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Problem 1-2 Multiple Choice (Acp)

The document contains 5 multiple choice questions about accounting concepts and the accountancy profession in the Philippines. The questions cover topics such as: - Defining an accountable event in accounting - The "measuring" component of the accounting definition - The most common financial attribute used to measure financial information - The overall objective of accounting - The body that promulgates rules for the accountancy profession in the Philippines - The law regulating the practice of accountancy - The main areas of practice for accountants - Requirements for practicing public accountancy - The primary service of CPAs in public practice The second part of the document contains 5 additional multiple choice questions about the accountancy profession regulatory

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Jao Flores
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96 views2 pages

Problem 1-2 Multiple Choice (Acp)

The document contains 5 multiple choice questions about accounting concepts and the accountancy profession in the Philippines. The questions cover topics such as: - Defining an accountable event in accounting - The "measuring" component of the accounting definition - The most common financial attribute used to measure financial information - The overall objective of accounting - The body that promulgates rules for the accountancy profession in the Philippines - The law regulating the practice of accountancy - The main areas of practice for accountants - Requirements for practicing public accountancy - The primary service of CPAs in public practice The second part of the document contains 5 additional multiple choice questions about the accountancy profession regulatory

Uploaded by

Jao Flores
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. Which of the following statements is incorrect in relation to accountable event?

a. An event is accountable when it has an effect on asset, liability and equity.


b. The subject matter of accounting is the measurement of economic resources and
obligations.
c. Only economic activities are emphasized and recognized in accounting.
d. Sociological and psychological matters are quantifiable.
2. What is the “measuring” component in the definition of accounting?
a. The recognition or non-recognition of business activities as accountable events.
b. The assigning of peso amounts to the accountable events.
c. The preparation and distribution of accounting reports to users of accounting
information.
d. The preparation of audit report by CPAs.
3. The most common financial attribute used in measuring financial information is
a. Historical cost
b. Current cost
c. Realizable value
d. Present value
4. The “communicating” process of accounting includes all of the following, except
a. Recording
b. Classifying
c. Summarizing
d. Interpreting
5. What is the overall objective of accounting?
a. To provide the information that the managers of an economic entity need to control the
operations.
b. To provide information that the creditors can use in deciding whether to grant loans to
an entity.
c. To measure the periodic income of the economic entity.
d. To provide quantitative financial information about an entity that is useful in making
economic decision.

PROBLEM 1-2 MULTIPLE CHOICE (ACP)


1. It is the body authorized by law to promulgate rules and regulations affecting the practice of
the accountancy profession in the Philippines.
a. Board Of Accountancy
b. Philippine Institute of Certified Public Accountants
c. Securities and Exchange Commission
2. What is the law regulating the practice of accountancy in the Philippines?
a. R.A. No. 9298
b. R.A. No. 9198
c. R.A. No. 9928
d. R.A. No. 9892
3. What are the three main areas in the practice of the accountancy profession?
a. Public accounting, private accounting and managerial accounting.
b. Auditing, taxation and managerial accounting.
c. Financial accounting, managerial accounting and corporate accounting.
d. Public accounting, private accounting and government accounting.
4. Which of the following statements is incorrect in relation to the practice of public
accountancy?
a. Single practitioners for the practice of public accountancy shall be registered CPAs in the
Philippines.
b. Partners of partnerships formed for the practice of public accountancy shall be
registered CPAs in the Philippines.
c. The Securities and Exchange Commission can register any corporation organized for the
practice of public accountancy.
d. The Professional Regulation Commission upon favorable recommendation of the Board
of Accountancy shall issue certificate of accreditation to CPAs in public practice provided
the registrant has acquired a minimum of three years of meaningful experience in public
practice.
5. What is the primary service of CPAs in public practice?
a. Auditing
b. Taxation
c. Managerial accounting
d. Controllership

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