CFAS CHAPTER 1 PART 2

91問 • 12ヶ月前

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Money Certified Public Accountants are employed in business entities in various capacity as accounting staff, chief accountant, internal auditor, and controller.

private accounting

The HIGHEST ACCOUNTING OFFICER is an entity known as the ____.

CONTROLLER

The major objective of the ______ is to assist management in planning and controlling the entity's operations.

private accountant or private accounting

Includes maintaining the records, producing the financial reports, preparing the budgets, controlling, and allocating the resources of the entity.

private accounting

Also has the responsibility for the determination of the various taxes the entity is obliged to pay.

private accountant

Encompasses the process of analyzing, classifying, summarizing, and communicating all transactions involving their safe and disposition of government funds, property, and interpreting the results thereof.

government accounting

It's focus is the custody and admiration of public funds.

government accounting

Many Certified Public Accountants are employed in many branches of the government including:

a. bureau of internal revenue b. commission on audit c. department of budget and management d. securities and exchange commission e. bangko sentral ng pilipinas

_____ the law mandating and strengthening the CONTINUING PROFESSIONAL DEVELOPMENT PROGRAM for all regulated professions, including the accountancy profession.

REPUBLIC ACT NO. 10912

REPUBLIC ACT NO. 10912 the law mandating and strengthening the ______ for all regulated professions, including the accountancy profession.

CONTINUING PROFESSIONAL DEVELOPMENT PROGRAM

All CERTIFIED PUBLIC ACCOUNTANTS shall abide by the requirements, rules and regulations on CONTINUING PROFESSIONAL DEVELOPMENT (CPD) to the approval of the _______, in coordination with the accredited national professional organization of certified public accountants for any duly accredited educational institutions.

professional regulation and commission

Refers to the inculcation and acquisition of advanced knowledge, skill, proficiency, ethical and moral values after the initial registration of the Certified Public Accountant for assimilation into professional practice and lifelong learning.

continuing professional development or cpd

Races and enhances the technical skill and competence of the Certified Public Accountant.

continuing professional development or cpd

Refers to the CPD credit hours required for the renewal of CPA license and accreditation of a CPA to practice the accountancy profession EVERY 3 YEARS.

cpd credit units

Under the new BOA resolution, all Certified Public Accountants regardless of area or sector of practice shall be required to comply with _____ in a compliance of 3 YEARS.

120 cpd credit units

CPD CREDIT UNITS in 2017 2018 2019

80 credit units 100 credit units 120 credit units

_____ earned SHALL NOT be carried over to the next three year period, except credit units earned for masteral and doctoral degrees.

excess credit units

Is to be emphasized that the ______ has become MANDATORY FOR CPA.

CONTINUING PROFESSIONAL DEVELOPMENT

The _____ is required for the renewal of CPA license and accreditation of CPA to practice the accountancy profession.

CONTINUING PROFESSIONAL DEVELOPMENT

A CPA shall be permanently exempted from CPD requirement upon reaching the age of ______.

65 years

In abroad sense, Accounting embrace ______.

auditing

Is one of the areas of ACCOUNTING SPECIALIZATION.

auditing

In a limited sense, _____ is essentially CONSTRUCTIVE IN NATURE.

ACCOUNTING

In a limited sense, ACCOUNTING is essentially _______.

CONSTRUCTIVE IN NATURE

Ceases when financial statements are already prepared.

accounting

On the other hand, ____ is ANALYTICAL.

AUDITING

On the other hand, AUDITING is ______.

ANALYTICAL

The work of an ____ STARTS when the work of the ACCOUNTANT ENDS.

auditor

Examines the financial statements to a certain whether they are in conformity with Generally Accepted Accounting Principles or GAAP.

auditor

After the financial statements are prepared, the auditor will begin to perform the task of _____.

auditing

____ is PROCEDURAL and largely concerned with development and maintenance of accounting records.

BOOKKEEPING

BOOKKEEPING is _____ and largely concerned with development and maintenance of accounting records.

PROCEDURAL

____ is the "HOW" OF ACCOUNTING.

BOOKKEEPING

BOOKKEEPING is the _____.

"HOW" OF ACCOUNTING

_____ is the CONCEPTUAL and is concerned with the WHY, REASON or JUSTIFICATION for any action adopted.

ACCOUNTING

ACCOUNTING is the _____ and is concerned with the WHY, REASON or JUSTIFICATION for any action adopted.

CONCEPTUAL

ACCOUNTING is the CONCEPTUAL and is concerned with the _____ for any action adopted.

WHY, REASON or JUSTIFICATION

Is a procedural element of accounting as arithmetic is a procedural element of mathematics.

bookkeeping

Refers to the profession of accounting practice.

accountancy

Is used in reference only to a particular field of accountancy such as public accounting, private accounting, and government accounting.

accounting

Is primarily concerned with the recording of business transactions and the eventual preparation of financial statements.

financial accounting

____ focuses on general purpose reports known as FINANCIAL STATEMENTS intended for INTERNAL AND EXTERNAL USERS.

FINANCIAL ACCOUNTING

FINANCIAL ACCOUNTING focuses on general purpose reports known as _____ intended for INTERNAL AND EXTERNAL USERS.

FINANCIAL STATEMENTS

FINANCIAL ACCOUNTING focuses on general purpose reports known as FINANCIAL STATEMENTS intended for ______.

INTERNAL AND EXTERNAL USERS

Is the area of accounting that emphasizes reporting to creditors and investors.

financial accounting

Is the accumulation and preparation of financial reports for INTERNAL USERS ONLY.

managerial accounting

Is the area of accounting that emphasizes developing accounting information for use WITHIN AN ENTITY.

managerial accounting

Are these accounting rules, procedures and practices.

GENERALLY ACCEPTED ACCOUNTING PRINCIPLES or GAAP

The principles have evolved on the basis of experience, reason, custom, usage and practical necessity.