Assignment No.

Instruction: Please use Word Document in answering the below questions. Please save and upload your
assignment in a PDF File in your respective LMS account.

Questions:
1. Why is the accountancy profession considered less expensive and what and made it unpopular
as compared to medicine, law, engineering, etc?
- For me, accountancy profession considered less expensive because it does not involve
vast materials to study to, unlike medicine. Accounting is seen as the hardest business course at
college because it’s not intuitive and their lots to learn. Also, few students were able to pass this
course and I think this is one of the reasons why it is not popular.

2. What are the career opportunities of a CPA? Differentiate and explain.

- These are the career opportunities of a CPA:
Public Accountant - A public accounting firm provides services for a diverse range of
clients which may include businesses, individuals, non-profits, and governments. If
you managed to get a CPA certification, then you’d be eligible to work as a Public
Accountant.
Accounting Analyst – your job description would include income statement, balance
sheet, capital statements, and cash flow. You can have this job even without a CPA
certification.
Tax Accountant - a tax accountant handles responsibilities that focus on tax. As
such, some of the responsibilities might include generating quarterly and annual tax
returns for businesses and other clients.
Financial Accountant - a financial accountant means that you get to work for a
specific company.
Government Accountant – government accountants focus on managing funds or
financial information for government offices be it local or national.

3. What is a CPA?
- Certified Public Accountant which defines someone who has earned a professional
designation through a combination of education, experience and licensing.

4. Why was the Accounting Standards Council (ASC) of the Philippines created? Enumerate the
components of ASC Membership.
- The ASC of the Philippines was created to establish generally accepted accounting
principles in the Philippines. The Philippine Financial Reporting Standards
(PFRS)/Philippine Accounting Standards (PAS) are the new set of Generally Accepted
Accounting Principles (GAAP) issued by the Accounting Standards Council (ASC) to
govern the preparation of financial statements.
 5. What is IASC? What attributed Accounting Standards Council totally shifts to international
Accounting Standards?
- IASC or International Accounting Standards Council was an independent private-
sector organization. The IASC aimed to achieve uniform accounting principles which
businesses and organizations make use of for the purpose of financial reporting
globally.
- The ASC considered the following factors in deciding to move to International
Accounting Standards:
 Support of IAS by Philipine organizations
 Increasing internationalization of business
 Improvement of IAS
 Increasing recognition of IASB standards

6. In the event wherein the Statement of Financial Accounting Standards and International
Accounting Standards are silent about an accounting issue, who will resolve such issue?

- I think the one who will resolve accounting issues will be the accountants because
they know what to do when these issues will occur.

7. Based on your own idea, what was the saying that goes, “think globally, act locally” mean
regarding the issue of globalization?
Reading such reports brings to mind the adage, “Think globally, act locally,” introduced
in 1915 by the Scottish planner and conservationist, Patrick Geddes. This helps
businesses to find ways to adapt their own brands to suits localised people. It is
important to recognize that markets difference around the world. Also, in business you
have to have an open mind to help you grow.

Give the full text of the following acronyms which are related to business, government offices, and the
accountancy profession.

1. PRC - Professional Regulation Commission

2. WTO - World Trade Organization
3. ACPAPP - Association of Certified Public Accountants in Public Practice
4. GACPA - Government Association of Certified Public Accountants
5. ACPAE - Association of Certified Public Accountants in Education
6. ACPACI - Association of Certified Public Accountants in Commerce and Industry
7. PICPA - Philippine Institute of Certified Accountants
8. BSA - Bachelor of Science in Accountancy
9. CPD - Continuing Professional Development
10. SEC - Securities and Exchange Commission
11. BSP - Bangko Sentral ng Pilipinas
12. NBI - National Bureau of Investigation
13. BIR - Bureau of Internal Revenue
14. DBM - Department of Budget and Management
15. DTI - Department of Trade and Industry
16. LGU - Local Government Unit
17. DPWH - Department of Public Works and Highways.
18. CHED - Commission on Higher Education
19. ASC - ACCOUNTING Standards Council
20. SFAS - Statement of Financial Accounting Standards
21. GAAP - Generally Accepted Accounting Principles
22. BOA - Board of Accountancy
23. FINEX - Financial Executives Institute of the Philippines
24. COA - Commission on Audit
25. FASB - Financial Accounting Standards Board
26. GOCC - Government-owned and Controlled Corporation
27. PFRS - Philippine Financial Reporting Standards
28. PAS - Philippine Accounting Standards
29. IAS - International Accounting Standards
30. IASC - International Accounting Standards Committee
31. IASB - International Accounting Standards Board
32. IFRS - International Financial Reporting Standards
33. CPA - Certified Public Accountant
34. SSS - Social Security System
35. GSIS - Government Service Insurance System.
36. HDMF - Home Development Mutual Fund
37. FRSC - Financial Reporting Standards Council
38. ADB - Asian Development Bank