I. NATURE OF ACCOUNTING II.

Qualitative information is found on the notes to the financial

1. Accounting is often called the “language of business” because statements only.
a. It is easy to understand III. Accounting is considered an art because of the it is
b. It is fundamental to the communication of financial supported by an organized body of knowledge.
information IV. Accounting is considered a science because it involves the
c. All business owners have a good understanding of exercise of skill and judgment.
accounting principles V. Measurement is the process of assigning numbers to
d. Accountants in many companies share financial objects such inventories or plant assets and to events such
information as purchases or sales.
VI. All quantitative information is also financial in nature.
2. Accounting has been given various definitions, which of the VII. The accounting process of assigning peso amounts or
following is not one of those definitions numbers to relevant objects and events is known as
a. Accounting is a service entity. Its function is to provide identification.
quantitative information, primarily financial in nature, about a. I, V
economic entities that is intended to be useful in making b. I, II, IV, V
economic decisions. c. I, II, III, IV, V
b. Accounting is the art of recording, classifying, and d. II, V, VI
summarizing in a significant manner and in terms of
money, transactions and events which are, in part of at 6. These are events involving an entity and an external party.
least, of a financial character and interpreting the results a. External events
thereof. b. Internal events
c. Accounting is a systematic process of objectively obtaining c. Life events
and evaluating evidence regarding assertions about d. Transactions
economic actions and events to ascertain the degree of
correspondence between these assertions and established 7. These are events which do not involve an external party.
criteria and communicating the results to interested users. a. External events
d. Accounting is the process of identifying, measuring, and b. Internal events
communicating economic information to permit informed c. Life events
judgment and decisions by users of information. d. Transactions

3. It refers to the process of incorporating the effects of an 8. Which of the following involve changes in the economic
accountable event in the statement of financial position or the resources or obligations by other entities that do not involve
statement of profit or loss and other comprehensive income transfers of resources or obligations
through a journal entry. a. External events
a. Realization b. Non-reciprocal transfers
b. Recognition c. External events other than transfers
c. Derecognition d. Internal events
d. Posting
9. These are events which involve an entity incurring a liability or
4. The following statements correctly refer to the accounting transferring an asset to another entity without directly receiving
process. (or giving) value in exchange
I. Measuring is the accounting process of analyzing business a. External events
activities as to whether or not they will be recognized in the b. Non-reciprocal transfers
books. c. External events other than transfers
II. Recognition refers to the process of including the effects of d. Internal events
an event in the totals of the statement of financial position
or the statement of profit or loss and other comprehensive 10. These are events result to a sudden or unanticipated loss from
income through memo entries. fortuitous events
III. Disclosures of events in the notes to financial statement a. Internal events
without including in the totals of the financial position or b. Non-reciprocal events
statement of profit or loss and other comprehensive income c. External events other than transfers
is not an application of the recognition principle. d. Casualty
IV. An accountable event is an event that has an effect on the
assets, liabilities or equity of an entity and its effect can be 11. Which of the following statements is true?
measured reliably. I. Loss from theft should be classified as a nonreciprocal
V. Sociological and psychological matters are within the transfer.
scope of accounting. II. Internal events are changes in economic resources by
a. I, II, III, IV, V actions of other entities that do not involve transfers of
b. I, II, III, IV enterprise resources and obligations.
c. IV III. Nonreciprocal transfers involve the transfer of resources in
d. III, IV only one direction, either from an entity to other entities or
from other entities to the entity.
5. Which of the following statements is correct? IV. Internal events are sudden, substantial, unanticipated
I. Accounting provides qualitative information, financial reductions in enterprise resources not caused by other
information, and quantitative information. entities.

