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CFAS ASSESSMENT
14. One of its recognition criteria is that it is probable
IDENTIFICATION that the future economic events will flow to the
enterprise.
1. The standard-setting body who issues the
International Financial Reporting Standards ASSET
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB) 15. Under this concept a profit is earned only if the
physical productive capacity (or operating capability)
2. The standard-setting organization who issues the
of the entity (or the resources or funds needed to
U.S. GAAP
achieve that capacity) at the end of the period exceeds
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) the physical productive capacity at the beginning of
the period, after excluding any distributions to, and
3. The process of identifying, measuring, and
contributions from, owners during the period.
communicating economic information to permit
informed judgment and decision by users of the PHYSICAL CAPITAL MAINTENANCE
information.
--------------------------------------------------------------------------------
ACCOUNTING
FILL IN THE BLANKS
4. This was created to issue implementing guidelines
1. provide financial reporting
on PFRS. information
PHILIPPINE INTERPRETATION COMMITTEE (PIC) to a wide variety of users.

5. The amount of time that is expected to elapse GENERAL-PURPOSE FINANCIAL STATEMENTS

until an asset is realized or otherwise converted into 2. As part of the objective of general-purpose financial
cash reporting, an is adopted. This means
OPERATING CYCLE/NORMAL OPERATING CYCLE that companies are viewed as separate and distinct
from their owners.
6. The financial report that shows the reporting entity’s
economic resources and claims ENTITY PERSPECTIVE

STATEMENT OF FINANCIAL POSITION 3. Accounting standards set out the recognition,

, presentation and
7. The financial report that shows the changes due to requirements of transactions and events that are
events and transactions other than financial performance important in financial statements.
such as the issue of equity instruments and
distributions of cash or other assets to shareholders MEASUREMENT, DISCLOSURE

STATEMENT OF CHANGES IN EQUITY 4. The creation of FRSC in 2004 replaced the

.
8. This is used when assets are recorded at the amount
of cash or cash equivalents or the fair value of the ACCOUNTING STANDARDS COUNCIL (ASC)
consideration given to acquire them at the time of 5. The objective of the is to establish
their acquisition. generally accepted accounting principles in the
HISTORICAL COST Philippines.

9. Refers to the ability of the business to raise cash to FINANCIAL REPORTING STANDARDS COUNCIL (FRSC)
meet unexpected cash requirements. 6. sets out the concepts that underlie
LIQUIDITY the preparation and presentation of financial
statements for external users.
10. Those responsible for the preparation and
presentation of financial statements. CONCEPTUAL FRAMEWORK

7. If there are any conflict in the framework and IFRS,

the
REPORTING ENTITY
prevails.

11. The standard transactions and other

that sets out the events by grouping them
requirements for the into broad classes
presentation of the according to their
cash flow statement economic
and related characteristics.
disclosures.
FINANCIAL
INTERNATIONAL STATEMENTS
ACCOUNTING
STANDARD 7 13. Result if an asset is
sold more than book
12. Portray the value.
financial effects
of GAIN / GAIN ON
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DISPOSAL / GAIN INTERNATIONAL MATERIALITY 10. Requires

