FAR- Environment of FAR
FAR Environment Quiz
Test your knowledge of the Financial Accounting and Reporting (FAR) environment in the Philippines with this comprehensive quiz! Dive into the world of accounting and auditing standards-setting bodies, membership structures, and much more.
This quiz covers a variety of topics including:
- Accounting standards in the Philippines
- Auditing standards-setting bodies
- Membership composition of key organizations
What is the accounting standards-setting body in the Philippines?
Financial and Reporting Standards Council
Financial Reporting Standards Council
Financial Reporting Standard Council
Financial Reporting Standard Committee
What is the auditing standards-setting body in the Philippines?
Auditing and Accounting Standards Council
Accounting and Auditing Standards Council
Auditing and Assurance Standards Council
Auditing Assurance Standards Council
How many members shall the FRSC be composed of?
15
16
17
18
FRSC membership is represented by the following government agencies, except for
Board of Accountancy
Department of Trade and Industry
Bangko Sentral ng Pilipinas
Commission on Audit
Which of the following agencies is not represented in PIC?
Insurance Commission
Bureau of Internal Revenue
Financial Executives Institute of the Philippines
Securities and Exchange Commission
How many representatives does the Accredited National Professional Organization for CPAs have in FRSC?
6
8
9
10
AASC membership is represented by the following government agencies, except for
Department of Finance
Commission on Audit
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
Which is represented in FRSC which is not represented in AASC?
Board of Accountancy
Bureau of Internal Revenue
Bangko Sentral ng Pilipinas
Securities and Exchange Commission
Members of FRSC shall have a term of
9 years
6 years
3 years
1 year
Which of the following preceded FRSC?
Financial Reporting Standards Board
Accounting Standards Council
Financial Accounting Standards Council
Financial Accounting Standards Board
How many representatives from accounting firms should PIC have?
6
8
9
10
Who should approve the increase or decrease in members of PIC?
President of the Philippines
PRC
BOA
FRSC
Which of the following is not represented both in PIC and AASC?
BIR
SEC
COA
BSP
How many representatives does the Accredited National Professional Organization for CPAs have in AASC?
9
11
10
8
How many members shall the Philippine Interpretation Committee be composed of?
9
11
12
15
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