Description : (i) A system of book-keeping in which both the aspects of transactions are recorded.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) A ... find out profit or loss under a single entry system.
Description : Which transactions are recorded in the Return Inward Book?
Last Answer : Which transactions are recorded in the Return Inward Book?
Description : Which transactions are recorded in the Return Outward Book?
Last Answer : Which transactions are recorded in the Return Outward Book?
Description : (i) A system of book-keeping which records only one aspect of business transactions and ignores other aspects.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i ... approximate or estimated values as on a particular date.
Description : When a transaction is not recorded according to the principles of book-keeping the error is said to be an error of principle.
Last Answer : State whether the following statement are True or False with reason : When a transaction is not ... error is said to be an error of principle.
Description : The reason for keeping excess cash should be recorded in ------------- a. HO Summary b. Treasure’s Cash Book c Cash Account
Last Answer : a. HO Summary
Description : All transactions are recorded in the Single Entry System
Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System
Description : All transactions are recorded directly in the ledger.
Last Answer : State whether the following statement are ‘True or False’ with reason : All transactions are recorded directly in the ledger.
Description : Transactions can be recorded in any order in the Journal.
Last Answer : Correct the following statement and rewrite the statement : Transactions can be recorded in any order in the Journal.
Description : In which order the transactions are recorded in a journal.
Last Answer : In which order the transactions are recorded in a journal.
Description : (i) System in which entry is recorded for cash as well as credit transactions.
Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... of goods or services for immediate cash payment.
Description : Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity ... of recorded transactions. d. Obtain an understanding of the client's system of internal contro
Last Answer : Gather audit evidence in support of recorded transactions
Description : Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. ... usually involve comparisons of ratios developed from recorded amounts with ratios developed by management
Last Answer : Analytical procedures used as risk assessment procedures use data aggregated at a high level.
Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets
Last Answer : Obtaining and examining evidential matter
Description : All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting ... . c. contains only permanent accounts. d. proves that all transactions have been recorded.
Last Answer : d. proves that all transactions have been recorded.
Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
Description : The farm accounting/accountancy is also called as
Last Answer : Ans. Farm Book keeping
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 : Inherent risk is defined as the susceptibility of an account balance or class of transactions to error that could be material assuming that there were no related internal controls. Of the following ... . d. The client has lost a major customer accounting for approximately 30% of annual revenue.
Last Answer : Internal control over shipping, billing, and recording of sales revenue is weak.
Description : Which of the following statements is not correct? A. For the purpose of Funds Flow Statement, the term 'fund ' generally refers to net working capital B. Funds flow is a wider concept than ... business D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Last Answer : D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Description : In case of void agreements, collateral transactions are A. Also void B. Unenforceable C. Not affected D. Illegal
Last Answer : A. Also void
Description : Pass Book is _________ of account holders transactions with bank.
Last Answer : Pass Book is _________ of account holders transactions with bank. (a) an extract (b) balance sheet (c) balance (d) mode
Description : The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.
Last Answer : c. analyzing transactions.
Description : Would anyone be tempted to listen to a recorded rukia ? Will the person who wants Rukia Shu from mobile be included among those who want to whisper to others or the person who only goes to ... stated in the hadith , "Seventy thousand people from my ummah will enter Paradise without any reason .
Last Answer : Alhamdulillah. One: Imam Muslim narrates from Imran bin Husain (R) that the Prophet ( peace and blessings of Allaah be upon him) said : He does not seek healing with hot flesh , but relies on God. " It ... the devil out of the house . [Majmoo Fatawas Sheikh Bin Baz (24/413)] Allah is All-Knowing.
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 : (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 : 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 : 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 : 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 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 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 : 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 : 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 : 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 : 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.