Please help

1. The Financial Reporting and Standards Council (FRSC)

a. Is composed of a chairman and six (6) members.

b. Has the authority to establish the accounting

framework to be used by companies under its

jurisdiction.

c. Is the accredited professional organization of CPAs

by the PRC.

d. Establishes generally accepted accounting

principles in the Philippines.

2. Which statement is correct?

a. FINEX is the accredited professional organization of

CPAs by the PRC.

b. The Bangko Sentral ng Pilipinas is not represented

in the AASC.

c. The chairman of the FRSC should have been or

presently a senior practitioner in public

accountancy.

d. The Insurance Commission is not represented in

the FRSC.

3. The pronouncements of FRSC provide the highest

authoritative pronouncements on accounting

principles. The authority of these pronouncements

rests upon

a. The rules and regulations of the SEC

b. Its management and their internal accounting staff

c. Their general acceptability

d. The integrity of the Council

4. Due process for projects of FRSC normally includes 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.

5. The process of establishing financial accounting

standards

a. Is a democratic process in that a majority of

practicing accountants must agree with a standard

before it becomes implemented.

b. Is a legislative process based on rules promulgated

by government agencies.

c. Is based solely on economic analysis of the effects

each standard will have if it is implemented.

d. Is a social process which incorporates political

actions of various interested user groups as well as

professional research and logic.

6. The role of the PIC is principally to issue

implementation guidance on PFRSs.

Interpretations of PFRSs are intended to give

authoritative guidance on issues that are likely to

receive divergent or unacceptable treatment, in the

absence of such guidance.

a. True, True c. False, False

b. True, False d. False, True

7. Which statement is correct regarding Philippine

Financial Reporting Standards (PFRSs)?

a. PFRSs exclude PIC Q&As.

b. PFRSs are designed to apply to not-for-profit

activities in the private sector.

c. PFRSs apply from a date specified in the

document.

d. Standards approved by the FRSC include

paragraphs in bold type and plain type, the latter

having less authority.

8. Which statement is correct?

a. The Bureau of Internal Revenue is represented in

the AASC.

b. The Insurance Commission is represented in the

Philippine Interpretations Committee.

c. The chairman of the FRSC should have been or

presently a senior practitioner in public

accountancy.

d. Bicol is a PICPA Geographical Area.

9. Which of the following statements is/are true?

I. The IFRS Interpretations Committee is a forum

for the IASB to consult with the outside world.

II. The IFRS Foundation produces IFRSs. The IFRS

Foundation is overseen by the IASB.

III. One of the objectives of the IFRS Foundation is to

bring about convergence of national accounting

standards and IFRSs.

a. I and II only c. III only

b. I and III only d. None

10. Which of the following statements reflects one of the

benefits of adoption of IFRS standards by different

countries?

a. Earnings management is eliminated.

b. Volatility of earnings calculated using IFRS is zero.

c. Cost of capital is lower for firms.

d. There are no economic consequences when firms

switch to IFRS from existing GAAP.

11 La Union Company included the following items under

inventories:

Materials on hand P1,200,000

Materials in transit shipped FOB

shipping point

470,000

Materials in transit shipped FOB

destination

350,000

Advances for materials ordered 200,000

Goods in process 900,000

Finished goods in factory 3,000,000

Finished goods in company-owned

retail stores, including 50% profit

on cost

750,000

Finished goods in hands of consignees

including 40% profit on sales

400,000

Goods held on consignment, at sales

price, cost P150,000

300,000

Finished goods in transit to customers,

shipped FOB seller, at cost

250,000

Finished goods in transit to customers,

shipped FOB buyer, at cost

150,000

Unsalable finished goods, at cost 30,000

Office supplies 40,000

Advertising catalogs and shipping

boxes

150,000

Compute the amount to be presented as "Inventories"

under current assets.

a. P6,460,000 c. P6,560,000

b. P6,510,000 d. P6,610,000