ON SALE FINANCIAL REPORTING consideration
2. Information confirms
*Income- STANDARDS (IFRS) expectations of the cost
encompasses both and value of
revenue and gain 8.
inflow of economic FEEDBACK VALUE information
resources. is a resource
Revenue + gain = controlled by the 3. Important for making COST EFFECTIVENESS
Income inter-firm
Revenue- came enterprise as a result
from normal course of past events and comparisons. 11. The process of
of business from which future admitting
Gain- came from COMPARABILITY
incidental or information into
peripheral
economic events are
4. Applying the same financial
transaction, not expected to flow to
normal course of accounting practices statements
the enterprise.
business over time.
RECOGNITION
ASSET
CONSISTENCY
12. An entity reports
9.
5. Implies consensus separately both assets
are decreases in among different and liabilities, and
economic benefits measures. income and
during the
VERIFIABILITY expenses
accounting period in
the form of outflows 6. A complete set OFFSETTING
or depletions of of financial
assets or incurrence 13. Information is useful
statements in determining the
of liabilities that (including
result in decreases in comparative PREDICTIVE VALUE
equity other than information) should
those relating to 14. Effects of
be presented at
distributions to equity transactions on an
least annually
participants. entity’s economic
FREQUENCY OF resources and claims
EXPENSES REPORTING are recognized in the
10. The conceptual would have to be paid periods in which those
framework if the same or an 7. Information is effects occur, even if
specifically mentions available prior to the
equivalent asset was the resulting cash
decisions.
one underlying acquired currently is receipts and payments
assumption, namely, measured using the . TIMELINESS occur in a different
. period
CURRENT COST 8. Pertinent to the
GOING CONCERN decision at hand. ACCRUAL BASIS FOR
ASSUMPTION 14. Under the ACCOUNTING
investment must be RELEVANCE
11. The four sectors of recovered before a 15. It requires that
accountancy under 9. Along with
company can have users have some
PICPA are: relevance, a
income. knowledge of the
, , fundamental
complex economic
, CAPITAL RECOVERY / qualitative
activities of
. CAPITAL characteristic
enterprises, the
MAINTENANCE / accounting process,
PUBLIC FAITHFUL
RETURN ON INITIAL REPRESENTATION and the technical
PRACTICE,
INVESTMENT terminology in the
COMMERCE
AND 15. The objective of statements.
INDUSTRY, PAS 1 is to UNDERSTANDABILITY
EDUCATION prescribe the basis
AND for presentation of ---------------------------------
GOVERNME general-purpose
---------------------------------
NT financial statements
12. One constraint on in order to ensure ------------
useful financial
COMPARABILITY SEQUENCING
reporting is that costs
should be justified by ------------------------------------ A. IASB Due Process
the of the reported
financial information. ------------------------------------ 1Topics are identified
and placed on IASB’s
BENEFITS -------- MATCHING TYPE agenda.

13. Assets that are 1. Concerns the 2 All comments

carried at the amount relative size of an received on
of cash or cash item and its effect discussion
equivalents that on decisions. document and
exposure draft
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are publication, that is in some MULTIPLE CHOICE

considered. the IFRS is respect in conflict with
1. According to the
issued. the Conceptual
3 An exposure draft, Preface to
Framework.
which is IASB’s main B.FRSC Due Process International
vehicle for TRUE Financial Reporting
consulting the public, 1Consideration of
pronouncement of Standards, which of
is published for 8. The GPFS show the
IASB; the following are
public comment. results of the
objectives of the
2An exposure draft stewardship of the
4 After comments IASB?
approved by a management for the
on the first
majority of the resources entrusted to I. To harmonize
exposure draft
FRSC members for it by the capital financial reporting
have been
providers. between IFRS and
affected, the comments
US GAAP and
IASB considers (comment period 60 TRUE European –
whether to – 30 days) (DAPAT WORLD)
publish its 9. The GPFS are
3Consideration of II.To work actively with
revised prepared at least national standard
all comments annually and are
proposals for setters
received within directed to both the III.To promote the
another round
the comment common and specific use and strict
of comments.
period and, when information needs of a application of
5 After the due appropriate, wide range of financial
process is preparing a statement users. accounting
completed, all comment letter standards
to the IASB; FALSE
outstanding
A. I and II
issues are 10. The GPFS provide
4Approval of a B.I and III
resolved, and information about the
standard or an C.II and III
the IASB financial position,
interpretation by a D. I, II and III
members performance and cash
majority of the
have balloted flows of an enterprise 2. Which of the
FRSC members.
in favor of that is useful to a wide following are parts of
TRUE OR FALSE 4. The Conceptual range of users in the “due process” of
Framework making economic the IASB in issuing a
1. The principal new International
serves as a guide decisions.
difference between two Financial Reporting
in developing
concepts of capital TRUE Standard?
future financial
maintenance is the
reporting standards I. Establishing an
treatment of the
and in reviewing advisory committee to
effects of changes in
existing ones. give advice
the prices of assets
and liability of the II. Developing and
TRUE
publishing a
entity.
5. The Conceptual discussion
TRUE Framework is a document for
public comment
source of guidance
2. The selection of the III. Issuance of an
for determining an
appropriate concept of interpretation as
accounting treatment authoritative guidance
capital by an entity
where a standard –
should be based on
does not provide DUE PROCESS OF IFRS
the needs of the users
specific guidance. INTERPRETATION
of its financial
COMMITTEE
statements. TRUE IV. Reviewing
TRUE compliance and
6. The Conceptual enforcement
Framework does not procedures
3. The concept of
in any was assist V. Issuance of the final
capital maintenance
prepares of financial standard with number
chosen by an entity
statements in and title
shall determine the
applying PFRS and in
accounting model A. I, II and III only
dealing with topics
used in the B. I, II and V only
that have yet to form
preparation of its C. I, II, III & IV only
the subject of PFRS.
financial statements. D. I, II, III, IV & V
FALSE
FALSE, BOTH
3. Which of the following
MEASUREMENT BASES 7. The Conceptual bodies is responsible for
AND CONCEPT OF Framework is not a reviewing accounting
CAPOTAL PFRS, and nothing in it issues that are likely to
MAINTENANCE overrides any specific receive divergent or
PFRS, including PFRS

