ABM 1: Lesson 1

known as the Philippine Accountancy Act of 2004 was signed into law by President Gloria Macapagal-Arroyo on May 13, 2004.

• Republic Act No. 9299

• Republic Act No. 9298

• Republic Act No. 9892

• Republic Act No. 9289

A professional accountant should be honest and straightforward in all dealings.

• Integrity

• Objectivity

• Professional Compliance and Due Care

• Confidentiality

Writing down of business transactions chronologically in the books of accounts as they transpire.

• Recording

• Classifying

• Summarizing

• Interpretation

A _________ is a document where professional behavior are enumerated.

• Rules and Regulation

• Republic Act

• Code of Ethical Conduct

• Ethical Conduct Law

In 1975, PRC accredited the __________ as the bona fide professional organization representing CPAs in the country.

• Certified Management Accountants Philippines

• American Institute of Certified Public Accountants

• Philippine Institute of Certified Public Accountants

• Auditing and Assurance Standards Council

A professional accountant has the duty to maintain professional knowledge and skills at the level required to ensure that the client/ employer receives competent professional services.

• Integrity

• Objectivity

• Professional Compliance and Due Care

• Confidentiality

A professional accountant should not allow bias, conflict of interest or undue influence of others to override professional judgment.

• Integrity

• Objectivity

• Professional Compliance and Due Care

• Confidentiality

Philippine accountancy was recognized as a profession on __________ when Act No. 3105 was approved by the Sixth Legislature.

• March 7, 1923

• March 23, 1917

• March 23, 1923

• March 17, 1923

Preparing the financial statements from the transactions recorded in the books of account designed to meet the information needs of the users.

• Recording

• Classifying

• Summarizing

• Interpretation

The economic events of an organization are referred to as ___________.

• transactions

• sales

• expenses

• investment