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 theinformation. ACCOUNTING

4. This was created to issue implementing guidelines on PFRS. PHILIPPINE INTERPRETATION

COMMITTEE (PIC)

5.The amount of time that is expected to elapse until an asset is realized or otherwise converted into
cash OPERATING CYCLE/NORMAL OPERATING CYCLE

6.The financial report that shows the reporting entity’s economic resources and claims STATEMENT OF
FINANCIAL POSITION

7. The financial report that shows the changes due to events and transactions other than financial
performance such as the issue of equity instruments and distributions of cash or other assets to
shareholders STATEMENT OF CHANGES IN EQUITY

8. This is used when assets are recorded at the amount of cash or cash equivalents or the fair value of
the consideration given to acquire them at the time of their acquisition. HISTORICAL COST

9.Refers to the ability of the business to raise cash to meet unexpected cash requirements. LIQUIDITY

10. Those responsible for the preparation and presentation of financial statements.

11.The standard that sets out the requirements for the presentation of the cash flow statement and
related disclosures. INTERNATIONALACCOUNTINGSTANDARD

12. Portray the financial effects of transactions and other events by grouping them into broad classes
according to thei reconomic characteristics. FINANCIALSTATEMENTS

13.Result if an asset is sold more than bookvalue. GAIN/GAIN ON

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 toachieve that capacity) at the end of the period exceeds
the physical productive capacity at the beginning ofthe 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.

GENERAL-PURPOSE FINANCIAL STATEMENTS

2.As part of the objective of general-purpose financial reporting, an

is adopted. This meansthat companies are viewed as separate and distinctfrom their owners.

ENTITY PERSPECTIVE

3.Accounting standards set out the recognition,, presentation and requirements of transactions and
events that are important in financial statements.

MEASUREMENT, DISCLOSURE

4.The creation of FRSC in 2004 replaced the ACCOUNTING STANDARDS COUNCIL (ASC)

5.The objective of the is to establish generally accepted accounting principles in thePhilippines.

FINANCIAL REPORTING STANDARDS COUNCIL (FRSC)

6. sets out the concepts that underlie the preparation and presentation of financialstatements for
external users.

CONCEPTUAL FRAMEWORK

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

REPORTING ENTITY

prevails.

DISPOSAL

GAINON SALE

*Income-

encompasses both revenue and gaininflow of economic

resources.

Revenue + gain =Income

Revenue- camefrom normal courseof business

Gain- came from

incidental or peripheral transaction , not normal course ofbusiness

INTERNATIONALFINANCIAL REPORTINGSTANDARDS

(IFRS)

8. is a resourcecontrolled by theenterprise as a resultof past events andfrom which futureeconomic

events areexpected to flow tothe enterprise.

ASSET

9. are decreases ineconomic benefitsduring theaccounting period inthe form of outflowsor depletions
ofassets or incurrenceof liabilities thatresult in decreases inequity other thanthose relating
todistributions to equityparticipants.

EXPENSES

10. The conceptualframeworkspecifically mentionsone underlying assumption, namely,

GOING CONCERNASSUMPTION

11.The four sectors ofaccountancy underPICPA are:

PUBLICPRACTICE,COMMERCEANDINDUSTRY,

EDUCATIONANDGOVERNMENT

12. One constraint on useful financial reportingis that costs

should be justified by the of the reported financialinformation.

BENEFITS

13.Assets that are carried at the amountof cash or cashequivalents thatw ould have to be paidif the
same or an equivalent asset was acquired currently is measured using the .

CURRENT COST

14.Under the investment must be recovered before acompany can have income.

CAPITAL RECOVERY /CAPITALMAINTENANCE /RETURN ON INITIALINVESTMENT

15.The objective of PAS 1 is to prescribe the basis for presentation of general-purposefinancial

statements in order to ensure

COMPARABILITY

MATCHING TYPE

1.Concerns therelative size of anitem and its effecton decisions.

MATERIALITY

2.Information confirmsexpectations

FEEDBACK VALUE
3.Important for makinginter-firmcomparisons.

COMPARABILITY

4.Applying the sameaccounting practicesover time.