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 lOMoARcPSD|9069637

unacceptable
standards by 8. The “due process”
treatment in the system in developing
prohibiting the 12. Under Philippine
absence of financial
listing of companies Financial Reporting
authoritative guidance, reporting standards
which do not comply Standards
whit a view to reaching
on stock exchanges
consensus as to the
which sell A. is an efficient system A. the cash basis of
appropriate accounting for collecting dues
internationally. - accounting is
treatment? from members.
ENCOURAGE accepted. –
C.The International B. identifies the ACCRUAL BASIS
A. Standards Advisory accounting
Accounting OF ACCOUNTING
Council (SAC) issues that are
Standards Board B. events are
B. International the most
(IASB) was recorded in the
Accounting important.
established with the period in which the
Standards Board
purpose of narrowing C. enables event occurs.
(IASB)
the range of interested parties to C.net income will
C. International
divergence in express their views be lower under
Financial
accounting standards on issues under the cash basis
Reporting
throughout the consideration. than accrual basis
Interpretations
world. D. requires that all accounting. –
Committee
D.Legal and accountants must ACCRUAL BASIS
(IFRIC)
psychological hurdles receive a copy of OF
D. Internation
to achieving common financial ACCOUNTING
al Accounting
reporting standards will accounting D.all of the choices are
Standards
be fully overcome by standards. correct.
Committee
the year 2012, the time
Foundation
frame set for 9. What is due process
(IASC
convergence between in the context of
Foundation)
IAS and US GAAP. – standard-setting at the
CURRENTLY IASB?
4. Which of the
CHANGING,
following statements
CONTINUOUS PROCESS A. IASB operates in full
about international
view of the public.
accounting
5. Which of B. Interested parties can
standards is true? make their views
the following
bodies report known.
A.Accounting C. Public
to the IFRS
professionals in the hearings are
Foundation?
USA consider US held on
GAAP superior to proposed
A. The IASB and AASB.
IAS and has no accounting
B. The IASB and the
intention to adopt standards.
FASB.
International D. All of these.
C. The IASB and the
Accounting
IFRS Advisory
Standards. – MAY 10. What is the
Council.
INTENTION chronological order
D. The IASB, AASB, and
B.The IASB is in the evaluation of a
the IFRS Advisory
able to enforce its Council. typical standard?
A. is based solely on
6. Which body research and empirical A. Discussion paper,
appoints the findings. – MAY Exposure draft and
members of PUBLIC DISCUSSION Standard.
International B. is a legalistic B.Exposure draft,
Accounting Standards process based on Discussion paper and
Board (IASB) that rules promulgated Standard.
make the present by governmental C.Exposure draft,
IFRS? agencies. – IFRS Standard and
FOUNDATION Discussion paper.
A. IFRS Foundation. C. is democratic in the D.Standard, Discussion
B.IFRS Advisory sense that a majority of paper, and Exposure
Council. accountants must draft.
C.International agree with a standard
Accounting before it becomes 11. The IASB declared
Standards enforceable.- that the merits of
Committee. MAJORITY OF IASB proposed standards are
D. International MEMBERS assessed
Financial D. can be described
Reporting as a social process A. from a position of
Interpretations which reflects neutrality.
Committee. political actions of B.from a position of
various interested materiality.
7. Financial accounting user groups as well as C.based on arguments
standard-setting a product of research of lobbyist.
and logic. D.based on possible
impact on behavior.
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13. RA 9298 is officially wide

