Answers Service Activity,
Economic Decision
Accounting is the art of _______, ________, and ________ in a significant manner and in terms of
money, transactions and events which are in part at least of a financial character and interpreting the
results thereof. - Answers Recording, Classifying, and Summarizing
The overall objective of accounting is to provide __________ about a business useful to statement users
particularly owners and creditors in making economic decisions. - Answers Quantitative Financial
Information
To supply financial information so that the statement users could
make informed judgment and better decision. - Answers The primary task of an accountant
The law regulating the practice of
accountancy in the Philippines. - Answers Republic Act No. 9298
Republic Act No. 9298 is also known as ___________ - Answers Philippine Accountancy Act of 2004
Accountancy has developed as a profession attaining a
status equivalent to that of _______ - Answers Law and Medicine
In the Philippines, in order to qualify to practice the accountancy profession, a person must finish a
degree in__________ - Answers Bachelor of Science in Accountancy
The body authorized by law to promulgate rules and regulations affecting the practice of the
accountancy profession in the Philippines. - Answers Board of Accountancy
Is responsible for preparing and grading the Philippine CPA examination. - Answers Board of
Accountancy
The computer-based examination is offered twice a year, one in _____ and another one in ________, in
authorized testing centers round the country. - Answers May, October
Certified Public Accountants, firms and partnership of certified public accountants, including partners
and staff members thereof, are required to register with the ___________ and _______________ for
the practice of public
accountancy. - Answers Board of Accountancy and Professional Regulation Commission
, The PRC upon favorable recommendation of the Board of Accountancy shall issue the Certificate of
Registration to practice public accountancy which shall be valid for _____ years and renewable every
____ years upon payment of required fees. - Answers 3 Years, 3 Years
Certified Public Accountants generally practice their profession in three main areas, namely: - Answers
Public, Private, and Government Accounting
An independent private sector body, with the objective of achieving uniformity in the accounting
principles which are used by business and other organizations for financial reporting around the world. -
Answers International Accounting Standards Committee (IASC)
The approved statements of the IASC are known as - Answers International Accounting Standards (IAS)
Now replaces the
International Accounting Standards Committee or IASC. - Answers International Accounting Standards
Board (IASB)
Issues standards in a series of
pronouncements called Philippine Financial Reporting Standards or PFRS. - Answers Financial Reporting
Standards Council
A complete, comprehensive and single document promulgated by the International Accounting
Standards Board. - Answers Conceptual Framework for Financial Reporting
summary of the terms and concepts that underlie the preparation and presentation of general purpose
financial statements. - Answers Conceptual Framework
The underlying theory for the development of accounting standards
and revision of previously issued accounting standards. - Answers Conceptual Framework
An attempt to provide an overall theoretical foundation for accounting. - Answers Conceptual
Framework
Conceptual Framework assists the _________ to develop ____ based on consistent concepts. - Answers
International Accounting Standards
Board, IFRS
Forms the foundation of the Conceptual Framework - Answers The objective of financial reporting
The overall objective of financial reporting is to - Answers Provide financial information for decision
making
The principal way of providing financial information to external users is through the __________ -
Answers Annual financial statements
Accounting is a _______. Its function is to provide quantitative information, primarily financial in nature,
about economic entities, that is intended to be useful in making _______. - Answers Service Activity,
Economic Decision
Accounting is the art of _______, ________, and ________ in a significant manner and in terms of
money, transactions and events which are in part at least of a financial character and interpreting the
results thereof. - Answers Recording, Classifying, and Summarizing
The overall objective of accounting is to provide __________ about a business useful to statement users
particularly owners and creditors in making economic decisions. - Answers Quantitative Financial
Information
To supply financial information so that the statement users could
make informed judgment and better decision. - Answers The primary task of an accountant
The law regulating the practice of
accountancy in the Philippines. - Answers Republic Act No. 9298
Republic Act No. 9298 is also known as ___________ - Answers Philippine Accountancy Act of 2004
Accountancy has developed as a profession attaining a
status equivalent to that of _______ - Answers Law and Medicine
In the Philippines, in order to qualify to practice the accountancy profession, a person must finish a
degree in__________ - Answers Bachelor of Science in Accountancy
The body authorized by law to promulgate rules and regulations affecting the practice of the
accountancy profession in the Philippines. - Answers Board of Accountancy
Is responsible for preparing and grading the Philippine CPA examination. - Answers Board of
Accountancy
The computer-based examination is offered twice a year, one in _____ and another one in ________, in
authorized testing centers round the country. - Answers May, October
Certified Public Accountants, firms and partnership of certified public accountants, including partners
and staff members thereof, are required to register with the ___________ and _______________ for
the practice of public
accountancy. - Answers Board of Accountancy and Professional Regulation Commission
, The PRC upon favorable recommendation of the Board of Accountancy shall issue the Certificate of
Registration to practice public accountancy which shall be valid for _____ years and renewable every
____ years upon payment of required fees. - Answers 3 Years, 3 Years
Certified Public Accountants generally practice their profession in three main areas, namely: - Answers
Public, Private, and Government Accounting
An independent private sector body, with the objective of achieving uniformity in the accounting
principles which are used by business and other organizations for financial reporting around the world. -
Answers International Accounting Standards Committee (IASC)
The approved statements of the IASC are known as - Answers International Accounting Standards (IAS)
Now replaces the
International Accounting Standards Committee or IASC. - Answers International Accounting Standards
Board (IASB)
Issues standards in a series of
pronouncements called Philippine Financial Reporting Standards or PFRS. - Answers Financial Reporting
Standards Council
A complete, comprehensive and single document promulgated by the International Accounting
Standards Board. - Answers Conceptual Framework for Financial Reporting
summary of the terms and concepts that underlie the preparation and presentation of general purpose
financial statements. - Answers Conceptual Framework
The underlying theory for the development of accounting standards
and revision of previously issued accounting standards. - Answers Conceptual Framework
An attempt to provide an overall theoretical foundation for accounting. - Answers Conceptual
Framework
Conceptual Framework assists the _________ to develop ____ based on consistent concepts. - Answers
International Accounting Standards
Board, IFRS
Forms the foundation of the Conceptual Framework - Answers The objective of financial reporting
The overall objective of financial reporting is to - Answers Provide financial information for decision
making
The principal way of providing financial information to external users is through the __________ -
Answers Annual financial statements