CONSISTENCY

5.Implies consensusamong differentmeasures.

VERIFIABILITY

6.A complete setof financialstatements(including

comparativeinformation) shouldbe presented atleast

annually

FREQUENCY OFREPORTING

7.Information isavailable prior to thedecisions.

TIMELINESS

8.Pertinent to thedecision at hand.

RELEVANCE

9.

Along withrelevance, afundamentalqualitative

characteristic

FAITHFULREPRESENTATION

10.

Requiresconsiderationof the cost andvalue of

information

COST EFFECTIVENESS

11.

The process ofadmittinginformation intofinancial

statements

RECOGNITION

12.

An entity reportsseparately both assetsand liabilities,

andincome andexpenses
OFFSETTING

13.Information is usefulin determining the

PREDICTIVE VALUE

14.Effects oftransactions on anentity’s economic

resources and claimsare recognized in theperiods in which

thoseeffects occur, even ifthe resulting cashreceipts and paymentsoccur in a differentperiod

ACCRUAL BASIS FORACCOUNTING

15.It requires thatusers have someknowledge of the

complex economicactivities ofenterprises, theaccounting process,and the technicalterminology in

thestatements.

UNDERSTANDABILITY

------------------------------------------------------------------------------

SEQUENCINGA.

IASB Due Process

Topics are identifiedand placed on IASB’sagenda.

All commentsreceived ondiscussiondocument and

exposure draft areconsidered.

An exposure draft,which is IASB’s mainvehicle for consulting the public,is published forpublic comment.

After commentson the firstexposure drafthave been

affected, theIASB considerswhether topublish itsrevisedproposals foranother roundof comments.

After the dueprocess iscompleted, alloutstandingissues areresolved, andthe IASBmembershave

ballotedin favor ofpublication,the IFRS isissued.

B.

FRSC Due Process

1

Consideration ofpronouncement ofIASB;

An exposure draftapproved by amajority of theFRSC

members for comments(comment period 60 – 30 days)

Consideration of all commentsreceived withinthe

commentperiod and, whenappropriate,preparing a

comment letterto the IASB;

Approval of astandard or aninterpretation by amajority of theFRSC members.

TRUE OR FALSE

1.

The principaldifference between twoconcepts of capital

maintenance is thetreatment of theeffects of changes inthe prices of assetsand liability of theentity.

TRUE

2.

The selection of theappropriate concept ofcapital by an

entityshould be based onthe needs of the usersof its financialstatements.

TRUE

3.

The concept ofcapital maintenancechosen by an entity

shall determine theaccounting modelused in thepreparation of itsfinancial statements.

FALSE, BOTHMEASUREMENT BASESAND CONCEPT OF

CAPOTALMAINTENANCE

4.The ConceptualFrameworkserves as a guidein

developingfuture financialreporting standardsand in

reviewingexisting ones.

TRUE
5.

The ConceptualFramework is asource of guidancefor determining anaccounting treatmentwhere a

standard

does not providespecific guidance.

TRUE

6.

The ConceptualFramework does not in any was assistprepares of financialstatements inapplying PFRS
and in

dealing with topicsthat have yet to formthe subject of PFRS.

FALSE

7.

The ConceptualFramework is not aPFRS, and nothing in itoverrides any specificPFRS, including PFRSthat
is in some

respectin conflict with theConceptualFramework.

TRUE

8.The GPFS show theresults of thestewardship of themanagement for theresources entrusted toit by the
capitalproviders.

TRUE

9.

The GPFS areprepared at leastannually and aredirected

to both thecommon and specificinformation needs of awide range ofstatement users.

FALSE

10.The GPFS provideinformation about thefinancial

position,performance and cashflows of an enterprisethat

is useful to a widerange of users inmaking economicdecisions.

TRUE

MULTIPLE CHOICE

1.

According to thePreface toInternationalFinancial

ReportingStandards, which ofthe following areobjectives

of theIASB?

I.

To harmonizefinancial reportingbetween IFRS andUS

GAAP

and

European

–(DAPAT WORLD)II.

To work actively withnational standardsetters

III.

