BASIC ACCOUNTING QUESTION III

BS ACCOUNTANCY
Phil.Fin.Rep.Stancclksdlcal;
1.What is the primary objective of financial reporting under PFRS?
2.Define the accrual basis of accounting as per PFRS.
3.Explain the concept of materiality in financial reporting according to PFRS.
4.What is the importance of consistency in accounting policies under PFRS?
5.Describe the going concern assumption and its significance in financial reporting
under PH ACC STANDARDS
6.What are the key components of a financial statement under PFRS?
7.Differentiate between the balance sheet and income statement under PFRS.
8.Explain the relevance of the statement of cash flows in financial reporting as per
PFRS.
9.Define and provide examples of assets, liabilities, and equity based on PFRS
guidelines.
10.Discuss the recognition criteria for revenue according to PFRS.
11.What are the criteria for recognizing expenses under PFRS?
12.Describe the principles of fair value measurement as applied in PFRS.
13.Explain the concept of impairment of assets under PFRS and its accounting
treatment.
14.Discuss the guidelines for accounting for leases under PFRS.
15.What is the difference between finance lease and operating lease under PFRS?
16.Describe the rules for accounting for financial instruments under PFRS.
17.Explain the concept of hedge accounting and its application under PFRS.
18.Discuss the criteria for determining whether an entity is a subsidiary, joint
arrangement, or an associate according to PFRS.
19.What are the disclosure requirements for financial statements under PFRS?
20.Explain the importance of adopting PFRS for entities operating in the Philippines
and the benefits it offers to stakeholders.

Cost Accounting
1.What is Cost Accounting, and how does it differ from financial accounting?
2.Explain the concept of cost behavior and its importance in Cost Accounting.
3.Differentiate between fixed costs and variable costs with examples.
4.What is the relevance of cost classification in Cost Accounting?
5.Describe the steps involved in the process of cost accumulation.
6. Discuss the various methods of cost allocation used in Cost Accounting.
7.Explain the significance of cost estimation in Cost Accounting.
8.Define direct costs and indirect costs, providing examples of each.
9.What is job costing, and how is it applied in Cost Accounting?
10.Describe the process of process costing and its application in Cost Accounting.
11.Discuss the advantages and disadvantages of activity-based costing (ABC).
12.Explain the concept of standard costing and variance analysis in Cost Accounting.
13.What are the different types of cost behavior patterns, and how are they
analyzed in Cost Accounting?
14.Discuss the importance of cost-volume-profit (CVP) analysis in managerial
decision-making.
15.Explain the concept of relevant costs and irrelevant costs in Cost Accounting
decision-making.
16.Describe the concept of target costing and its application in managing costs.
17.Discuss the role of Cost Accounting in budgeting and budgetary control.
18.What are the ethical considerations in Cost Accounting, particularly concerning
cost allocation and reporting?
19.Explain the differences between absorption costing and variable costing.
20.How does Cost Accounting contribute to strategic decision-making within
organizations?