Description : What are the objectives of public sector accounting?
Last Answer : Standards of consistency, quality, information sharing betweenAccountants, and transparency in reporting are the base objectivesof public sectors accounting.
Description : In pursuing its quality control objectives with respect to assigning personnel to engagements, a public accounting firm may use policies and procedures such as a. Rotating employees from ... the staffing requirements of specific engagements so that enough qualified personnel can be made available
Last Answer : Requiring timely identification of the staffing requirements of specific engagements so that enough qualified personnel can be made available
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 : 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 : The auditor's understanding of the entity and its environment consists an understanding of the following aspects: a. Industry, regulatory and other external factors, including the applicable financial reporting ... may result in a material misstatement of the financial statements d. All of these.
Last Answer : All of these.
Description : PSA requires that the auditor should obtain an understanding of the entity's objectives and strategies, and the related business risks that may result in material misstatement of the financial statements. ... receivables. b. Contracting economy. c. New accounting requirements. d. Use of new IT
Last Answer : Contracting economy.
Description : Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to ... d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles
Last Answer : Representations that the financial statements were prepared in accordance with generally accepted accounting principles
Description : What organization set the accounting standards for private sector organization in the US?
Last Answer : What is the answer ?
Description : The Philippine Framework for Assurance Engagements a. Provides a frame of reference for CPAs in public practice when performing audits, reviews, and compilations of historical financial information. b. ... of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply
Last Answer : Defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which PSAs, PSREs, and PSAEs apply
Description : Which of the following is not the objectives of disinvestment policy a. Raising resources b. Raising productive efficiency c. Reduce public interference d. To increase the role of government
Last Answer : - To increase the role of government
Description : The _______________________ is the specific mix of advertising, personal selling,sales promotion, public relations, and direct marketing tools that the company uses to pursue its advertising and marketing ... mix B. Integrated dealer mix C. Marketing communications mix D. Marketing control mix
Last Answer : C. Marketing communications mix
Description : Why type of accounting-public private or governmental-appeals to you the most Why?
Last Answer : Need answer
Description : Which of the following is prohibited by the Code of Professional Ethics for CPAs? a. Use of a firm name which includes the name of a retired partner. b. Accepting an engagement or ... newspaper of the opening of a public accounting office. d. Engaging in civic activities during business hours
Last Answer : Accepting an engagement or employment which one cannot reasonably expect to complete or discharge with professional competence
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 : It involves a study or evaluation of the quality of audit of financial statements through a review of quality control measures established by on CPA firms and individual CPAs in public practice to ... standards and practices a. External audit b. Compliance audit c. Peer review d. Quality review
Last Answer : Quality review
Description : The objective of quality control mandates that a public accounting firm should establish policies and procedures for professional development which provide reasonable assurance that all entry-level ... accounting. d. Have the knowledge required to enable them to fulfill responsibilities assigned
Last Answer : Have the knowledge required to enable them to fulfill responsibilities assigned
Description : In their fiduciary role, the professional accountants owe their primary loyalty to: a. The accounting profession b. The general public c. The client d. Government regulatory agencies
Last Answer : The client
Description : How frequent can a professional accountants have press and other media releases commemorating their anniversaries in public practice by informing the public of their achievements or accomplishments in contributing toward nation building ... profession? a. 2 years b. 3 years c. 5 years d. 6 years
Last Answer : 5 years
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 : The term receiving accountant includes the following, except; a. A professional accountant in public practice to whom existing accountant has referred tax engagement. b. A professional accountant ... or carrying out accounting, taxation, consulting or similar professional services for a client.
Description : Operational audits generally have been conducted by internal and COA auditors, but may be performed by certified public accountants. A primary purpose of an operational audit is to provide: ... statements. d. A means of assurance that internal accounting controls are functioning as planned
Last Answer : A measure of management performance in meeting organizational goals
Description : Richard, CPA, performs accounting services for Norton Corporation. Norton wishes to offer shares to the public and asks Richard to audit the financial statements. Richard refers Norton to Cruz, CPA, who is more ... a. Only Richard b. Both Richard and Cruz c. Only Cruz d. Neither Richard nor Cruz
Last Answer : Both Richard and Cruz
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 : A CPA is in public accounting practice when he/she a. Holds, or is appointed to, in an accounting professional group in government or in a government-owned and/or controlled ... advisory services, accounting aspect of finance, business law, taxation, and other technically related subjects
Last Answer : Represents his/her clients before government agencies on tax and other matters related to accounting
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.