To promote theuse and strictapplication offinancialaccountingstandards A.I and IIB.I and III

C.II and III

D.I, II and III

2.

Which of thefollowing are parts of the “due process” of

the IASB in issuing anew InternationalFinancial Reporting

Standard?I.Establishing anadvisory committee togive adviceII.

Developing andpublishing adiscussiondocument for

publiccommentIII.Issuance of aninterpretation asauthoritative guidance –

DUE PROCESS OF IFRSINTERPRETATIONCOMMITTEE

IV.Reviewingcompliance andenforcementproceduresV.Issuance of the finalstandard with numberand

title A.I, II and III only

B.

I, II and V only

C.I, II, III & IV onlyD.I, II, III, IV & V

3.

Which of the followingbodies is responsible for reviewing

accountingissues that are likely toreceive divergent or

unacceptabletreatment in theabsence ofauthoritativeguidance, whit a viewto reaching consensusas to
the appropriateaccounting treatment? A.Standards AdvisoryCouncil
(SAC)B.International AccountingStandards Board(IASB)

C.

InternationalFinancialReportingInterpretations

Committee(IFRIC)

D.

International AccountingStandardsCommittee

Foundation(IASCFoundation)

4.

Which of thefollowing statementsabout international

accountingstandards is true?

A.

Accountingprofessionals in theUSA consider USGAAP

superior toIAS and has nointention to adoptInternational AccountingStandards. –

MAYINTENTIONB.

The IASB is ableto enforce itsstandards byprohibiting

the listingof companies whichdo not comply onstock

exchangeswhich sellinternationally. -

ENCOURAGE

C.

The InternationalAccountingStandards Board(IASB) wasestablished with thepurpose of narrowingthe

range ofdivergence inaccounting standardsthroughout the

world.D.

Legal andpsychological hurdlesto achieving common

reporting standards willbe fully overcome bythe year 2012,

the timeframe set forconvergence betweenIAS and US

GAAP. –

CURRENTLYCHANGING,CONTINUOUS PROCESS

5.
Which ofthe followingbodies reportto the IFRSFoundation? A.

The IASB and AASB.

B.The IASB and theFASB.

C.

The IASB and theIFRS AdvisoryCouncil.

D.The IASB, AASB, andthe IFRS AdvisoryCouncil.

6.

Which bodyappoints themembers ofInternational

Accounting StandardsBoard (IASB) thatmake the present

IFRS?

A.

IFRS Foundation.

B.

IFRS AdvisoryCouncil.

C.

International AccountingStandardsCommittee.

D.

InternationalFinancialReportingInterpretations

Committee.

7.

Financial accountingstandard-setting

A.

is based solely onresearch and empirical findings. –

MAY

PUBLIC DISCUSSIONB.

is a legalisticprocess based onrules promulgatedby

governmental

agencies. –
IFRSFOUNDATIONC.

is democratic in thesense that a majority of accountants

must

agree

with a standard before itbecomes enforceable.-

MAJORITY OF IASBMEMBERSD.

can be describedas a social processwhich reflects

political actions ofvarious interesteduser groups as well

asa product of researchand logic.

8.

The “due process”system in developingfinancialreporting standards A.is an efficient systemfor collecting

duesfrom members.B.

identifies theaccountingissues that arethe most

important.

C.

enablesinterested parties toexpress their viewson

issues underconsideration.

D.

requires that allaccountants mustreceive a copy of

financialaccountingstandards.

9.

What is due processin the context ofstandard-setting at

theIASB? A.IASB operates in fullview of the public.B.Interested parties canmake their viewsknown.C.

Publichearings areheld onproposedaccounting

standards.

D.All of these.10.

What is thechronological orderin the evaluation of atypical standard?

A.Discussion paper,Exposure draft andStandard.B.

Exposure draft,Discussion paper andStandard.

C.

Exposure draft,Standard andDiscussion paper.

D.

Standard, Discussionpaper, and Exposuredraft.

11.

The IASB declaredthat the merits ofproposed standards

areassessed

A.

from a position ofneutrality.

B.

from a position ofmateriality.

C.

based on argumentsof lobbyist.

D.

based on possibleimpact on behavior.

12.

