Cfas Questions
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christine anglaCfas Questions
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christine anglaRecognition or non recognition of business activities as accountable events
A. Quatitative
B. Measuring
C. Identifying
D. Communicating
An event is accountable when
A. It has no effect in assets, liabilities and equity
B. It has an effect in assets, liabilities and equity
C. All economic activites are emphasizes and recognized in accounting
D. Cannot be quantified or express in terms of a unit of measure.
Transactions are economic events involving one entity only
A. External
B. Ecomic activities
C. Journal
D. Internal
Assigning of peso amounts to the accountable economic transactions
A. Measuring
B. Communicating
C. Identifying
D. Analytical Component
The reason why accounting has been called the universal languagr of business
A. Measuring
B. Communicating
C. Identifying
D. Analytical Component
Is a group of accounts which are systematically recognized into asset, liability, equity, revenue and
expense accounts
A. Journal
B. Ledger
C. Trial Balance
D. Worksheet
A government agencies that promulgates ethics and standards for the different profession
A. PICPA
B. PIC
C. BOA
D. PRC
A body under the PRC that examines the licensure examination for potential CPAS
BOA
PICPA
SEC
BIR
A private accounting association that monitors and improves the quality of professional services CPAs
FRSC
BOA
PICPA
BSP
A body under BOA that studies and assisting BOA for developing accounting standards council in and out
of the country
IASB
FRSC
PICPA
BIR
Assigned to guard the transctions of public interest specially the investors in capital market
IASB
BSP
PICPA
SEC
Mainting the stability of peso in the country and regulating the operations of all financing institutions
SEC
BSP
FRSC
BIR
Is the examination of financial statements by an independent CPA to avoid fraud or any misleading
information in financial statements
Auditing
Taxation
Management Advisory Services
Quality Control
The highest accounting officer in an entity is known as the
Accounting staff
Chief Accountan
Internal auditor
Controller
Is the law mandating and strengthening the continuing professional development program for all
regulatwd professions
R.A. NO. 10921
R.A. NO. 10291
RA. NO. 10912
R.A. NO. 10129