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 V. Fire, earthquake and flood are examples of accountable
events classified as internal events. 19. It is the accounting process of assigning numbers, commonly in
a. I, II, III, V monetary terms, to the economic transactions and events.
b. I, III, V a. Analyzing
c. II, III, IV, V b. Measuring
d. I, III, IV, V c. Classifying
d. Interpreting
12. All of the following are events considered as exchange or
reciprocal transfer, except 20. Asset measurements in conventional financial statements
a. Purchase of investment in equity securities a. Are confined to historical cost
b. Sale of equipment for non-interest bearing note b. Are confined to historical cost and current cost
c. Subscription of the entity’s own equity instrument c. Reflect several financial attributes
d. Exchange of a note payable for an account payable d. Do not reflect output values
e. Borrowing of money from a bank
21. What is the basic purpose of accounting?
13. All of the following are events considered as nonreciprocal a. To provide quantitative financial information about
transfer, except: economic activities.
a. Declaration of cash dividends b. To provide all information that users need in making
b. Declaration of stock dividends economic decisions.
c. Payment of accounts payable c. To provide qualitative information about economic activities
d. Imposition of fines intended to be useful in making economic decisions.
e. Theft d. To provide quantitative financial information about
economic activities intended to be useful in making
14. All of the following are events considered as external events economic decisions.
other than transfers, except
a. Obsolescence 22. Accounting provides which type of information?
b. Inflation a. Quantitative
c. Imposition of fines b. Qualitative
d. Vandalism c. Financial information
d. All of these
15. All of the following are events considered as internal events,
except 23. Which of the following statements are correct?
a. Transfer of goods from work-in-process to finished goods I. The economic activities of a business activities increase or
inventory decrease its assets and liabilities but never its equity.
b. Loss from flood, earthquake, fire and other calamities II. An internal event involves a transfer or exchange between
c. Transformation of biological assets from immature to two or more entities.
mature III. Exchange is an economic activity which involves trading
d. Vandalism committed by the entity’s employees resources and obligations for other resources or
obligations.
16. Which of the following events is considered as an internal IV. Income recognition is a basic economic activity which
event? involves the process of allocating rights to the use of
a. Sale of inventory on account outputs among individuals and groups in society.
b. Provision of capital by owners V. An event generally is the source or cause of changes in
c. Borrowing of money assets, liabilities, and equity.
d. Conversion of raw materials into finished goods VI. Investment is the process of using current inputs to
e. Payment of liabilities increase the stock of resources available for future output
as opposed to immediately consumable output.
17. Which of the following events is not considered as an external a. I, III, IV, V, VI
event? b. I, II, III, V, VI
a. Production c. III, V, VI
b. Payment of taxes d. II, III, VI
c. Gifts and charitable contributions
d. Provision of capital by owners 24. Which of the following statements correctly refer to the basic
economic activities?
18. Choose the incorrect statement I. Production is the process of converting economic
a. An accounting information system is designed to collect resources into outputs of goods and services that are
data about each transaction and event that should be intended to have greater utility than the required inputs.
recorded by an entity during a reporting year. II. Exchange is the process of trading resources or obligations
b. Posting is a transfer process which reclassifies for other resources or obligations.
chronological information in to account classification format III. Consumption is the process of allocating rights to the use
in the ledger. of output among individuals and groups in society.
c. In recording transactions, an external transaction is more IV. Income distribution is the process of using the final output
likely to be overlooked and not recorded that is an internal of the production process.
transaction. V. Savings is the process of using current inputs to increase
d. A trial balance is prepared after adjusting entries are the stock of resources available for output as opposed to
recorded but before closing entries. immediately consumable output.

