1. Define accounting. 2. What are the im accounting? Portant points made in the definition of . Explain "j ifving” — identifying” as a component of accounting. 4. What are transactions? 5. Distinguish external tra : transactions. Nsactions and internal 6. When is a transaction accountable or quantifiable? 7. Explain “measuring” us a component of accounting? 8. What are the measurement bases used in accounting? 9. Explain “communicating” as component of accounting. 10. Explain recording, classifying and summarizing in relation to the communicating component of accounting. 11. Explain why accounting has been called the "universal language of business". 12. Explain accounting as an information system. 13. What is the overall objective of accounting? 14. Describe the accountancy profession. 15. What is R.A. No. 9298? 16. Wheat do you understand by the Board of Accountancy? 17.Explain the limitation of the practice of pub'ic accountancy.18. Explain the accreditation to practice of accountancy 19. What are the three main areas 1n the practice of - th accountancy profession? ie 20. Explain public accounting. 21, What are the three kinds of services offered by Cpa, |. the practice of public accounting. 22. Explain auditing. 23. Describe the taxation service offered by CPAs. 24. Explain management advisory services. 25. What are some management advisory services offered by CPAs? 26. Explain private acocunting. 27. Explain government accounting. 28, What do you understand by the Continuing Professional Development of CPAs? 29. What is the meaning of CPD credit units? 30. How many CPD credit units are required? 31. What is the purpose of the required CPD credit units? 32. What is the exemption from the CPD requirements? 33. Distinguish accounting and auditing. 34. Distinguish accounting and bookkeeping. 36. Distinguish accounting and accountancy.36, What is financial accounting? 47. What is Managerial accounting? 38. What is the meani i principles or G ee of generally accepted accounting 39. What constitute GAAP in the Philippines? 40. Explain the purpose of Accounting standards. 41. What do you unders: tand i Standards Counciyr ind about the Financial Reporting 42. What is the composition of FRSC? 43, What do you understand about PIC and IFRIC? 44, What do you understand about the International Accounting Standards Committee? 45. What are the twin objectives of the LASC? 46. What is LASB? 47. What do you understand by IFRIC? 48. Explain why the Philippines has moved totally from American accounting standards to international. accounting standards. 49. What do you understand by the "International Financial Reporting Standards"? 50. What are collectively included in “Philippine Financial Reporting Standards"?