Under PhilippineFinancial ReportingStandards

A.

the cash basis ofaccounting isaccepted. –

ACCRUAL

BASISOF ACCOUNTINGB.

events arerecorded in theperiod in which theevent

occurs.C.

net income willbe lower underthe cash basisthan

accrual basisaccounting. –

ACCRUAL BASISOF

ACCOUNTINGD.
all of the choices arecorrect.

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13.

RA 9298 is officiallyknown as A.The Revised Accountancy Act.B.The Revised Accountancy Law.

C.The PhilippineAccountancy Act of2004.

D.The AccountancyLaw of thePhilippines, 2007.

14.

Under Section5 of RA 9298,who shall appointthe

members ofthe ProfessionalRegulatoryBoard of Accountancy? A.The chairman of theBoard

of Accountancy.

B.The president of theRepublic of thePhilippines.

C.

The chairperson ofProfessionalRegulationsCommission.

D.

The president ofPhilippine Institute of Certified Public

Accountants.

15.
Thefollowingstatementsrelate to theBoard of Accountancy.Select
theincorrectstatement: A.The Board consistsof a Chairman andsix members.B.

The chairman andmembers of theBoard are appointedby the President of the Philippines
uponrecommendation

of the ProfessionalRegulationCommission.

C.

The ProfessionalRegulationCommission mayremove

from theBoard ofAccountancy, anymember whosecertificate to practicehas been revoked

orsuspended. –

ONLYPRESIDENT HAS THEPOWER TO REMOVE AMEMBER

D.

All sectors ofaccountancypractice shall asmuch as

possiblebe equitablyrepresented inthe Board.

16.

Which of thefollowing is not aneconomic entity? A.SM Group ofCompanies.B.Lions ClubInternational, a

civicorganization.C.ABS-CBNFoundation, acharitable institution.

D.

Chris James, aQuezon City residentwho owns a chain

ofbeauty salons.17.

This accountingobjective emphasizesthe importance of theIncome Statement as itis geared toward

proper income

or performancedetermination of theenterprise.

A.Entity theory.B.

Fund theory

C.

Proprietary theory.

D.

Residual equitytheory.

18.

Which of thefollowing is not adescription or afunction of theFinancial ReportingStandards

Council(FRSC)? A.
It establishesgenerally acceptedaccounting principles in

the Philippines.

B.

It receivesfinancialsupportprincipally fromthe

ProfessionalRegulationsCommission(PRC).

C.

It is the successor of Accounting StandardsCouncil (ASC)

and thecreator of PhilippineInterpretationsCommittee (PIC).D.It assists theProfessionalRegulatory Board

of

Accountancy (BOA) incarrying out its powerand function to

promulgate accountingstandards in thePhilippines.

19.

Which of thefollowing situations

violates

the concept of

reliability?

A.

Data on segmentshaving the sameexpected risks and

growth rates arereported to analystsestimating futureprofits. –

QUALIFIED,SEGMENTREPORTINGB.

Financial statementsare issued ninemonths late. -

TIMELINESS

C.

Managementreports tostockholders’ newprojects

undertaken,but the financialstatements neverreport the

projectedresults. –

FULLDISCLOSURED.

Financial statementsinclude a property witha carrying amountincreased tomanagement’sestimate of

marketvalue. – MARKETVALUE SHOULD CAMEFROM MARKET
PARTICIPANTS20.

Which of thefollowingstatements aboutfinancial

statements isincorrect? A.

They are theprimary responsibilityof the management

ofthe enterprise.B.They show theresults of thestewardship of themanagement for theresources

entrusted toit by the capitalproviders.

C.

They are prepared atleast annually and aredirected to

both thecommon and specificinformation needs of awide

range ofstatement users. –COMMON ONLY

D.The provideinformation about thefinancial position,

performance and cashflows of an enterprisethat is useful

to a widerange of users inmaking economicdecisions.

21.

Under theConceptual Frameworkfor Financial Reportingwhich of the followingstatements is not

afeature of financialinformation’s“comparability”characteristics?

A.Comparability isuniformity.B.

A comparison requiresat least two items.

C.

