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67. Who has the primary responsibility in the Application of the General Accepted Accounting Principles in the preparation of Accounting reports? * In (1 Point) Internal Audit Board Institute of Certified Public Accountant Company Management External Assurance Auditors 68. Which is correct with regards to the financial and managerial accounting? * (1 Point) Financial accounting focuses on financial projections while manageral accounting focus on manager's historical reporting Both managerial and financial accounting must abide on the provisions of relevant IFRSs Managerial accounting is generally required by the securities and exchange commission The GAAP is applied consistently to financial accounting but not on managerial accounting 69. Based on PFRS 9, equity investments are initially perceived to be? * (1 Point) Held for trading to earn profits from value changing Held for collecting cash flows such as dividend Held for both trading and capital appreciation Held for capital appreciation such as increasing market value 70. Those debt investment acquired that is not held for collecting contractual cash flows are reported at (1 Point) Amortized cost of the carrying value Present value of net cash flows from the debt investment Fair value of the instrument Net realizable value when sold 71. Which of the following is the usual activity classification of cash advances and loans made by banks? * (1 Point) Operating because granting cash advances and loans are part of banks operation Financing because it warrants a recognition of liability in the financial statement of the client Investing because banks are disbursing money for clients Financing because bank clients view such cash as a finanang need