Description : What is the difference between accounts, accounting and accountancy?
Last Answer : Accounts- part of ledger Accounting- booking transaction Accountancy- subject of accounting knowledge All 3 are interrelated
Description : The CPA title was conceived and created, under the first accountancy law, for professional accountants engaged in which of the following? a. Accounting education b. Public accounting c. Management accounting d. Government accounting
Last Answer : Public accounting
Description : Which of the following mostly describes the function of AASC? a. To monitor full compliance by auditors to PSAs. b. To assist the Board of Accountancy in conducting administrative proceedings on ... both auditing and financial accounting in order to make them responsive to the needs of the public
Last Answer : To promulgate auditing standards, practices and procedures that shall be generally accepted by the accounting profession in the Philippines.
Description : Existing accountant, as defined in the Code of Ethics, means a. A professional accountant employed in industry, commerce, the public sector or education. b. Those persons who hold a valid ... a position similar to that of a partner and each staff in a practice providing professional services
Last Answer : A professional accountant in public practice currently holding an audit appointment or carrying out accounting, taxation, consulting or similar professional services for a client.
Description : Which of the following does not constitute a practice of accountancy? a. A person holding out himself as one skilled in the knowledge, science and practice of accounting and as a qualified person ... d. A person is appointed as a marketing director of a government owned and controlled corporation.
Last Answer : A person is appointed as a marketing director of a government owned and controlled corporation.
Description : Which of the following is not an objective of requiring registration of individual CPAs and Firms of partnership of CPAs engaged in public accounting practice? a. The required registration will ... will help PRC and BOA to identify and impose corresponding sanctions and penalties on individual CPAs
Last Answer : The required registration will give equal opportunities to CPAs in the practice of their profession.
Description : A CPA in public accounting is prohibited from performing which of the following actions? a. Permit the publication of his being the author of a book. b. Be a party to a stratagem which permits a non ... his wife to acquire shares in a corporation's capital stock. d. Act as a stock and transfer agent
Last Answer : Be a party to a stratagem which permits a non-CPA to practice accountancy
Description : The objectives of the Philippine accountancy Act of 2004 are the following except: a. The standardization and regulation of accounting education. b. The examination for registration of certified public ... d. The supervision, control, and regulation of the practice of accountancy in the Philippines
Last Answer : The integration of the accounting profession.
Description : Which of the following is one of the functions of Quality Review Committee: a. To promulgate accounting and auditing standards that will be generally accepted in the Philippines. ... accountancy. d. To evaluate periodically the performance of educational institutions offering accountancy education.
Last Answer : To conduct a review on applicants for registration to practice public accountancy and render a report which shall be attached to the application for registration.
Description : This refers to those persons who hold a valid certificate issued by the Board of Accountancy. a. Senior accounting practitioner. b. Professional accountant. c. Professional accountant in public practice. d. Audit associate.
Last Answer : Professional accountant.
Description : Regulation of the accounting profession include: a. Public Regulation as provided for in the Philippine Accountancy Act of 2004. b. Regulation within the profession, through the implementation of the Code of ... the firm, through the implementation of a system of quality control. d. All of these.
Last Answer : All of these.
Description : Which of the following factor is not considered while selecting accounting policies? a) Prudence b) Substance over form c) Accountancy d) Materiality
Last Answer : c) Accountancy
Description : Management accountancy is a structure for A. Costing B. Accounting C. Decision maki
Last Answer : C. Decision maki
Description : The basis of farm budgeting is
Last Answer : Ans. Cost benefit analysis
Description : A process of estimating costs, returns and net profit of a farm or a particular enterprise
Last Answer : Ans. Farm Budgeting
Description : When farmers follows agricultural practices in their own way and managers and organizers of their farm business
Last Answer : Ans. Peasant faming
Description : When farm is classified on the basis of organizational setup, termed as
Last Answer : Ans. System of farming
Description : The most important unit of farm management
Last Answer : Ans. Production unit
Description : Farm and home visit, Office calls, Telephone calls, Personal letters, Result Demonstration are comes under
Last Answer : Ans. Individual contact
Description : NPK content of farm compost
Last Answer : Ans. 0.5:0.15:0.5%
Description : In Book-keeping & Accountancy nonmonetary transactions are also recorded.
Last Answer : State whether the following statement are true or false with reason : In Book-keeping & Accountancy nonmonetary transactions are also recorded.
Description : Special/temporary permit may be issued by the Board to the following persons except: a. A foreign CPA engaged as a professor or lecturer in the fields essential to accountancy education in ... of accountancy and his/her service is essential for the advancement of accountancy in the Philippines
Last Answer : A foreign CPA who can prove that the country of which he or she is a citizen admits citizens of the Philippines to the practice of the same profession without restriction
Description : RBD is also called as
Last Answer : Ans. One way elimination of heterogeneity design/Two way classification of ANOVA
Description : Panama wilt of banana is also called as
Last Answer : Ans. Fusarium wilt
Description : The vitamin also called Sunshine vitamin
Last Answer : Ans. Vit. D
Description : Alkaline soil is also called as
Last Answer : Ans. Solanetz and Black alkali
Description : Saline soil is also called as
Last Answer : Ans. Solan chalk and White alkali
Description : Neutral fertilizer, also called Kishan khad
Last Answer : Ans. Calcium Ammonium Nitrate (26%N)
Description : Farm tractor hoe is also called as a A. Hoe remover C. Hoe weight loader B. Hoe Loader D. Hoe Weight remover
Last Answer : Hoe Loader
Description : (i) It is not possible for management to plan and take decisions in business with help of bookkeeping and accountancy.
