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Conceptual Framework and Accounting Standards

Conceptual Framework (Polytechnic University of the Philippines)

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CFAS ASSESSMENT
IDENTIFICATION
1. The standard-setting body who issues the
International Financial Reporting Standards
INTERNATIONAL ACCOUNTING STANDARDS BOARD (IASB)
2. The standard-setting organization who issues the
U.S. GAAP
FINANCIAL ACCOUNTING STANDARDS BOARD (FASB)
3. The process of identifying, measuring, and
communicating economic information to permit
informed judgment and decision by users of the
information.
ACCOUNTING
4. This was created to issue implementing guidelines
on PFRS.
PHILIPPINE INTERPRETATION COMMITTEE (PIC)
14. One of its recognition criteria is that it is probable
that the future economic events will flow to the
enterprise.
ASSET
15. Under this concept a profit is earned only if the
physical productive capacity (or operating capability)
of the entity (or the resources or funds needed to
achieve that capacity) at the end of the period exceeds
the physical productive capacity at the beginning of
the period, after excluding any distributions to, and
contributions from, owners during the period.
PHYSICAL CAPITAL MAINTENANCE
--------------------------------------------------------------------------------
FILL IN THE BLANKS
1. provide financial reporting
information
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 and
encompasses both
value of
revenue and gain 8. FEEDBACK VALUE
inflow of economic 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
comparisons. 11. The process of
from normal course of past events and
of business admitting
Gain- came from from which future COMPARABILITY
information into
incidental or economic events are
peripheral 4. Applying the same financial
transaction, not expected to flow to
accounting practices statements
normal course of 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
available prior to the
specifically mentions 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
14. Under the ACCOUNTING
ASSUMPTION
investment must be RELEVANCE
11. The four sectors of recovered before a 15. It requires that
9. Along with
accountancy under 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 statements.
15. The objective of
INDUSTRY, PAS 1 is to UNDERSTANDABILITY
EDUCATION prescribe the basis
AND for presentation of ---------------------------------
GOVERNME general-purpose ---------------------------------
NT financial statements
in order to ensure ------------
12. One constraint on
useful financial reporting COMPARABILITY SEQUENCING
is that costs should be
------------------------------------ A. IASB Due Process
justified by the of
the reported financial ------------------------------------ 1 Topics are identified
information. and placed on IASB’s
-------- MATCHING TYPE agenda.
BENEFITS
1. Concerns the 2 All comments
13. Assets that are relative size of an received on
carried at the amount item and its effect discussion
of cash or cash on decisions. document and
equivalents that exposure draft
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are publication, that is in some respect MULTIPLE CHOICE

considered. the IFRS is in conflict with the
issued. Conceptual 1. According to the
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, 1 Consideration 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
2 An 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)
9. The GPFS are
publish its 3 Consideration of II. To work actively with
prepared at least national standard
revised all comments annually and are setters
proposals for 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
issues are A. I and II
4 Approval of a 10. The GPFS provide
B.I and III
resolved, and standard or an information about the
C.II and III
the IASB interpretation by a financial position, D. I, II and III
members majority of the performance and cash
have balloted FRSC members. flows of an enterprise 2. Which of the
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
treatment of the I. Establishing an
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
source of guidance comment
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 6. The Conceptual compliance and
enforcement
Framework does not
3. The concept of procedures
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
dealing with topics A. I, II and III only
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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unacceptable standards by 8. The “due process”