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 VI. investment is the process by which individuals and groups c. Under the residual equity theory, the accounting objective
set aside rights to present consumption in exchange for is proper valuation of assets. This is applicable when there
rights to future consumption. are two classes of stockholders, common and preferred.
a. I, II Thus, the equation is Assets – Liabilities + Preference
b. I, II, III, IV Shareholders’ Equity = Ordinary Shareholders’ Equity.
c. I, II, V, VI d. Under the entity theory, the business is viewed as a
d. I, II, III, IV, V, VI separate entity. Therefore, the personal transactions of the
business owners are not recorded in the business’
25. It involves the use of imagination and insight to solve problems accounting records.
by finding new relationship (ideas) among items of information.
It is most important in identifying alternative solutions. 30. Which of the following is the incorrect statement?
a. Creative thinking a. Theory can be defined as a coherent set of hypothetical,
b. Critical thinking conceptual, and pragmatic principles forming a general
c. Professional skepticism frame of reference for a field of inquiry.
d. Wishful thinking b. Accounting theory has developed in response to
government regulations.
26. Creative skills and judgment is usually exercised in problem c. Concepts are components of theory.
solving. State the correct order of the following steps in problem d. Accounting concepts are human-made.
solving.
I. Selecting a solution from among the alternatives 31. Accounting concepts are not derived from
II. Identifying alternative solutions a. Inductive reasoning
III. Recognizing a problem b. Experience
IV. Implementing the solution c. Pragmatism
V. Evaluating the alternatives d. Laws of nature
a. III, II, IV, V, I
b. I, II, III, V, IV 32. Choose the incorrect statement
c. III, II, V, I, IV a. Disclosure notes facilitates the evaluation of enterprise
d. I, II, III, IV, V position and performance because they include information
which helps to explain the quality of earnings.
27. The manner in which the accounting records are organized and b. Disclosure notes are an integral part of the financial
employed within a business is referred to as statements.
a. Accounting system c. Companies often look for opportunities to smooth earnings.
b. Business document d. Accounting concepts, principles and standards are just a
c. Voucher system broad and general today as they were sixty years ago.
d. Special journals
33. Which of the following statements are incorrect regarding
II. BASIC CONCEPTS accounting concepts?
28. Which of the following statements is incorrect regarding a. Under the Materiality concept, items deemed material and
accounting concepts? affect decision making should be separately disclosed.
a. Under the Accrual Basis of accounting, revenues are b. Underlying assumptions are those that are not mentioned
recognized when earned and expenses are recognized in the Framework; Pervasive concepts are those that affect
when incurred, not when cash is received and disbursed. virtually all financial statement elements and all aspects of
b. Under the Going concern concept, the business entity is accounting.
assumed to carry on its operations for an indefinite period c. Under the Cost/Historical cost concept, the value of an
of time. asset is to be determined on the basis of acquisition cost.
c. Under the Business Entity/Separate d. The Concept of Articulation states that all of the
Entity/Entity/Accounting Entity Concept, the business is components of a complete set of financial statements are
treated separately from its owners. interrelated.
d. Under the Time Period/Periodicity/Accounting Period e. Under the Matching concept, revenues are matched with
Concept, the life of the business is divided into series of expenses in order to properly determine the profit for a
reporting periods. period.
e. Under Cost-benefit concept, the cost of processing and
communicating information should exceed the benefits 34. Which of the following relate(s) to the Monetary/Stable
derived from it. monetary/Monetary Unit concept?
I. Assets, liabilities, equity, revenues and expenses should
29. Which of the following is incorrect regarding the basic be stated in terms of a unit of measure which is the peso in
accounting concepts? the Philippines.
a. One of the ABC Co.’s delivery trucks was involved in an II. The purchasing power of the peso is stable or constant and
accident. Although no lawsuits have yet been filed against that is instability is insignificant and therefore ignored.
ABC, ABC recognized a liability for the probable loss on a. I
the event. This is an application of the prudence or b. II
conservatism concept. c. I and II
b. Under the consistency concept, the financial statements d. None
should be prepared on the basis of accounting principles
which are followed consistently.

