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Tomas Del Rosario College

QUIZ

Instructor: Chaira Quiroz

ID: 9847

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Name: Score: / 100

Instructions:

Answer the following questions:

Question 1 /1

These users are interested in information that enables them to assess whether their
loans, the related interest thereon, and other amounts owing to them will be paid  when due. 

Borrowers

Trade creditors

Lenders and other creditors

Owners

Question 2 /1

It implies concensus.

Comparability

Understandability

Verifiability

Timeliness

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Name:

Question 3 /1

Which of the following is represented in FRSC?

DOH

COA

BOAD

DBM

Question 4 /1

The cost incurred is expensed outright.

Systematic and rational allocation

Immediate recognition

Cause and effect association

Derecognition

Question 5 /1

It is defined as increases in assets or decreases in liabilities that result in increases in

equity, other than those relating to contributions from equity holders.

Expense

Equity

Asset

Income

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Question 6 /1

For information to be useful, the linkage between the users and decisions made is

Faithful representation

Understandability

Relevance

Timeliness

Question 7 /1

Materiality of an item depends on absolute size rather than relative size.

True

False

Question 8 /1

If there is a conflict, International Reporting Standards prevails over Conceptual

Framework.

True

False

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Name:

Question 9 /1

It is the present value of the cash flows that an entity expects to derive from the use of an
asset and from the ultimate disposal.

Current Cost

Fulfillment value

Fair value

Value in use

Question 10 /1

The elements directly related to the measurement of financial position are:

Asset, Liability, Equity, Income, Expense

Income, Expense

Asset, Liability, Equity

Asset, Liability, Equity, Gain, Loss

Question 11 /1

A CPA shall be permanently exempted from renewal of CPA license

When working abroad

When practicing the profession abroad

At the age of 65 years

When studying abroad

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Question 12 /1

It means that in the absence of evidence to the contrary, the accounting entity is viewed
as continuing in operation indefinitely. 

Accounting Entity

Monetary Unit

Going Concern

Time Period

Question 13 /1

It is considered a practice of public accounting.

Private Accounting

Government Accounting

Bookkeeping

Auditing

Question 14 /1

It is the standard setting body created by the Professional Regulation Commission upon
recommendation of the Board of Accountancy to assist the Board of Accountancy in carrying out its
powers and functions provided under R.A. No. 9298.

PIC

IASC

FRSC

IASB

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Question 15 /1

This accounting process is the assigning of peso amounts to the accountable economic
transactions and events.

Identifying

Measuring

Recording

Communicating

Question 16 /5

Accounting is a    whose function is to provide  

  information, primarily    in nature, about economic  

  , that is intended to be useful in making economic    .

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