Name: MAPUSAO, MARK CEASAR J.

Section BA3DB

Self-Check

1. Why did you choose Accountancy course as your career?

I choose this course because I really loved logic and algebra. And I really like to solve a problem through
analyzing to find a certain solution. Accounting for me is some of each of them that's why I choose this
course because I'm sure that my works someday will make me happy and I didn't go to my work because
of money I'll do the job because this what's makes me happy.

2. Among the field and areas (branches) of accounting, would you prefer to work and why?.

Questions to answer

3. Explain briefly what is R.A. No. 9298?

It provides that all certified public accountants shall abide by the requirements, rules and regulations on
continuing professional education to be promulgated by the Board of Accountancy, subject to approval
of the Professional Regulation Commission. An act regulating the practice of accountancy in the
Philippines, repealing for the purpose Presidential Decree No. 692, otherwise known as the Revised
Accountancy Law, appropriating funds therefore and for other purposes.

4. What constitute GAAP in the Philippines?

GAAP is a fund accounting because of the diverse nature of governmental operations of government
financial transactions and balances in a single accounting entity.

5.

a.What do you understand about ...GAAP

The General Accepted principles of accounting. It is very necessary to for everyone to use the same
rules. It would be like if everyone was told to write an essay but given different rubrics and then a
teacher was told to grade them equally. It would be very hard for a teacher to grade those papers fairly.
So GAAP are basically making sure all accountants use the same rubric so they can be graded equally.

b. Philippine Accounting Standards (PAS)

PAS is the set of internationally correlated accounting standards which the Philippine companies will
comply with, which is usually in line or reconcilable with either the US GAAP or IFRS. The idea herein is
that the financial reporting standards are in general harmony with the global reporting requirements.
C. Philippine Financial Reporting Standards (PFRS)

PFRS specifies what the entity will follow in reporting its results, usually with detailed illustrations
showing the disclosures will be presented and the financial numbers correlated.

d.IFRIC

IFRIC is the interpretative body of the IFRS Foundation. Its mandate is to review on a timely basis
widespread accounting issues that have arisen within the context of current International Financial
Reporting Standards.

e. International Financial Reporting Standards (IFRS)

IFRS is a financial reporting standard issued by International Accounting Standards Board.

It brings transparency to financial information reporting.

It enhances the comparability and quality of financial information

It enables investors and other market participants to make informed economic decisions.