accountancy promulgate accounting
known as
practice shall as standards in the
much as possible 19. Which of the
A. The Revised
be equitably following situations
Accountancy Act.
represented in violates the concept of
B. The Revised
the Board. reliability?
Accountancy Law.
C. The Philippine
Accountancy Act of A.Data on segments
16. Which of the having the same
2004.
following is not an expected risks and
D. The Accountancy
economic entity? growth rates are
Law of the
Philippines, 2007. reported to analysts
A. SM Group of estimating future
Companies. profits. –
14. Under Section
B.Lions Club QUALIFIED,
5 of RA 9298,
International, a civic SEGMENT
who shall appoint
organization. REPORTING
the members of
C.ABS-CBN B.Financial statements
the Professional
Foundation, a are issued nine
Regulatory
charitable institution. months late. -
Board of
D. Chris James, a TIMELINESS
Accountancy?
Quezon City resident C.Management
who owns a chain of reports to
A. The chairman of the
beauty salons. stockholders’ new
Board of
Accountancy. projects undertaken,
17. This accounting but the financial
B. The president of the
objective emphasizes statements never
Republic of the
Philippines. the importance of the report the projected
C. The chairperson of
Income Statement as it results. – FULL
Professional is geared toward DISCLOSURE
Regulations proper income or D. Financial statements
Commission. performance include a property with
D. The president of determination of the a carrying amount
Philippine Institute of enterprise. increased to
Certified Public management’s
Accountants. A. Entity theory. estimate of market
B. Fund theory value. – MARKET
15. The C. Proprietary theory. VALUE SHOULD CAME
following D. Residual equity FROM MARKET
statements theory. PARTICIPANTS
relate to the
Board of 18. Which of the 20. Which of the
Accountancy. following is not a following
Select the description or a statements about
incorrect function of the financial
statement: Financial Reporting statements is
Standards Council incorrect?
A. The Board consists (FRSC)?
of a Chairman and A. They are the
six members. A. It establishes primary responsibility
B. The chairman and generally accepted of the management of
members of the accounting principles in the enterprise.
Board are appointed the Philippines. B. They show the
by the President of B.It receives results of the
the Philippines upon financial stewardship of the
recommendation of support management for the
the Professional principally from resources entrusted to
Regulation the it by the capital
Commission. Professional providers.
C. The Professional Regulations C. They are prepared at
Regulation Commission least annually and are
Commission may (PRC). directed to both the
remove from the C. It is the successor of common and specific
Board of Accounting Standards information needs of a
Accountancy, any Council (ASC) and the wide range of
member whose creator of Philippine statement users. –
certificate to practice Interpretations COMMON ONLY
has been revoked or Committee (PIC). D. The provide
suspended. – ONLY D. It assists the information about the
PRESIDENT HAS THE Professional financial position,
POWER TO REMOVE A Regulatory Board of performance and cash
MEMBER Accountancy (BOA) in flows of an enterprise
D. All sectors of carrying out its power that is useful to a
and function to
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Philippines. on management’s
stewardship
range of users in D. the need to comply
making economic with financial
decisions. accounting
standards
21. Under the
24. Which of the
Conceptual
Framework for following
Financial Reporting statements
which of the following regarding users of
statements is not a financial
feature of financial information
information’s
“comparability”
characteristics?