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35. The Full Disclosure Principle recognizes that the nature and 40. Application of full disclosure principle
amount of information included in financial reports reflects a a. Is theoretically desirable but not practical because the
series of judgmental trade-offs. The trade-offs strive for costs of complete disclosure exceed the benefits.
I. Sufficient detail to disclose matters that make a difference b. Is violated when important financial information is buried in
to users the notes to the financial statements.
II. Sufficient condensation to make the information c. Is demonstrated by the use of supplementary information
understandable, keeping in mind costs of preparing and presenting the effects of changing prices.
using it d. Requires that the financial statements be consistent and
a. I comparable.
b. II
c. I and II 41. XYZ Co. needed a new warehouse and a contractor quoted a
d. None ₱5,000,000 price to construct it. XYZ believed that it could build
the warehouse for ₱4,300,000 and decided to use company
36. Which of the following statements relate to the basic features of employees to build it. The final construction cost incurred by
financial accounting? XYZ was ₱4,800,000 but the asset was recorded at
I. The going concern assumption is necessary for asset ₱5,000,000. What principle is this a violation of?
valuation at historical cost to have meaning. a. Cost principle
II. Inexact information always makes financial statements b. Separate entity
useless for decision making. c. Matching principle
III. Under the residual equity theory, preference share equity is d. Full disclosure
deducted from total equity to arrive at ordinary share
equity. 42. Which of the following statements is correct?
IV. Materiality is always a quantitative as opposed to a a. Certified Public Accountants are not independent for the
qualitative concept. benefit of the users of the financial statements, because
a. I, III, IV they are paid by the client.
b. I, II, IV b. Accounting concepts, principles and standards are just
c. I, III broad and general today as they were sixty years ago.
d. I, II c. Due to the excellent work of the FRSC, there are very few
choices among alternative accounting policies today.
37. A concept that states that all the components of a complete set d. Disclosures are an integral part of the financial statements.
of financial statements are interrelated
a. Entity III. BRANCHES OF ACCOUNTING
b. Accounting process 43. It is the branch of accounting that focuses on the general-
c. Concept of Articulation purpose reports of financial position and operating results
d. Principle of Fair Presentation known as financial statements.
a. Financial accounting
38. The process of converting non-cash resources and rights into b. Managerial accounting
cash or equivalent claims to cash is called c. Auditing
a. Realization d. Taxation
b. Allocation
c. Recognition 44. The process of identifying, measuring, analyzing, and
d. Disposition communicating financial information needed by management to
plan, evaluate, and control an organization’s operations is called
39. Which of the following are correctly stated? a. Financial accounting
I. The PFRSs are derived from the IFRSs issued by the b. Managerial accounting
IASC. c. Tax accounting
II. One of the basic features of financial accounting is the d. Auditing
direct measurement of economic resources and obligations
and changes in them of money and sociological and 45. General purpose financial statements are
psychological impact. a. Those statements that cater to the common and specific
III. The accounting process consists of two inter-related parts needs of a wide range external users.
– the recording phase and the summarizing phase. The b. Those statements that cater to the common needs of a
preparation of a trial balance is a step under the recording wide range of external users and internal users.
phase. c. Those statements that cater to the common needs of a
IV. Financial accounting measurements are primarily based on limited range of external users.
prices at which economic resources and obligations are d. Those statements that cater to the common needs of a
exchanged. wide range of external users.
V. Owners’ equity is the excess of an entity’s assets over its
liabilities. 46. External users are those
VI. The financial position and results of operations of an entity a. Who do have the authority to demand financial reports
are not fundamentally related. tailored to their specific needs.
a. I, IV, V b. Who do not have the authority to demand financial reports
b. IV, V tailored to their common needs.
c. I, III, IV, V c. Who do not have the authority to demand financial reports
d. III, IV, V, VI tailored to their specific needs.

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 d. Who belong to countries other than the domicile country of
the reporting entity. 52. The following relate to financial reporting. Choose the correct
statement(s).
47. The primary objective of financial reporting I. The only indicator for an enterprise’s ability to generate
a. To provide information about economic resources, claims favorable cash flows is information based on previous cash
to these resources, and changes in them receipts and payments.
b. Information useful for investment and client decisions II. Since financial statements are historical, they are of little
c. Information useful for predicting future cash flows use in making decisions about the future.
d. All of these III. Investment and credit decisions often are based, at least in
part, on evaluations of the past performance of an
48. The following relate to financial reporting. Choose the correct enterprise.
statement(s). IV. The primary focus of financial reporting is the information
I. Since financial statements are historical, they are of little about an enterprise’s resources.
use in making decisions about the future. V. Financial accounting is based on the presumption that all
II. Financial accounting is based on the presumption that all statement users need the same information.
statement users need the same information. VI. Financial accounting is expressly designed to measure
III. Financial accounting is expressly designed to measure directly the value of business enterprise.
directly the value of business enterprise. VII. Financial accounting is only one source of information
a. I, III needed by those who make economic decisions about the
b. II, III business enterprise.
c. II only a. I, III, V, VII
d. None b. III, IV, V, VII
c. III, V, VII
49. Financial statements are said to be a mixture of fact and d. III, V
opinion. Which of the following items is factual?
a. Cost of goods sold 53. Which of the following correctly refer to the various branches of
b. Retained earnings accounting?
c. Discount on capital stock I. Government accounting deals with accounting for the
d. Patent amortization expense national government and its instrumentalities, focusing
attention on the custody of public funds and the purpose or
50. Choose the correct statement purposes to which such funds are committed.
a. Financial accounting is a social science and cannot be II. Institutional accounting deals handling of accounts
influenced by changes in legal, political, business and managed by a person entrusted with the custody and
social environments. management of property for the benefit of another.
b. Financial accounting is an information system designed to III. Estate accounting deals with the handling of accounts for
provide information primarily to internal users. fiduciaries who wind up the affairs of a deceased person.
c. General-purpose financial statements must be prepared by IV. Social responsibility accounting is the process of
a certified public accountant. measuring and disclosing the performance of firm in terms
d. The preparation of general-purpose financial statements is of community involvement and related criteria.
usually based on the assumption that the primary users of V. Accounting Systems deals with the installation of
the information are external decision makers. accounting procedures for the accumulation of financial
data; includes designing of accounting forms to be used in
51. Which of the following statements is incorrect? data gathering.
I. The information contained in the financial statements is VI. Cost accounting is a systematic recording and analysis of
obtained exclusively from the firm’s accounting records. the costs of material, labor, and overhead incident to
II. Financial accounting is a science rather than an art while production.
management accounting is an art rather than science. VII. Fiduciary accounting is the accounting for not-for-profit
III. Management decisions are oriented to the future whereas entities other than the government.
the decisions of external users are oriented to the past. a. I, II, III, IV, V, VI, VII
IV. Financial accounting is a branch of accounting which deals b. I, II, IV, V, VI, VII
primarily with the common needs of users while c. I, III, IV, V, VI, VII
management accounting is a branch of accounting which d. I, III, IV, V, VI
deals primarily with the specific needs of users.
V. Quantitative information is always more useful than non- IV. SECTORS IN THE PRACTICE OF ACCOUNTANCY
quantitative information for the purpose of making 54. The practice of accountancy in the Philippines is regulated
economic decisions. under
VI. Financial statements are only one source of information a. R.A. 9892
needed by users to make rational economic decisions. b. R.A. 9298
VII. Financial statements have the same basic purpose as c. R.A. 8992
financial accounting. d. RH bill
VIII. Financial statements are the only source of information
needed by users to make rational economic decisions. 55. Which of the following is not among the Four Sectors in the
a. IV, VII, VIII practice of accountancy as enumerated in R.A. 9298 also known
b. I, II, III, V, VIII as the “Philippine Accountancy Act of 2004”?
c. IV, VI, VII a. Practice in Commerce and Industry
d. I, II, III, V, VI, VII b. Practice in Education/Academe

