Accounting Concepts and Standards Quiz

To provide information about the business operations

To provide qualitative information about a business

To provide information about the business environment

To provide quantitative financial information about a business

5 members with a Chairman

20 members with a Chairman

15 members with a Chairman

10 members with a Chairman

To regulate the accounting profession

To provide guidelines for tax preparation

To standardize the accounting software

To identify proper accounting practices for the preparation and presentation of financial statements

A regulation for public accounting

A law regulating the practice of accountancy in the Philippines

A standard-setting body for accounting practices

A professional organization for accountants

Fulfillment value and current cost

Historical cost and current value

Current value and value in use

Historical cost and fair value

A CPA shall be permanently exempted from CPD requirements upon reaching the age of 60 years

A CPA shall be permanently exempted from CPD requirements upon reaching the age of 65 years

A CPA shall be permanently exempted from CPD requirements upon reaching the age of 70 years

A CPA shall be permanently exempted from CPD requirements upon reaching the age of 55 years

A set of guidelines for budgeting

A set of guidelines for tax preparation

A set of guidelines for internal audits

Rules, procedures, practice and standards followed in the preparation and presentation of financial statements

PIC prepares interpretations of IFRS for approval by the FRSC and IFRIC is the counterpart of the PIC

PIC prepares interpretations of IFRS for approval by the IFRIC and IFRIC is the counterpart of the FRSC

PIC prepares interpretations of PFRS for approval by the IFRIC and IFRIC is the counterpart of the FRSC

PIC prepares interpretations of PFRS for approval by the FRSC and IFRIC is the counterpart of the PIC

It is a regulatory authority

It is a government body

It is a private sector body

It is a non-profit organization

To create chaos in financial reporting

To work against the improvement of regulations

To achieve uniformity in accounting principles

To promote financial fraud