A. Comparability
is uniformity.
B.A comparison requires
at least two items.
C.Consistency,
although related to
comparability, is not
the same.
D. Comparability is
the goal;
consistency helps
to achieve that goal.

22. When fair

value is
used
in measuring
assets in the
financial
statements,
current GAAP
provides
following
references
as basis of
fair value,
except

A. Price in active market.

B. Price in
recent
transaction.
C. Price taken
from industry or
sector
benchmarks.
D. Price based on
assessed value
of government
bodies.

23. The
objectives of
financial
reporting for
business
enterprises are
based on

A. the need
for
conservati
ve
information
B. the needs of
the users of
the
information
C. the need to report
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is correct? 25. Which of disclosure 29. Which TWO of the

the following B.conservatism following are listed in
A. Managers of an statements is C.historical cost the IASB Framework
entity are (are) true, D.relevance as ‘underlying
considered to be concerning the assumptions’ regarding
internal decision Going 28. Which of the financial statements?
makers. Concern following statements 2010 CF
B. Accounting assumption? best describes the
information is prepared term “going concern”? A. The financial
for and useful to only I. When preparing statements are
outside decision makers. financial statements, A. The expenses of an prepared under the
– WE CATER INSIDE management is entity exceed its accrual basis
AND OUTSIDE C. required to make an income B.The entity can be
External decision assessment of an B. When current viewed as a going
makers can obtain enterprise’s ability to liabilities of an entity concern
whatever financial data continue as a going exceed current assets C.The financial
they need and concern which should C. The ability of the statements are
whenever they need it. be at least twelve entity to continue in reliable
- INTERNAL months from balance operation for the D.Accounting policies
D. The members of sheet date. foreseeable future are consistently
the Board of Directors II. When an enterprise D. The potential to applied
are not internal has a history of contribute to the flow
rather than external profitable operations of cash and cash A. A and B
users of financial and ready access to equivalents to the B.B and C
information. financial resources it is entity C.B and D
– INTERNAL SILA not a detailed analysis D. C and D
as to is ability to 30. Which of the statements?
operate as a going qualitative
concern is not characteristics is A. Comprehensibility to
necessary. – true? users
DETAILED ANALYSIS B. Freedom from
III. When the I. Relevance is the material error and
financial statements capacity of bias
are not prepared on information to C. Influence on the
a going-concern make difference in economic decisions
basis, this fact decision by helping D. Inclusion of degree of
should be users from caution of users
disclosed predictions about
outcome of past, 32. According to the
A. I and II only present and future IASB Framework for the
B. II and III only events, or preparation and
C.II and III confirm/correct presentation of financial
D. I, II, and III prior expectations statements, which TWO
E.I and III II. The quality of of the following are
reliability assures examples of
26. If accounting readers that the financial expenses?
information is timely, information is free from
and has predictive as bias and faithfully I.A loss on the disposal
well as feedback represents what it of a non-current asset
value, then it is purports to show, II.A decrease in equity
considered to be including adequate arising from a
disclosure of significant distribution to equity
A. relevant information participants –
B.reliable III. Under the IASB DIVIDENDS, NOT AN
C.understandable Framework for the EXPENSE
D.verifiable Preparation and III. A decrease in
presentation of economic benefits
financial statements, during the accounting
27. In the first week of
conservatism is not a period
December 2016, Elisa
concept that is IV.A reduction in income
Company signs a
recognized as a for the accounting
major contract to
qualitative objective. period - LOSS
develop an accounting
information system for
A. I and II only A. I and II
Edward Inc. No work is
B.I and III only B.I and III
begun the current year,
C.II and III only C.II and III
yet the notes to the
financial statements D. I, II and III D. III and IV
discuss the nature and
peso amount of the 31. Which of the 33. An expiration of
contract. This is an following is the best cost which is
example of: description of reliability incurred without
in relation to compensation or
A. completeness or full information in financial return and is not