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 c. Practice in the Government d. None of these
d. Practice in Private Accounting
V. ACCOUNTING STANDARDS
56. The professional regulatory board created under Republic Act 64. PFRSs consist of
No. 9298 tasked with the supervision of the registration, a. PFRSs
licensure and practice of accountancy in the Philippines. b. PASs
a. PRC c. Interpretations
b. BOA d. All of these
c. PICPA
d. FRSC 65. It is the official accounting standard setting body in the
Philippines. It is composed of a chairperson and 14 members.
57. The Board of Accountancy (BOA) shall be composed of a a. Financial Reporting Standards Committee (FRSC)
a. Six (6) members with a Chairman for a total of six (6) b. Financial Reporting Standards Council (FRSC)
individuals c. Accounting Standards Committee (ASC)
b. Chairman and six (6) members of a total of seven (7) d. Accounting Standards Council (ASC)
individuals
c. Chairman and fifteen (15) members 66. PFRSs are adopted from the standards issued by the
d. Chairman and seventeen (17) members a. IASC
b. IASCF
58. The Commission upon the recommendation of the Board shall c. IASB
within ninety (90) days upon the effectivity of the IRR, create an d. FASB
accounting standard body to be known as the
a. Financial Reporting Standards Council 67. Financial reporting standards continuously change primarily in
b. Financial Reporting Standards Committee response to
c. Accounting Standards Committee a. Users’ needs
d. Financial Reporting Standards Board b. Government regulations
e. Accounting Standards Council c. Political influence
d. Changes in social environments
59. The integrated national professional organization of Certified
Public Accountants accredited by the Board and the 68. Changes to reporting standards are primarily made in response
Commission to
a. Accredited National Professional Organization of Certified a. Users’ needs
Public Accountants or APO b. Government regulations
b. Federation of Certified Public Accountants c. Global modernization
c. Philippine Institute of Certified Public Accountants d. All of these
d. Accredited National Professional Accountants
69. Issuing of accounting standards in the Philippines is the
60. The FRSC shall be composed of responsibility of the
a. Fifteen members and a Chairperson a. PICPA
b. Fourteen members with a Chairperson b. FRSC
c. Fourteen members and a Chairperson c. AASC
d. Eight members and a Chairperson d. CPE Council

