1. Which is incorrect concerning the FRSC?

a. The FRSC replaced the ASC as the standard-setting body in the

Philippines.
b. The FRSC is composed of 15 members with a Chairman and 14
representatives from various sectors.
c. The Chairman and members of the FRSC shall have a term of 3 years
renewable for another term.
d. Any member of the ASC shall be disqualified from being appointed to
the FRSC.
2. Which is correct concerning the FRSC?
a. The FRSC replaced the ASPC as the standard-setting body in the
Philippines.
b. The FRSC is composed of 15 members with a Chairman including 10
representatives from PICPA.
c. The Chairman and members of the FRSC shall have a term of 3 years
renewable for another term.
d. Any member of the ASC shall be disqualified from being appointed to
the FRSC.
3. What are the accounting principles commonly known as?
a. Standards b. Methods c. Rules d. Regulations
4. PFRSs approved by the FRSC include paragraphs in bold type and
plain text. In relation to the PFRS paragraphs in bold type, are the
following statements true or false?
I. Bold-type paragraphs should be given greater authority than the
paragraphs in plain text.
II. Bold-type paragraphs indicate the main principles of the standard.
a. False, True b. True, True c. False, False d. True, False
5. Due process for projects of FRSC normally indicates the following,
except
a. Consideration of pronouncement of the IASB
b. Formation of a task force, when deemed necessary, to give advice to
the FRSC.
c. Issuing for comment an exposure draft approved by at least eight
members of the Council; comment period will be at least sixty days.
d. Approval of a standard or an interpretation by all of the Council
members.
6. The FRSC was created by the Board of Accountancy (BOA) to assist
the BOA in carrying out its power and function to
a. Promulgate accounting standards in the Philippines.
b. Promulgate auditing standards in the Philippines.
c. Ensure that all higher educational instruction and offering of
accountancy comply with the policies, standards and requirements of
the course prescribed by CHED
d. Implement the CPE program.
7. Which of the following government agency is not represented in
FRSC?
a. Bangko Sentral ng Pilipinas
b. Securities of Exchange Commission
c. Bureau of Internal Revenue
d. Insurance Commission
8. Which of the following is represented in FRSC?
a. Financial Executives Institute of the Philippines
b. Bureau of Fisheries
c. Insurance Commission
d. Commission on Higher Education
9. Which of the following statements(s) is (are) correct about the FRSC?
I. FRSC is responsible for establishing generally accepted
II. Accounting principles in the Philippines.
III. The Chairman of FRSC will establish a task force when deems it appropriate to
assist in identifying problems and issues with respect to a project on the Council’s
agenda.
IV. FRSC members should be CPAs.
V. The Chairman and members of the FRSC shall have a term of 2 years renewable for
another term
a. I and III only c. II and IV only
b. I, III and IV only d. I and II only
10. The FRSC issues its Standards in a series of pronouncements called
PFRS. These consist of
I. PFRSs
II. PAPSs
III. Philippine Interpretations
IV. PASs
V. PSQCs
a. I, II and III c. I, II and IV
b. I, III and IV d. I, II, III and IV