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1.an entity shall classify an asset as current under all of the following conditions, except*

the entity expects to realize the asset or intends to sell or consume it within the enitys normal operating cycle

the entity holds the asset for the purpose of trading

the entity expects to realize the asset within 12 months after the reporting period

the asset is cash or a cash equivalent that is restricted to settle a liability for more than 12 months after the reporting period

2.1Restricted cash balances should not be disclosed in a note to the cash flow statement, including a narrative explanation of any restriction 2Separate disclosure is made of significant non-cash transactions (such as the issue of equity for the acquisition of a subsidiary or the acquisition of an asset through a finance lease).*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

3.1. The role of the FRSC is principally to issue implementation guidance on PFRSs 2 Implementation guidance approved by the FRSC shall be forwarded to the BOA and PRC for approval before issuance to the public as final guidance*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

4.non cash investing and financing activities are*

reported only if the direct method is used

reported only if the indirect method is used

disclosed in a note or separate schedule

not reported

5.1. .The BOA and the PRC may not delegate the fact-finding component of investigations to the nationally accredited professional accountancy organization, which is the PICPA 2 As the national professional accountancy organization accredited by the Professional Regulation Commission (PRC), PICPA has been delegated the responsibility for setting ethical requirements for the profession*

BOTH statements are TRUE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are FALSE

6.what is the two statement approach of presenting comprehensive income*

a comparative statement of comprehensive income

a combined statement of comprehensive income & retained earnings

a combined income statement and a statement of changes in equity

a separate income statement and a separate statement of comprehensive income

7.1. The International Ethics Standards Board for Accountants established standards for professional accountancy education that prescribe technical competence and professional skills, values, ethics, and attitudes. 2.The multi-stakeholder, shared public-private governance model under which the standards are developed ensures that the public interest remains the focus of standard setting, takes place without political or commercial interference, and includes checks and balances to ensure that no one stakeholder has undue influence*

1ST statement is TRUE

BOTH statements are FALSE

BOTH statements are TRUE

1ST statement is FALSE

8.which of the following must be included n the face of the statement of financial position?*

investment property

contingent asset

number of shares authorized

share in an entity owned by that entity

9.1.The AFA Deputy President, who automatically ascends to the presidency after two years, is nominated by the member-bodies as next in the Presidential rotation 2. CAPA's mission is supported by medium to long-term strategies and short-term work plans. These embrace only the public sector and all facets of the accountancy profession.*

1ST statement is FALSE

BOTH statements are TRUE

1ST statement is TRUE

BOTH statements are FALSE

10.notes to financial statements*

are relatively unimportant facts that do not belong in the basic FS

document the source of FS facts

are an integral part of an entity's FS

are relevant facts that are immaterial in amount

11.1. .In 2015, PICPA adopted the 2016 IESBA Code of Ethics, which was approved by the Professional Regulatory Board of Accountancy (BOA) and the PRC which is the current code of ethics being implemented 2. The Professional Regulation Commission (PRC), the Professional Regulatory Board of Accountancy (BOA), and the Securities and Exchange Commission (SEC) are legally responsible for the investigation and discipline (I&D) of any violations of the accountancy law by any professional accountant, with the SEC focused on auditors of listed companies.*

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

1ST statement is TRUE

12.which of the following must be included as a line item in the statement of financial position*

deferred tax liability

contingent asset

property plant & equipment analyzed by cless

share capital & reserves analyzed by class

13.1. The Philippine Securities and Exchange Commission, in its En Banc Resolution dated August 13, 2010, adopted a definition of 'small and medium-sized entities' that includes a size criterion. An entity is an SME if the entity has total assets of between P3 million and P350 million or total liabilities of between P3 million and P250 million;. 2. IFRS Standards adopted as Philippines Financial Reporting Standards (PFRS) are permitted or required.*

BOTH statements are TRUE

1ST statement is FALSE

BOTH statements are FALSE

1ST statement is TRUE

14.1. Philippine standards apply to all entities with public & private accountability. That includes entities whose securities are listed in a public market or are in process of listing; all financial institutions including banks, insurance companies, security brokers, pension funds, mutual funds, and investment banking entities 2. The IFRS for SMEs Standard is required or permitted*