61. All of the following are represented in the FRSC, except 70. Choose the correct statement about financial reporting
a. Board of Accountancy standards.
b. Securities and Exchange Commission a. They are laws.
c. Bangko Sentral ng Pilipinas b. The Bureau of Internal Revenue enforces PRFSs.
d. Bureau of Internal Revenue c. Firms that do not comply with PFRSs may suffer negative
e. None, all of the above are represented in the FRSC economic consequences.
d. GAAP in the Philippines is represented by PSAs.
62. Which of the following is not represented in the FRSC?
a. Financial Executives of the Philippines 71. Accounting principles are “generally accepted” only when
b. Commission on Audit a. An authoritative accounting rule-making body has
c. Bangko Sentral ng Pilipinas established it in an official pronouncement.
d. Securities and Exchange Commission b. It has been accepted as appropriate because of its
universal application.
63. Mr. Maestro Yessur, a topnotch CPA, is a professor in a c. Both a and b.
university where he teaches mainly home economics, music and d. Neither a nor b.
physical education. Those subjects require that the teacher
must be awesome. Mr. Maestro is also frequently invited as a 72. A common set of accounting standards and procedures are
judge in beauty pageants and singing contests and as a referee called
in mixed martial arts competitions. Mr. Maestro is considered to a. Financial accounting standards.
be practicing accountancy in which of the following sectors? b. Generally accepted accounting principles.
a. Academe c. Objectives of financial reporting.
b. Public accounting d. Statements of financial accounting concepts.
c. Commerce and industry

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73. The International Accounting Standards Board (IASB) 77. Which of the following bodies is responsible for reviewing
a. Directly influences governmental legislation regarding accounting issues that are likely to receive divergent or
accounting standards. unacceptable treatment in the absence of authoritative
b. Develops binding pronouncements of its members. guidance, with a view to reaching consensus as to the
c. Is composed of members from national standard setting appropriate accounting treatment?
bodies. a. International Financial Reporting Interpretations Committee
d. Establishes uniform accounting standards to eliminate (IFRIC)
reporting differences among nations. b. Standards Advisory Council (SAC)
c. International Accounting Standards Board (IASB)
74. The Philippine Financial Reporting Standards (PFRSs) d. International Accounting Standards Committee Foundation
comprise: (IASC Foundation)
I. Philippine Financial Reporting Standards
II. Philippine Accounting Standards 78. The International Financial Reporting Interpretations Committee
III. Interpretations adopted by the Philippine Interpretations (IFRIC) issues interpretations as authoritative guidance. For
Committee (PIC) which of the following should IFRIC consider issuing an
IV. Accounting Practice Statements and Implementation Interpretation?
Guidance I. Narrow, industry-specific issues
a. I, II, III II. Newly identified financial reporting issues not specifically
b. I, II, III, IV addressed in IFRSs
c. I, II III. Issues where unsatisfactory or conflicting interpretations
d. I, III have developed, or seem likely to develop
IV. Areas where members of the IASB cannot reach
75. In the event of conflict between the PFRSs and the local unanimous agreement
standards, which among the following will prevail? a. I, II
a. The provisions of the Corporation Code and Tax Code will b. II, III
prevail. c. III, IV
b. The rule of the Philippine Securities and Exchange d. II, IV
Commission prevails.
c. The rule of the International Accounting Standards prevails. 79. According to the Preface to International Financial Reporting
d. The rule of the local standards, laws and regulations shall Standards, which of the following are objectives of the IASB?
prevail. I. To harmonize financial reporting between IFRS and US
GAAP
76. When resolving accounting problems not specifically addressed II. To work actively with national standards setters
current standards, an entity should be guided by the hierarchy of III. To promote the use and rigorous application of accounting
financial reporting standards. The correct sequence of the IV. To harmonize financial reporting within the European Union
hierarchy of financial reporting standards in the Philippines is a. I, II
I. PASs, PFRSs and Interpretations b. II, III
II. Conceptual Framework c. III, IV
III. Judgment d. II, IV
IV. Pronouncement of other standard setters which use a
similar conceptual framework to develop its standards, as 80. The financial reporting standards in the Philippines
well as other accounting literature and industry practices a. Are issued by the IASB
that do not conflict with higher level guidance b. Are significantly different from the reporting standards used
a. I, III, II, IV internationally
b. I, II, IV, III c. Are essentially the same with the reporting standards used
c. I, IV, II, III internationally
d. I, II, III, IV d. Derive their authoritative status from the acceptance of
business owners

-END-

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