treatment in the prohibiting the listing system in developing 12. Under Philippine
absence of of companies which financial Financial Reporting
authoritative do not comply on reporting standards Standards
guidance, whit a view stock exchanges
to reaching consensus which sell A. is an efficient system A.the cash basis of
as to the appropriate internationally. - for collecting dues accounting is
accounting treatment? ENCOURAGE from members. accepted. –
C.The International B.identifies the ACCRUAL BASIS
A. Standards Advisory Accounting accounting OF ACCOUNTING
Council (SAC) Standards Board issues that are B.events are
B.International (IASB) was the most recorded in the
Accounting established with the important. 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? the following make their views
bodies report known.
A.Accounting to the IFRS C.Public
professionals in the Foundation? hearings are
USA consider US held on
GAAP superior to A. The IASB and AASB. proposed
IAS and has no B.The IASB and the accounting
intention to adopt FASB. standards.
International C.The IASB and the D. All of these.
Accounting IFRS Advisory
Standards. – MAY Council. 10. What is the
INTENTION D. The IASB, AASB, and chronological order
B.The IASB is able the IFRS Advisory in the evaluation of a
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,
agencies. – IFRS Standard and
IFRS?
FOUNDATION Discussion paper.
C.is democratic in the D. Standard, Discussion
A. IFRS Foundation.
sense that a majority of paper, and Exposure
B.IFRS Advisory draft.
Council. accountants must agree
C.International with a standard before it
becomes enforceable.- 11. The IASB declared
Accounting
MAJORITY OF IASB that the merits of
Standards
Committee. MEMBERS proposed standards are
D. can be described assessed
D. International
Financial as a social process
Reporting which reflects A. from a position of
political actions of neutrality.
Interpretations
Committee. various interested B.from a position of
materiality.
user groups as well as
C.based on arguments
7. Financial accounting a product of research
of lobbyist.
standard-setting and logic.
D. based on possible
impact on behavior.
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13. RA 9298 is officially accountancy promulgate accounting Philippines.