Description : In determining the scope and nature of services to be performed in public practice, a CPA firm should a. Have in place internal control procedures b. Only perform accounting related services c. ... that the performance of all services is consistent with the firm's members' role as professionals
Last Answer : Determine that the performance of all services is consistent with the firm's members' role as professionals
Description : Which of the following services is not within the area of public accounting? a. Attest function b. Taxation service c. Write-up work for one client d. Management advisory services
Last Answer : Write-up work for one client
Description : Following statements are talking about . 1. It's more complex than a hybrid cloud, which is typically a paired private and public cloud. 2. This cloud add more clouds to the mix, perhaps two ... , private use-based accounting A. Multi-Cloud B. Private Cloud C. Business Cloud D. Storage Cloud
Last Answer : Multi-Cloud
Description : What is the difference between a public sector industry and one which is in the private sector ? -Geography
Last Answer : Public Sector Industries are owned and managed by the Central or State Government such as Railways, Post and Telegraph, Heavy Engineering, Defence Establishment etc. Private Sector industries are owned and ... an individual or group of individuals such as Reliance India Ltd., Infosys, Wipro etc.
Description : Why is the Steel Authority of India said to be a Public Sector Undertaking? -Geography
Last Answer : The most basic industry is the Iron and steel industry as all the industries are depended on this industry for their machinery. Steel is an important metal because it is used for manufacturing ... markets, also known as Tata Iron and Steel Company Limited sell their produce through Tata steel.
Description : 20. Give a few examples of public sector activities and explain why the government has taken them up. -SST 10th
Last Answer : Example of credit as an asset: During the festival season, a shoe manufacturer has received an - order of making shoes in bulk, within a month's time. To complete production, he hired some ... whereas in farmer's case credit pushes the borrower into a situation from which recovery is very painful.
Description : Explain the role of government in the public sector. -SST 10th
Last Answer : (i) Development of infrastructure : The pace of industrial development cannot be accelerated without the establishment of infrastructure. Its development requires huge capital investment, which cannot be ... special attention. These problems can be solved only with the help of the government.
Description : Why has the government taken up the responsibility of public sector activities in a country like India? Explain any three reasons. -SST 10th
Last Answer : This answer was deleted by our moderators...
Description : Distinguish between Public sector and Private sector? -SST 10th
Last Answer : Public sector: 1.It is controlled and managed by the government. 2.The main aim of the sector is public welfare. 3.The sector provides basic facilities like education, health, food and security ... sector does not provide any service at a reasonable rate. For example: Tatas, Birlas, Reliance.
Description : Why is the public sector required to provide certain things at a reasonable cost? -SST 10th
Last Answer : . The purpose of the public sector is not just to earn profits but to think about the social benifits also. . There are several things needed by the society as a whole but which the private ... these require large sums of money to be spent, which is beyond the capacity of the private sector.
Description : On what basis is the industrial sector classified into public and private sectors ? -SST 10th
Last Answer : C - Industries in the public sector are owned by the government while those in the private sector are owned by entrepreneurs.
Description : Give at least three reasons, why India has given more importance to public sector in its economy. -SST 10th
Description : Which one of the following agencies markets steel for the public sector plants ? -SST 10th
Last Answer : B - Steel Authority Of India Limited (SAIL) is one of the largest staeowned steel making company which supplies steel for public sector plants.
Description : Differentiate between the public sector and private sector by giving examples. -SST 10th
Last Answer : In the public sector, the government owns most of the assets and provides all the services. In the private sector, ownership of assets and delivery of services is in the hands of private ... Iron and Steel Company Limited (TISCO) and Reliance Industries Limited (RIL) are in private sector.
Description : Explain how public sector contributes to the economic development of a nation. -SST 10th
Last Answer : There are some industries whose development is absolutely essential for the growth of economy. Such industries include power, transport, petroleum, irrigation, iron and steel,fertilisers, heavy industries ... which are essential for the country's development are carried into by the public sector.
Description : Give a few examples of public sector activities and explain why the government has taken them up. -SST 10th
Last Answer : Construction of roads, bridges, railways, harbours, generating electricity, providing irrigation through dams, health, education etc. are a few examples of public sector activities Government has taken up these ... these industries can afford. So the government has to bear a part of the cost.
Description : Explain how public sector contributes to the economic development of India. -SST 10th
Last Answer : Public sector is an important sector for the development of economy. (i) There are several things needed by the society as a whole but which the private sector will not provide at a ... which government has to perform like providing health and education facilities. So public sector is needed.
Description : On what basis is the industrial sector classified into public and private sectors? -SST 10th
Last Answer : The industrial sector is classified into public and private sectors on the basis of ownerships of enterprises.
Description : What is meant by public sector industry? Give examples. -SST 10th
Last Answer : Public sector industries are owned and operated by government agencies.Example — BHEL, SAIL, etc.
Description : Which public sector steel plant is located near a port ? -SST 10th
Last Answer : Vishakhapatnam.
Description : Who has the ownership of the assets in the public sector? -SST 10th
Last Answer : Government has the ownership of the assets in the public sector.
Description : How does public sector help in the development of a country ? -SST 10th
Last Answer : Public sector invests in key and basic industries as health, education, defence where private sector cannot invest.