Last Answer : Do you agree or disagree with the following statement : (i) It is not possible for management to ... . (v) Purchase of goods is revenue expenditure.
Description : Which one of the following statements is correct ? (A) Audit of an educational institution is compulsory if it is run by a charitable trust (B) A club is treated as a commercial establishment ( ... who belongs to accountancy profession (D) Audit of a charitable trust is not compulsory under law
Last Answer : Answer: Audit of an educational institution is compulsory if it is run by a charitable trust Free
Description : Mark the correct option relating to district forum a) It should have two member , one of whom shall be a woman b) Members age shall not be less than 35 years old c) Possess a ... dealing with problems relating to economics, law, commerce, accountancy, industry& public affairs e) All the above
Last Answer : e) All the above
Description : The following statements relate to the RA 9298. Which statement is true? a. The Professional Regulation Commission has the authority to remove any member of the Board of Accountancy for ... of Accountancy may order the reinstatement of a CPA whose certificate of registration has been revoked.
Last Answer : No person shall be appointed as a member of the Board of Accountancy unless he has been in the practice of accountancy for at least 10 years, among others
Description : Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his ... conducting review classes in preparation for the licensure examination at the time of his appointment to the Board.
Last Answer : He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy
Description : Which of the following is incorrect regarding professional competence? a. Professional accountants may portray themselves as having expertise or experience they do not possess. b. ... maintenance of professional competence requires a continuing awareness of development in the accountancy profession
Last Answer : Professional accountants may portray themselves as having expertise or experience they do not possess
Description : Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy
Last Answer : Client's management
Description : The QRC shall have the following functions: a. Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review. b. Mete out ... with the standards of quality prescribed for the practice of public accountancy. d. All of these
Last Answer : Conduct quality control review on applicants for registration to practice public accountancy and render a report on such quality review.
Description : Regarding practice of accountancy, which of the following certificates is issued to a CPA first, a certificate of registration or a certificate of accreditation? a. Certificate of registration b. Certificate of accreditation c. Both are issued at the same time d. Neither are issued to CPAs
Last Answer : Certificate of registration
Description : Which statement is incorrect regarding the Code of Ethics for Professional Accountants in the Philippines? a. Professional accountants refer to persons who are Certified Public Accountants (CPA) ... the ethical requirements as the basic principles which they should follow in performing their work
Last Answer : Where a national statutory requirement is in conflict with a provision of the IFAC Code, the IFAC Code requirement prevails.
Description : The Philippine Accountancy Act of 2004 provides that all Working papers made during an audit shall be the property of the auditor. These working papers shall include the following, except: a. Working ... of documents furnished to the auditor. d. Any report submitted by the auditor to his client.
Last Answer : Any report submitted by the auditor to his client.
Description : All of the following are represented to the Financial Reporting Standards Council, except: a. Securities and Exchange Commission b. Bureau of Internal Revenue c. Commission on Higher Education d. Board of Accountancy
Last Answer : Commission on Higher Education
Description : Which of the following is not a function of the Board of Accountancy as specified in the Philippine Accountancy Act of 2004? a. To investigate violations of the Accountancy Law ... determine and prescribe minimum requirements leading to the admission of candidates to the CPA licensure examination
Last Answer : To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions' policies and practices leading to accreditation/reaccreditation of BSA program.
Description : Which of the following is a distinguishing mark of the accountancy profession? a. A drive to excellence b. Acceptance of the responsibility to act in the public interest c. Professional objectivity d. Professional skepticism
Last Answer : Acceptance of the responsibility to act in the public interest
Description : Which of the following is expected of AASC to do? a. AASC should normally expose its opinion on specific queries from a practicing CPA. b. AASC should normally expose a proposed ... of statements, the exposure period is understandably shorter than those of the regular drafts of standards
Last Answer : To make the statements on Philippine Standards on Auditing operative, the final statement shall be submitted to the Board of Accountancy for approval.
Description : Which of the following is required if the professional accountant uses experts who are not professional accountants? a. The professional accountant is discouraged to engage the services of experts ... not be informed of ethical requirements because they are not members of the Accountancy profession
Last Answer : The professional accountant must take steps to see that such experts are aware of the ethical requirements of the profession.
Description : Which of the following is required to be performed in an audit but not in review engagement? a. Complying with the "Code of Professional Ethics for Certified Public Accountants" promulgated ... engagement c. Agreeing on the terms of engagement d. Studying and evaluating internal control structure
Last Answer : Studying and evaluating internal control structure
Description : The internal auditing profession has advanced primarily as a result of a. Increased interest by Bachelor of Science in Accountancy (BSA) graduates and experienced auditors. b. The ... emphasis on background knowledge and skills. d. Increased complexity and sophistication of business operations.
Last Answer : Increased complexity and sophistication of business operations.
Description : How did the Code of Ethics define public interest? a. A distinguishing mark of a profession is the acceptance of its responsibility to the public. b. The accountancy profession's public ... serves. d. The standards of the accountancy profession are heavily determined by the public interest
Last Answer : The collective well-being of the community of people and institutions the professional accountant serves.
Description : A CPA in public practice shall not disclose any confidential client information without the specific consent of the client. The confidentiality rule is violated if CPA disclosed information without client' ... s largest stockholder. d. Complaint filed with the trial board of the Board of Accountancy
Last Answer : Request by client's largest stockholder.
Description : As used in Republic Act No. 9298, this term refers to the area of practice of accountancy a. Section b. Sector c. Segment d. Line
Last Answer : Sector