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

1ST statement is TRUE

15.1.A third statement of financial position is required to be presented if the entity retrospectively applies an accounting policy, restates items, or reclassifies items, and those adjustments had a material effect on the information in the statement of financial position at the beginning of the comparative period. 2cash flows from investing and financing activities should be reported gross by major class of cash receipts and major class of cash payments except for the following cases, which may be reported on a net basis*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

16.the primary purpose of statement of cashflow (SCF) is to provide relevant information about*

differences between net income and associayted cash receipts and disbursement

an entity's ability to generate positive net cashflows

the cash receipts and cash disbursements of an entity during a period

an entity's ability to meet cash operating needs

17.1.The structures and processes that support the independent standard-setting boards' operations are facilitated by the International Federation of Accountants (IFAC). IFAC's support includes financial, human capital, facilities, and administrative resources, as well as support throughout the nominations and selection process 2,The work of the international, independent standard-setting boards supports the global economy and financial markets by producing high-quality, global standards for audit and assurance, professional ethics, public sector financial reporting, and professional skills and competencies*

1ST statement is FALSE

BOTH statements are FALSE

BOTH statements are TRUE

1ST statement is TRUE

18.the statement of financial position is useful for analyzing all of the following except*

profitability

liquidity

solvency

financial flexibility

19.1. This classification by activities is designed to provide useful information about the relative importance of these activities and the inter-relationships between them to help users of the financial statements to assess the solvency and financial adaptability of the entity. 2The actual classification in practice must reflect the nature of the activities of the entity and so some cash flows that may look similar may be classified differently because the nature and purpose of the business is different;*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

20.1. IFRS provides global language of financial reporting 2 The regulatory reliefs are considered in accordance with the Philippine Financial Reporting Standards (PFRS).*

BOTH statements are TRUE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are FALSE

21.which is not generally accepted in presenting the statement of operations?*

including prior period error in determining income

the condensed statement of operations

the consolidated statement of operations

including income tax in determining income

22.1. There is a presumption that financial statements will be prepared at least annually or within normal operating cycle whichever is longer . If the annual reporting period changes and financial statements are prepared for a different period, the entity must disclose the reason for the change and state that amounts are not entirely comparable 2The objective of IAS 1 (2007) is to prescribe the basis for presentation of special purpose financial statements, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

23.1. Governance and executive functions within AFA are done by and through the AFA Governing Council and its executive office led by the President & deputy president who also presides over Council Meetings 2. The Confederation of Asian and Pacific Accountants (CAPA) is a regional organisation representing thirty-three national professional accountancy organisations (PAOs) from twenty-four jurisdictions that operate in, or have an interest in, the Asia-Pacific region*

BOTH statements are FALSE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

24.1. aggregate cash flows relating to acquisitions and disposals of subsidiaries and other business units should not be presented separately and classified as investing activities, with specified additional disclosures 2the exchange rate used for translation of transactions denominated in a foreign currency should be the rate in effect at the date of the cash flows*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

25.assets to be sold, consumed or realized as part of the normal operating cycle are*

current assets

noncurrent assets

classified as current & noncurrent in accordance with other criteria

noncurrent investments

26.1. The BOA, under the stewardship of the SEC, supervises and regulates accountancy in the Philippines 2.The BSP and IC are the primary regulators of banking institutions and insurance companies, respectively. They issue rules and guidelines that include financial reporting matters*

BOTH statements are FALSE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

27.1. All domestic companies whose debt or equity securities are traded in a public market are required or permitted to use PFRS Standards in their consolidated financial statements.. 2. The Associate Members of AFA the national organisations of accounting profesionals representing countries within the territorial jurisdiction of ASEAN and must be the recognised national accounting body of that country created under specific statue or regulation of that particular country, or failing which, the recognised national regulatory organisation of accounting professional in the said country*

1ST statement is FALSE

1ST statement is TRUE

BOTH statements are FALSE

BOTH statements are TRUE

28.which if the following best demonstrates the full disclosure principle*

the separate statement of operations

the auditors report

the tax return

the notes to financial statements

29.in presenting a statement of financial position, an entity*

must make the current & noncurrent presentation

must present assets & liabilities in the order of liquidity

choose either the current & noncurrent or the liquidity presentation.

must make current & noncurrent presentation, except when a presentation based on liquidity provides information that is reliable & more relevant