Consistency, althoughrelated to comparability,is not the

same.

D.

Comparability is thegoal; consistencyhelps to achieve

thatgoal.

22.

When fair valueis used inmeasuring assetsin the financialstatements, currentGAAP providesfollowing

references asbasis of fair value,

except

A.Price in active market.B.Price in recenttransaction.C.Price taken fromindustry or sectorbenchmarks.

D.

Price based onassessed value ofgovernment bodies.

23.

Theobjectives offinancial reportingfor business

enterprises arebased on A.the need forconservativeinformation

B.the needs of theusers of theinformation

C.the need to report onmanagement’sstewardshipD.the need to complywith financialaccounting

standards

24.

Which of thefollowing statementsregarding users of

financial information

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is

correct

A.

Managers of anentity areconsidered to beinternal

decisionmakers.B.

Accountinginformation is preparedfor and useful to only

outside decision makers. –

WE CATER INSIDEAND OUTSIDE

C.External decisionmakers can obtainwhatever financial

datathey need andwhenever they need it.-

INTERNAL

D. The members ofthe Board of Directorsare

not internal
rather than external users of financial information. –

INTERNAL SILA25.

Which ofthe followingstatements is(are)

true

concerning theGoingConcernassumption?

I.

When preparingfinancial statements,management is

required to make anassessment of anenterprise’s ability tocontinue as a goingconcern which shouldbe

at least twelve

months from balancesheet date.

II.

When an enterprisehas a history ofprofitable operations

and ready access tofinancial resources it isnot a detailed analysisas to is ability tooperate as a
goingconcern is notnecessary. –

DETAILEDANALYSISIII.

When thefinancial statementsare not prepared ona

going-concernbasis, this factshould bedisclosed A.I and II onlyB.II and III onlyC.II and IIID.I, II, and III

E.I and III26.

If accountinginformation is timely,and has predictive as

well as feedbackvalue, then it isconsidered to be

A.relevantB.

reliable

C.

understandable

D.

verifiable

27.

In the first week ofDecember 2016, ElisaCompany signs

a major contract to develop anaccounting informationsystem for Edward Inc.No work is begun
thecurrent year, yet thenotes to the financialstatements discuss thenature and pesoamount of the
contract.This is an example of:

A.completeness or fulldisclosureB.

conservatism

C.

historical cost

D.

relevance

28.

Which of thefollowing statementsbest describes theterm “going concern”? A.The expenses of anentity
exceed itsincomeB.When currentliabilities of an entityexceed current assets

C.

The ability of theentity to continue inoperation for the

foreseeable future

D.The potential tocontribute to the flowof cash and cashequivalents to theentity

29.

Which TWO of thefollowing are listed inthe IASB

Frameworkas ‘underlyingassumptions’ regardingfinancial

statements?2010 CF

A.

The financialstatements areprepared under theaccrual

basisB.

The entity can beviewed as a goingconcern

C.

The financialstatements arereliable

D.

Accounting policiesare consistentlyapplied

A.

A and B
B.

B and C

C.

B and D

D.

C and D

30.

Which of thequalitativecharacteristics is

true

?I.Relevance is thecapacity ofinformation tomake

difference indecision by helpingusers frompredictions

aboutoutcome of past,present and futureevents, orconfirm/correctprior expectationsII.

The quality ofreliability assuresreaders that the financial

information is free frombias and faithfullyrepresents what itpurports to show,including

adequatedisclosure of significantinformationIII.Under the IASBFramework for thePreparation and

presentation offinancial statements,conservatism is not a

concept that isrecognized as aqualitative objective. A.I and II onlyB.I and III onlyC.II and III only

D.I, II and III31.

Which of thefollowing is the bestdescription of reliabilityin relation toinformation in

financialstatements? A.Comprehensibility tousers

B.Freedom frommaterial error andbias

C.Influence on theeconomic decisionsD.Inclusion of degree ofcaution of users

32.

According to theIASB Framework for thepreparation

andpresentation of financialstatements, which TWOof the

following are

examples ofexpenses

I.
A loss on the disposalof a non-current asset

II.

A decrease in equityarising from adistribution to equityparticipants –

DIVIDENDS, NOT ANEXPENSEIII.

