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INSTRUCTIONS: Analyze the given scenarios and answer the following items in one (1) whole sheet of paper. Answers must be justified in accordance with the following: . Explain the type of business; Explain the accounting standards applicable for the identified business; and . Explain the type of practice the CPA is engaged in. Questions Profile 1 Profile 2 Profile 3 Profile 4 1. Identify the type of business Construction Company Distributor of Shoes and Apparels School Audit Firm 2. Distinguish the accounting standard IAS 39 IAS 7 IFRS 10 LAS 39 IFRS 7 LAS 39 IFRS 7 IAS 7 IAS 39 applicable for the identified business IAS 24 IAS 14 IFRS 7 Principles of Prudence Disclosure of Accounting Policies IAS 4 Revenue Recognition Revenue Recognition Revenue Recognition Disclosure of Accounting Policies Valuation of Inventories Contigencies and events Valuation of Inventories Principles of Prudence occuring after the balance sheet Revenue Recognition 3. Type of practice the CPA engaged in Commerce and Industry Commerce and Industry Commerce and Industry Public PracticePROFILE 1 Mr. Janard Lindio is the owner of Clifford Construction Company. Ms. Regine Joy Develos, a CPA working for Mr. Lindio, is tasked to do things such as financial reporting and analysis. She constantly reviews the source documents and makes sure that the financial statement serves its purpose. PROFILE 2 Baby Jane Justianiane is the owner of Boja General Merchandise, which is the main distributor of shoes and apparels in all areas of Taguig. Her accountant Anjielica Cavs, who is a CPA, is assigned to monitor and ensure that their products meet the desired criteria for quality. She also ensures that their cost coincides with the quality of their products. PROFILE 3 Mr. Emmanuel Rivera, a wealthy businessman, is planning to put up a school called John Academy. Being a newbie in the said industry, he approaches his friend who is a CPA, Mr. Nestor Tulang, to help him. In return, he will give him a job as the school accountant. Assuming that Mr. Tulang accepts the offer, his job will be to ensure and forecast the necessary strategies in maintaining the records of the financial performance of the school. PROFILE 4 Cristian Punzalan and Jerone Gatdula are the owners of PGA and Company, a newly formed audit firm located in Sta. Mesa. Wilmari Ocampo, a CPA, is assigned as the Audit Supervisor to one of their clients. Her task is to ensure that the engagement is on time, to apply the necessary audit procedure, to manage the associates, and to come up with the proper evaluation of the financial statement