30.an entity has a loan due for repayment in six months time but the entity has the option to refinance for repayment two years later. the entity plans to refinance the loan. in which section of the statement of financial position should this loan be presented*

current liabilities

non current liabilities

current asset

noncurrent assets

31.1.CAPAs Member Development Committee (MDC) is a working committee formed to provide input and recommendations to the Board regarding strategies and activities for CAPA to pursue. Such activities are aligned to CAPA's vision, mission and objectives with respect to influencing the development of public sector financial management related matters and promoting the benefits of high quality financial management and reporting in the public sector. 2. The Professional Regulatory Board of Accountancy (BOA) and the Securities and Exchange Commission (SEC) are authorized to carry out quality assurance (QA) reviews in the jurisdiction*

1ST statement is TRUE

BOTH statements are FALSE

1ST statement is FALSE

BOTH statements are TRUE

32.1. The Primary Members are the internationally recognised Professional Accountancy Body (PAO) of accounting professionals of any ASEAN countries or other countries which are friendly to and supportive of the aspirations of ASEAN, even though they may be outside the territorial jurisdiction of ASEAN. 2. The SEC has set quantitative and qualitative criteria that require certain domestic companies other than those whose securities trade in a public market to use PFRSs*

BOTH statements are TRUE

BOTH statements are FALSE

1ST statement is FALSE

1ST statement is TRUE

33.liabilities that an entity expects to settle within the normal operating cycle are classified as*

current liabilities

current or non current liabilities in accordance with other criteria

equity

noncurrent liabilities

34.1. CAPA is one of four regional organisations (ROs) recognised by the global accountancy profession, which is represented by the International Federation of Accountants (IFAC). 2. CAPAs Extended Reach is collaborating with fellow PAOs and other stakeholders on matters of mutual interest*

1ST statement is TRUE

BOTH statements are TRUE

1ST statement is FALSE

BOTH statements are FALSE

35.1.With the deferral of the accounting rules, those opting for the deferral will have to disclose in the Notes to the Financial Statements the accounting policies applied, a discussion of the deferral of the subject implementation issues, and a qualitative discussion of the impact in the financial statement had the concerned application guidelines been adopted. 2. Accounting standards in the Philippines are adopted by the Philippines Financial Reporting Standards Council (PFRSC) and approved by BOA, PICPA & SEC*

BOTH statements are FALSE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

36.an entity shall classify a liability as current when under all of the following conditions, except*

the entity expects to settle the liability within the enitys normal operating cycle

the entity holds the liability primarily for the purpose of trading

the liability is due to be settled within 12 months after the reporting period

the entity has an unconditional right to defer the settlement of the liability for at least 12 months after the reporting period

37.1.PAS 7 requires the foreign operation's cashflows to be translated at the actual exchange rate or an average rate,. 2There are a lot of guidance within PAS 7 relating to the measurement of items to be included within the statement of cash flows because the measurement of gross cash flows usually requires little judgment or estimation.*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

38.cash equivalents are*

treasury bills and money market funds

investments with original maturities of three months or less

readily convertible to known amount of cash

all of these are features of cash equivalents

39.1. CAPAs associate are Organisations that have a recognised interest in the accountancy profession in the Asia and Pacific region which are either: professional accountancy organisations (PAOs) headquartered outside the Asia and Pacific region (as defined by CAPA) and member bodies of the International Federation of Accountants (IFAC); or international organisations that are not PAOs. 2 CAPA's Public Sector Financial Management Committee (PSFMC) is a working committee formed to provide input and recommendations to the Board regarding strategies and activities for CAPA to pursue. Such activities are aligned to CAPA's vision, mission and objectives contributing to the formation and development of strong and sustainable professional accountancy organisations (PAOs) to effectively meet the needs of the jurisdiction in which they operate*

1ST statement is TRUE

BOTH statements are FALSE

1ST statement is FALSE

BOTH statements are TRUE

40.1. The BOA only conducts reviews for audits of listed companies while the SEC is responsible for carrying out QA reviews for all auditors in the Philippines. 2. The SEC operates the SEC Oversight Assurance Review (SOAR) Inspection Program, which PICPA states is aligned with SMO 1.*

