1. It is the accounting standard settin body ia the Philippines at the present time. . 8 y 1” a. Accounting Standards Council b, Auditing and Assurance Standards Council ce. Philippine Accounting Standards Board d. Financial Reporting Standards Council _2. Which of the following FRSC? “tatements is true regarding the a. The FRSC is Commission upe’ttd by Professional Regulation Accountancy in ear commendation of the Board of under R.A. 9298, Yi out its powers and functions b. The FRSC shall be and 14 represonta c. The Chairm: The Chairman ond members of FRSC are appointed recommendation of ¢ealatios Commission upon ree eon Of the Board of Accountancy and term. of three years renewable for another d. All of the statements are true. — of 15 with a Chairman 3, All of the following are represented in FRSC, except “Ss a, Board of Accountancy . . b. Securities and Exchange Commission ¢, Comission on Audit d. Department of Budget and Management 4 The Philippine Financial Reporting Standards collectively include a. PFRS corresponding to IFRS. b. PAS corresponding to IAS ce. Philippine Thterpretations corresponding to IFRIC and SIC Interpretations and Interpretations by PIC. : « i Seat are included in Philippine Financial Reporting Standards... _ menon” intended to bring about 5, It is a “global phen her degree of comparability © transparency and *. order to achieve the eo3! of one Snancis! reportjobally accepted financial reporting unifo standards. IFKS b. Borderless accounting World trade . a Inform tjon technolOey