known as practice shall as standards in the
much as possible 19. Which of the range of users in
A. The Revised be equitably following situations making economic
Accountancy Act. represented in violates the concept of decisions.
B.The Revised the Board. reliability?
Accountancy Law. 21. Under the
C.The Philippine A.Data on segments Conceptual Framework
Accountancy Act of 16. Which of the having the same for Financial Reporting
2004. following is not an expected risks and which of the following
D. The Accountancy economic entity? growth rates are statements is not a
Law of the
reported to analysts feature of financial
Philippines, 2007. A. SM Group of estimating future information’s
Companies. profits. – “comparability”
14. Under Section B.Lions Club QUALIFIED, characteristics?
5 of RA 9298, International, a civic SEGMENT
who shall appoint organization. REPORTING A. Comparability is
the members of C.ABS-CBN B.Financial statements uniformity.
the Professional Foundation, a are issued nine B.A comparison requires
Regulatory charitable institution. months late. - at least two items.
Board of D. Chris James, a TIMELINESS C.Consistency, although
Accountancy? Quezon City resident C.Management related to comparability,
who owns a chain of reports to is not the same.
A. The chairman of the beauty salons. stockholders’ new D. Comparability is the
Board of projects undertaken, goal; consistency
Accountancy. 17. This accounting but the financial helps to achieve that
B.The president of the objective emphasizes statements never goal.
Republic of the the importance of the report the projected
Philippines. Income Statement as it results. – FULL 22. When fair value
C.The chairperson of is geared toward proper DISCLOSURE is used in
Professional income or performance
Regulations D. Financial statements measuring assets
determination of the include a property with in the financial
Commission. enterprise.
D. The president of a carrying amount statements, current
Philippine Institute of increased to GAAP provides
A. Entity theory. management’s following
Certified Public B.Fund theory
Accountants. estimate of market references as
C.Proprietary theory. value. – MARKET basis of fair value,
D. Residual equity VALUE SHOULD CAME except
15. The theory.
following FROM MARKET
statements PARTICIPANTS A. Price in active market.
18. Which of the B.Price in recent
relate to the following is not a
Board of 20. Which of the transaction.
description or a following C.Price taken from
Accountancy. function of the
Select the statements about industry or sector
Financial Reporting financial benchmarks.
incorrect Standards Council statements is D. Price based on
statement: (FRSC)? incorrect? assessed value of
government bodies.
A. The Board consists A. It establishes
of a Chairman and A. They are the
generally accepted primary responsibility 23. The
six members. accounting principles in of the management of objectives of
B.The chairman and the Philippines. the enterprise. financial reporting
members of the B.It receives B.They show the for business
Board are appointed financial results of the enterprises are
by the President of support stewardship of the based on
the Philippines upon principally from
recommendation of management for the
the resources entrusted to A. the need for
the Professional Professional it by the capital conservative
Regulation Regulations providers. information
Commission. Commission C.They are prepared at B.the needs of the
C.The Professional (PRC). least annually and are users of the
Regulation C.It is the successor of directed to both the information
Commission may Accounting Standards common and specific C.the need to report on
remove from the Council (ASC) and the management’s
Board of information needs of a
creator of Philippine wide range of stewardship
Accountancy, any Interpretations D. the need to comply
member whose statement users. –
Committee (PIC). COMMON ONLY with financial
certificate to practice accounting standards
D. It assists the D. The provide
has been revoked or Professional
suspended. – ONLY information about the
Regulatory Board of 24. Which of the
PRESIDENT HAS THE financial position,
Accountancy (BOA) in following statements
POWER TO REMOVE A performance and cash
carrying out its power regarding users of
MEMBER flows of an enterprise
and function to financial information
D. All sectors of that is useful to a wide
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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 rather has a history of contribute to the flow
than external users of profitable operations of cash and cash A. A and B
financial information. and ready access to equivalents to the B.B and C
– INTERNAL SILA financial resources it is entity C.B and D
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 B.Freedom from
ANALYSIS I. Relevance is the material error and
III. When the capacity of bias
financial statements information to C.Influence on the
are not prepared on make difference in economic decisions
a going-concern decision by helping D. Inclusion of degree of
basis, this fact users from caution of users
should be predictions about
disclosed outcome of past, 32. According to the
present and future IASB Framework for the
A. I and II only events, or preparation and
B.II and III only confirm/correct presentation of financial
C.II and III prior expectations statements, which TWO
D. I, II, and III II. The quality of of the following are
E.I and III reliability assures examples of
readers that the financial expenses?
26. If accounting information is free from
information is timely, bias and faithfully I. A loss on the disposal
and has predictive as represents what it of a non-current asset
well as feedback purports to show, II. A decrease in equity
value, then it is including adequate arising from a
considered to be disclosure of significant distribution to equity
information participants –
A. relevant III. Under the IASB DIVIDENDS, NOT AN
B.reliable Framework for the EXPENSE
C.understandable Preparation and III. A decrease in
D. verifiable 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
recognized as a for the accounting
Company signs a major
qualitative objective. period - LOSS
contract to develop an
accounting information
A. I and II only A. I and II
system for Edward Inc.
B.I and III only B.I and III
No work is begun the
C.II and III only C.II and III
current year, yet the
D. I, II and III D. III and IV
notes to the financial
statements discuss the
nature and peso 31. Which of the 33. An expiration of
amount of the contract. following is the best cost which is
This is an 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 E.I ,II, and V investment?
BIOLOGICAL
distinction between ASSETS
expenses and II. No asset can 38. The capital A. Capital maintenance
losses? maintenance concept
simultaneously be
concept followed B.Comprehensive
an asset of more
A. Losses are under present income concept
than one entity -
material items GAAP is C.Current operating
POSSIBLE
whereas performance concept
III. At times, two or
expenses are A. Economic capital D. Return on investment
more entities may
concept
immaterial 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
(employees, customers)
D. I, II, III and IV
and external users
E.I and III
(investors, creditors).
D. Main users (existing
36. Which one of the
investors, creditors)
following terms best
and incidental users
describes the amount
(potential investors,
of cash or cash
creditors)
equivalents that could
currently be obtained
41. Which of the
by selling an asset in
following situations
an orderly disposal? In
violates the concept of
2018 CF
reliability?
A. Fair value
A. Data on segments
B.Realizable value
having the same
C.Residual value
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 l

qualitative statements useful to
characteristics of others. F
financial C.Qualitative r
statements characteristics a
according to the measure the extent to m
Framework? which an entity has e
complied with all w
A. Qualitative relevant Standards o
characteristics are and Interpretations. r
broad classes of D. Qualitative k
financial effects of characteristics are ?
transactions and non-quantitative
other events. aspects of an entity’s A.
B.Qualitative position and T
characteristics are the performance and h
attributes that make changes in financial e
the information position.
amount anagement’s estimate of market F
increase r
d to m a
value. – MARKET PARTICIPANTS m
e
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