Podcast
Questions and Answers
What is the overall goal of the Financial Reporting Standards Council (FRSC) in the Philippines?
What is the overall goal of the Financial Reporting Standards Council (FRSC) in the Philippines?
- To establish a separate set of accounting standards for the Philippines
- To improve the quality and comparability of financial reporting in the Philippines (correct)
- To solely focus on the accounting standards of publicly-listed companies
- To replace the Philippine Interpretations Committee with the FRSC
Which of the following is NOT a member of the FRSC?
Which of the following is NOT a member of the FRSC?
- Securities and Exchange Commission (SEC)
- Financial Executives Institute of the Philippines (FINEX)
- Bangko Sentral ng Pilipinas (BSP)
- Department of Education (correct)
What is the primary role of the Philippine Interpretations Committee (PIC) replaced by the FRSC?
What is the primary role of the Philippine Interpretations Committee (PIC) replaced by the FRSC?
- To issue new accounting standards
- To provide training on financial reporting
- To interpret existing accounting standards (correct)
- To enforce compliance with accounting standards
What is the highest hierarchy of generally accepted accounting principles (GAAP) in the Philippines?
What is the highest hierarchy of generally accepted accounting principles (GAAP) in the Philippines?
What is the primary objective of the Financial Reporting Standards Council (FRSC) in developing accounting standards?
What is the primary objective of the Financial Reporting Standards Council (FRSC) in developing accounting standards?
What is the composition of the Financial Reporting Standards Council (FRSC)?
What is the composition of the Financial Reporting Standards Council (FRSC)?
What is the primary objective of accounting according to the American Institute of Certified Public Accountants (AICPA)?
What is the primary objective of accounting according to the American Institute of Certified Public Accountants (AICPA)?
What is the main difference between financial accounting and cost accounting?
What is the main difference between financial accounting and cost accounting?
What is the conceptual framework of accounting?
What is the conceptual framework of accounting?
What is the main purpose of the Securities and Exchange Commission (SEC)?
What is the main purpose of the Securities and Exchange Commission (SEC)?
What is the term for the process of identifying, measuring, and communicating financial information?
What is the term for the process of identifying, measuring, and communicating financial information?
What is the term for the certification issued to accountants who have completed the required education and experience?
What is the term for the certification issued to accountants who have completed the required education and experience?
What is one of the implicit communication processes in accounting?
What is one of the implicit communication processes in accounting?
What is the primary objective of budgeting in accounting?
What is the primary objective of budgeting in accounting?
What is the purpose of auditing in financial accounting?
What is the purpose of auditing in financial accounting?
What is the main goal of financial statement analysis?
What is the main goal of financial statement analysis?
What is the Philippines' primary accounting law?
What is the Philippines' primary accounting law?
What is the term for the process of allocating costs to specific business transactions?
What is the term for the process of allocating costs to specific business transactions?
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