The Accounting Profession

The body authorized by law to promulgate rules and regulations affecting the practice of the accountancy profession in the Philippines.

• ACCOUNTING STANDARDS COUNCIL

• BOARD OF ACCOUNTANCY

• PROFESSIONAL REGULATION COMMISSION

• FINANCIAL REPORTING STANDARDS COUNCIL

Accounting is a service activity and its function is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions. This accounting definition is given by_________. 

• ACCOUNTING STANDARDS COUNCIL

• BOARD OF ACCOUNTANCY

• Financial Reporting Standards Council

• PROFESSIONAL REGULATION COMMISSION

The law regulating the practice of accountancy in the Philippines. 

• R.A No. 9892

• PHILIPPINE ACCOUNTANT ACT OF 2004

• PHILIPPINE ACCOUNTANCY ACT OF 2004

This accounting process is the recognition or nonrecognition of business activities as accountable events. 

• MEASURING

• INTERPRETING

• IDENTIFYING

• COMMUNICATING

The assigning of peso amounts to the accountable events. 

• MEASURING

• IDENTIFYING

• INTERPRETING

• COMMUNICATING

The most common financial attribute used in measuring financial information. 

• PRESENT VALUE

• CURRENT COST

• HISTORICAL COST

• FAIR VALUE

The standards-setting body in the Philippines at the present time. 

• ACCOUNTING STANDARDS COUNCIL

• FINANCIAL REPORTING STANDARDS COUNCIL

• BOARD OF ACCOUNTANCY

• PROFESSIONAL REGULATION COMMISSION

Single practitioners for the practice of public accountancy shall be registered CPAs in the Philippines.

• TRUE

• FALSE

The overall objective of accounting is to provide qualitative information about an entity that is useful in making economic decision.

• TRUE

• FALSE

The communicating process of accounting includes recording, classifying, summarizing and interpreting.

• TRUE

• FALSE