BOTH statements are TRUE

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are FALSE

41.1The BOA has established a Quality Assurance Review Office (QARO) and a Quality Assurance Review Program (QARP) 2..PICPA states that served on CHED's Technical Panel to review and update the curriculum for the Bachelor of Science in Accountancy to reflect the current demands of the market and to review the syllabus for the CPA license exam*

1ST statement is TRUE

1ST statement is FALSE

BOTH statements are TRUE

BOTH statements are FALSE

42.1. The SEC has the authority to prescribe the financial reporting framework to be used by corporations in the Philippines. These general financial reporting requirements are set out in Rule 68 of the Securities Regulation Code (SRC) 2.Companies that comply with PFRSs when preparing consolidated financial statements are required to prepare separate financial statements using the same accounting framework.*

BOTH statements are FALSE

BOTH statements are TRUE

1ST statement is TRUE

1ST statement is FALSE

43.IAS 7 was reissued in _____________________(MONTH YEAR), retitled in September 2007, and is operative for financial statements covering periods beginning on or after 1 January 1994.*

44.In July 2020 the Board issued Classification of Liabilities as Current or Non-currentDeferral of Effective Date which deferred the mandatory effective date of amendments to IAS 1Classification of Liabilities as Current or Non-current to annual reporting periods beginning on or after _____________ month day year*

45.What is the title of AFA Webinar Series to serve as a platform for mutual learning and sharing between ASEAN accountants on topics relevant to SMPs. Supported by ACCA, CA ANZ, and JICPA, the first webinar under the series,*

46.The objective of IAS 7 is to require the presentation of information about the __________changes in cash and cash equivalents of an entity by means of a statement of cash flows, which classifies cash flows during the period according to operating, investing, and financing activities.*

47.defined as comprising "items of income and expense (including reclassification adjustments) that are not recognised in profit or loss as required or permitted by other IFRSs"*

48.The term use when firms converted to IFRS which not only affects the accounting processes & policies but also has implications across the whole organizations which are mostly hidden*

49.This form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members*

50.WHO IS THE PRESIDENT OF AFA*

51.cash flow activities that are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities*

52.How many jurisdictions are currently requiring IFRS Standards?*

53.Any investment or term deposit with an initial maturity of more than three months does not become a cash equivalent when the remaining maturity period is less than ________ months.*

54.It refers to the total of income less expenses, excluding the components of other comprehensive income*

55.Where the First Far East Conference of Accountants held? It created history in the accountancy world as it became the base for various professional accounting bodies in the Far East to confer every few years to discuss and exchange information.*

56.Changes in an entity's equity between the beginning and the end of the reporting period reflect the increase or decrease in its _____during the period.*

57.these are investment vehicles that invest in relatively short-term(usually between one day and one year) debt instruments such as treasury bills, certificates of deposit and commercial papers.*

58.What is the most critical component of successful adoption of IFRS?*

59.WHO IS THE DEPUTY PRESIDENT OF CAPA*

60.What month & year does the International Accounting Standards Board adopted IAS 7 Cash Flow Statements, which had originally been issued by the International Accounting Standards Committee in December 1992.*

61.It shows each major class of gross cash receipts and gross cash payments.*

62.cash flow activities that result in changes in the size and composition of the contributed equity and borrowings of the entity.*

63.How many G20 economies require the use of IFRS Standards?*

64.defined as "the change in equity during a period resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners*

65.are those intended to meet the needs of users who are not in a position to require an entity to prepare reports tailored to their particular information needs.*

66.An entity shall present an analysis of expenses recognised in profit or loss using a classification based on either their _________ or their _________ within the entity, whichever provides information that is reliable and more relevant.*

67.IT serves to carry out the policies and directions of the Board, and is proactive in its functions. It is responsible for implementing the strategies approved by the Board and works closely with the various committees in formulating CAPA's strategies, work program and planning activities.*

68.the components of cash and cash equivalents should be disclosed, and a reconciliation presented to amounts reported in the statement of ___________________*

69.Information is ___________ if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.*

70.An asset which is the lifeblood of a business. the success, growth and survival of every business depend on its ability to generate or otherwise obtain it.*

71.Which topic in Conceptual Framework and Accounting Standards had the most impact to you personally? why?

72.GIVE 3 methods/tools/activities use in teaching accounting you find helpful/interesting

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