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    Quiz 1

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    VIRGIL KIT AUGUSTIN ABANILLA
    The document contains 10 multiple choice questions about the Financial Reporting Standards Council (FRSC), which replaced the Accounting Standards Council (ASC) as the standard-setting body in the Philippines. Key details include: - The FRSC is composed of 15 members including the Chairman and 14 sector representatives, each serving 3-year renewable terms. - It was created by the Board of Accountancy to promulgate accounting standards. - The due process for FRSC projects normally includes exposure drafts, task forces if needed, and approval by at least 8 members rather than all. - The FRSC issues standards as a series called PFRS, which includes PFRSs, PAPSs,

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    Quiz 1

    Uploaded by

    VIRGIL KIT AUGUSTIN ABANILLA
    746 views11 pages
    The document contains 10 multiple choice questions about the Financial Reporting Standards Council (FRSC), which replaced the Accounting Standards Council (ASC) as the standard-setting body in the Philippines. Key details include: - The FRSC is composed of 15 members including the Chairman and 14 sector representatives, each serving 3-year renewable terms. - It was created by the Board of Accountancy to promulgate accounting standards. - The due process for FRSC projects normally includes exposure drafts, task forces if needed, and approval by at least 8 members rather than all. - The FRSC issues standards as a series called PFRS, which includes PFRSs, PAPSs,

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    quiz 1

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    The document contains 10 multiple choice questions about the Financial Reporting Standards Council (FRSC), which replaced the Accounting Standards Council (ASC) as the standard-setting body in the Philippines. Key details include: - The FRSC is composed of 15 members including the Chairman and 14 sector representatives, each serving 3-year renewable terms. - It was created by the Board of Accountancy to promulgate accounting standards. - The due process for FRSC projects normally includes exposure drafts, task forces if needed, and approval by at least 8 members rather than all. - The FRSC issues standards as a series called PFRS, which includes PFRSs, PAPSs,

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    746 views11 pages

    Quiz 1

    Uploaded by

    VIRGIL KIT AUGUSTIN ABANILLA
    The document contains 10 multiple choice questions about the Financial Reporting Standards Council (FRSC), which replaced the Accounting Standards Council (ASC) as the standard-setting body in the Philippines. Key details include: - The FRSC is composed of 15 members including the Chairman and 14 sector representatives, each serving 3-year renewable terms. - It was created by the Board of Accountancy to promulgate accounting standards. - The due process for FRSC projects normally includes exposure drafts, task forces if needed, and approval by at least 8 members rather than all. - The FRSC issues standards as a series called PFRS, which includes PFRSs, PAPSs,

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 11

    1. Which is incorrect concerning the FRSC?

    a. The FRSC replaced the ASC as the standard-setting body in the


    Philippines.
    b. The FRSC is composed of 15 members with a Chairman and 14
    representatives from various sectors.
    c. The Chairman and members of the FRSC shall have a term of 3 years
    renewable for another term.
    d. Any member of the ASC shall be disqualified from being appointed to
    the FRSC.
    2. Which is correct concerning the FRSC?
    a. The FRSC replaced the ASPC as the standard-setting body in the
    Philippines.
    b. The FRSC is composed of 15 members with a Chairman including 10
    representatives from PICPA.
    c. The Chairman and members of the FRSC shall have a term of 3 years
    renewable for another term.
    d. Any member of the ASC shall be disqualified from being appointed to
    the FRSC.
    3. What are the accounting principles commonly known as?
    a. Standards b. Methods c. Rules d. Regulations
    4. PFRSs approved by the FRSC include paragraphs in bold type and
    plain text. In relation to the PFRS paragraphs in bold type, are the
    following statements true or false?
    I. Bold-type paragraphs should be given greater authority than the
    paragraphs in plain text.
    II. Bold-type paragraphs indicate the main principles of the standard.
    a. False, True b. True, True c. False, False d. True, False
    5. Due process for projects of FRSC normally indicates the following,
    except
    a. Consideration of pronouncement of the IASB
    b. Formation of a task force, when deemed necessary, to give advice to
    the FRSC.
    c. Issuing for comment an exposure draft approved by at least eight
    members of the Council; comment period will be at least sixty days.
    d. Approval of a standard or an interpretation by all of the Council
    members.
    6. The FRSC was created by the Board of Accountancy (BOA) to assist
    the BOA in carrying out its power and function to
    a. Promulgate accounting standards in the Philippines.
    b. Promulgate auditing standards in the Philippines.
    c. Ensure that all higher educational instruction and offering of
    accountancy comply with the policies, standards and requirements of
    the course prescribed by CHED
    d. Implement the CPE program.
    7. Which of the following government agency is not represented in
    FRSC?
    a. Bangko Sentral ng Pilipinas
    b. Securities of Exchange Commission
    c. Bureau of Internal Revenue
    d. Insurance Commission
    8. Which of the following is represented in FRSC?
    a. Financial Executives Institute of the Philippines
    b. Bureau of Fisheries
    c. Insurance Commission
    d. Commission on Higher Education
    9. Which of the following statements(s) is (are) correct about the FRSC?
    I. FRSC is responsible for establishing generally accepted
    II. Accounting principles in the Philippines.
    III. The Chairman of FRSC will establish a task force when deems it appropriate to
    assist in identifying problems and issues with respect to a project on the Council’s
    agenda.
    IV. FRSC members should be CPAs.
    V. The Chairman and members of the FRSC shall have a term of 2 years renewable for
    another term
    a. I and III only c. II and IV only
    b. I, III and IV only d. I and II only
    10. The FRSC issues its Standards in a series of pronouncements called
    PFRS. These consist of
    I. PFRSs
    II. PAPSs
    III. Philippine Interpretations
    IV. PASs
    V. PSQCs
    a. I, II and III c. I, II and IV
    b. I, III and IV d. I, II, III and IV

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