A decrease ineconomic benefitsduring the accounting

period

IV.

A reduction in incomefor the accountingperiod -

LOSS

A.I and II

B.I and III

C.II and IIID.III and IV

33.

An expiration of cost which isincurred without

compensation orreturn and is not

absorbed as costof

revenue iscalled A.Deferred chargeB.Deferred creditC.Indirect cost

D.

Loss

34.

Which of thefollowing bestdescribes thedistinction

betweenexpenses andlosses? A.

Losses arematerial itemswhereasexpenses are

immaterialitemsB.

Losses areextraordinary chargeswhereas expenses are

ordinary chargesC.

Losses arereported net-of-related-tax effectwhereas

expensesare not reportednot-of tax

D.

Losses results fromperipheral or incidentaltransactions

whereasexpenses result fromongoing major orcentral

operations ofthe entity35.

Which of thefollowing statementsabout accounting

recognition is (are)

true

I.

In accounting, thereare instances when again/loss would

ariseupon initial recognitionof an asset. –

BIOLOGICALASSETSII.

No asset cansimultaneously bean asset of morethan

one entity -

POSSIBLEIII.

At times, two ormore entities mayshare the benefitsthat an asset provides –

PARAGRAPH 20OF CFIV.

An appropriatebasis for recognizingan asset is when aparticular enterpriseacquires the

right toutilize and control

access to the asset’sbenefits –

YES, RIGHTTO UTILIZE AND

CONTROL

A.I and II onlyB.I and IV onlyC.I, II and III onlyD.I, II, III and IV

E.I and III36.

Which one of thefollowing terms bestdescribes the

amountof cash or cashequivalents that couldcurrently be obtainedby selling an asset inan orderly
disposal?

In2018

CFA.

Fair value

B.

Realizable value

C.

Residual value

D.

Value in use

37.

Which ofthe followingassets areinitially andsubsequently measuredat FairValue?

I.

Biological assets

II.

Available for salesecurities

III.

Inventories –

COSTVS NETREALIZABLE VALUE

IV.

Property andEquipment –

COST ,REVALUATION

V.

Held for tradingsecurities

VI.

Intangible assets -

COST

A.I and II onlyB.I, II and III onlyC.I, II, III and V onlyD.I, II, IV, and V only
E.I ,II, and V38.

The capitalmaintenanceconcept followedunder

presentGAAP is A.Economic capital

B.

Financial andphysical capital

C.Physical capitalD.Real capital

39.

What concept iscritical indistinguishing anenterprise’sreturn on investmentfrom return of

itsinvestment?

A.Capital maintenanceconceptB.

Comprehensiveincome concept

C.

Current operatingperformance concept

D.

Return on investmentconcept

40.

Under theConceptualFramework ofFinancial

Reporting,users of financialinformation may beclassified

into A.

Heavy users(management) andslight users (public,

government).

B.

Primary users(existing andpotential investorsand

creditors)and other users.

C.

Internal users(employees, customers)and external users

(investors, creditors).D.

Main users (existinginvestors, creditors)and incidental

users(potential investors,creditors)
41.

Which of thefollowing situations

violates

the concept of

reliability? A.

Data on segmentshaving the sameexpected risks and

growth rates arereported to analystsestimating futureprofits.B.Financial statementsare issued

ninemonths late.C.Managementreports tostockholders newprojects

undertaken,but the financialstatements neverreport the

projectedresults.

D.

Financial statementsinclude a propertywith a carrying

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45. What are thequalitativecharacteristics offinancial

statementsaccording to theFramework? A.

Qualitativecharacteristics arebroad classes of financial

effects of transactions andother events.

B.

Qualitativecharacteristics are theattributes that makethe informationprovided in financialstatements

useful to

others.

C.

Qualitativecharacteristicsmeasure the extent towhich

an entity hascomplied with allrelevant Standardsand Interpretations.D.

Qualitativecharacteristics arenon-quantitativeaspects

of an entity’sposition andperformance andchanges in financialposition.

amountincreased to m

anagement’s estimate of market

value. – MARKET PARTICIPANTS