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absorbed as cost 35. Which of the Equipment – COST , B.Financial and

of revenue is following statements REVALUATION physical capital
called about accounting V. Held for trading C.Physical capital
recognition is (are) securities D. Real capital
A. Deferred charge true? VI. Intangible assets -
B. Deferred credit COST 39. What concept is
C. Indirect cost I. In accounting, there critical in
D. Loss are instances when a A. I and II only distinguishing an
gain/loss would arise B. I, II and III only enterprise’s
34. Which of the upon initial recognition C. I, II, III and V only return on investment
following best of an asset. – D. I, II, IV, and V only from return of its
describes the BIOLOGICAL E.I ,II, and V investment?
distinction between ASSETS
expenses and II. No asset can 38. The capital A. Capital maintenance
losses? simultaneously be maintenance concept
an asset of more concept followed B.Comprehensive
A. Losses are than one entity - under present income concept
material items POSSIBLE GAAP is C.Current operating
whereas III.At times, two or performance concept
expenses are more entities may A. Economic capital D.Return on investment
immaterial concept
share the benefits
items that an asset 40. Under the with a carrying
B. Losses are provides – Conceptual
extraordinary charges PARAGRAPH 20 Framework of
whereas expenses are OF CF Financial Reporting,
ordinary charges IV.An appropriate users of financial
C.Losses are basis for recognizing information may be
reported net-of- an asset is when a classified into
related-tax effect particular enterprise
whereas expenses acquires the right to A. Heavy users
are not reported utilize and control (management) and
not-of tax access to the asset’s slight users (public,
D. Losses results from benefits – YES, RIGHT government).
peripheral or incidental TO UTILIZE AND B. Primary users
transactions whereas CONTROL (existing and
expenses result from potential investors
ongoing major or A. I and II only and creditors)
central operations of B.I and IV only and other users.
the entity C.I, II and III only C. Internal users
D. I, II, III and IV (employees, customers)
E.I and III and external users
(investors, creditors).
36. Which one of the
D. Main users (existing
following terms best investors, creditors)
describes the amount and incidental users
of cash or cash (potential investors,
equivalents that could creditors)
currently be obtained
by selling an asset in 41. Which of the
an orderly disposal? In following situations
2018 CF violates the concept of
reliability?
A. Fair value
B.Realizable value A. Data on segments
C.Residual value having the same
expected risks and
D.Value in use
growth rates are
reported to analysts
37. Which of
estimating future
the following
profits.
assets are
B. Financial statements
initially and
are issued nine
subsequentl
months late.
y measured
C.Management
at Fair
reports to
Value?
stockholders new
projects undertaken,
I. Biological assets
but the financial
II. Available for sale
statements never
securities
report the projected
III. Inventories – COST
results.
VS NET
D. Financial statements
REALIZABLE VALUE
include a property
IV. Property and

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45. What are the provided in financial

qualitative statements useful to
characteristics of others.
financial C.Qualitative
statements characteristics
according to the measure the extent to
Framework? which an entity has
complied with all
A. Qualitative relevant Standards
characteristics are and Interpretations.
broad classes of D. Qualitative
financial effects of characteristics are
transactions and non-quantitative
other events. aspects of an entity’s
B.Qualitative position and
characteristics are performance and
the attributes that changes in financial
make the information
position.

amount anagement’s estimate of market

increase
d to m

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value. – MARKET PARTICIPANTS

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 lOMoARcPSD|9069637

t O
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e
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 lOMoARcPSD|9069637

t
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 lOMoARcPSD|9069637

t C
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d u
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t r
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A. Consolidated financial statements.

B. Mergers and acquisitions.
C. The government entity.
D. The reporting entity.

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