FAR1C1 D Flashcards
Many Certified Public Accountants are employed in many branches of the government, more particularly:
a) Bureau of Internal Revenue
b) Commission on Audit
c) Department of Budget and Management
d) Securities and Exchange Commission
e) Bangko Sentral ng Pilipinas
It encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.
Government accounting
It encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof.
Many Certified Public Accountants are employed in many branches of the government, more particularly:
a) Bureau of Internal Revenue
b) Commission on Audit
c) Department of Budget and Management
d) Securities and Exchange Commission
e) Bangko Sentral ng Pilipinas
Government accounting
What is the focus of government accounting?
The custody and administration of public funds.
It is the law mandating and strengthening the continuing professional development program for all regulated professions, including the accountancy profession.
All certified public accountants shall abide by the requirements, rules and regulations on continuing professional development to be promulgated by the Board of Accountancy, subject to the approval of the Professional Regulation Commission, in coordination with the accredited national professional organization of certified public accountants or any duly accredited educational institutions.
Republic Act no. 10912
What is Republic Act no. 10912?
It is the law mandating and strengthening the — — — program for all regulated —, including the — profession.
All certified public accountants shall abide by the —, — and — on — professional — to be promulgated by the — of —, subject to the approval of the — — —, in coordination with the — national — — of — — — or any duly accredited — —.
It is the law mandating and strengthening the continuing professional development program for all regulated professions, including the accountancy profession.
All certified public accountants shall abide by the requirements, rules and regulations on continuing professional development to be promulgated by the Board of Accountancy, subject to the approval of the Professional Regulation Commission, in coordination with the accredited national professional organization of certified public accountants or any duly accredited educational institutions.
It refers to the inculcation and acquisition of advanced knowledge, skill, proficiency, and ethical and moral value after the initial registration of the Certified Public Accountant for assimilation into professional practice and lifelong learning.
It raises and enhances the technical skill and competence of the Certified Public Accountant.
Continuing professional development
It refers to the inculcation and acquisition of advanced knowledge, skill, proficiency, and ethical and moral value after the initial registration of the Certified Public Accountant for assimilation into professional practice and lifelong learning.
Continuing professional development
It raises and enhances the technical skill and competence of the Certified Public Accountant.
Continuing professional development
They refer to the CPD credit hours required for the renewal of CPA license and accreditation of a CPA to practice the accountancy profession every three years.
Under the new BOA resolution, all Certified Public Accountants regardless of area or sector of practice shall be required to comply with 120 CPD credit units in a compliance period of three years.
However, the initial implementation of the 120 CPD credit units is gradual in the following period:
2017 80 credit units 2018 100 credit units 2019 120 credit units
Excess credit units earned shall not be carried over to the next three-year period, except credit units earned for masteral and doctoral degrees.
It is to be emphasized that the Continuing Professional Development has become mandatory for Certified Public Accountants.
It is required for renewal of CPA license and accreditation of CPA to practice the accountancy profession.
CPD credit units
What are CPD credit units?
They refer to the CPD credit — required for the — of CPA license and — of a CPA to practice the accountancy profession every — years.
Under the new BOA resolution, all Certified Public Accountants — of — or — of practice shall be required to comply with — CPD credit units in a compliance period of — years.
However, the initial implementation of the — CPD credit units is — in the following period:
2017 --- credit units 2018 --- credit units 2019 --- credit units
Excess credit units earned shall — be — over to the next ——- period, except credit units earned for — and — degrees.
It is to be emphasized that the — — — has become — for Certified Public Accountants.
It is required for — of CPA license and — of CPA to practice the accountancy profession.
They refer to the CPD credit hours required for the renewal of CPA license and accreditation of a CPA to practice the accountancy profession every three years.
Under the new BOA resolution, all Certified Public Accountants regardless of area or sector of practice shall be required to comply with 120 CPD credit units in a compliance period of three years.
However, the initial implementation of the 120 CPD credit units is gradual in the following period:
2017 80 credit units 2018 100 credit units 2019 120 credit units
Excess credit units earned shall not be carried over to the next three-year period, except credit units earned for masteral and doctoral degrees.
It is to be emphasized that the Continuing Professional Development has become mandatory for Certified Public Accountants.
It is required for renewal of CPA license and accreditation of CPA to practice the accountancy profession.
Who are the exempted from CPD?
A CPA shall be permanently exempted from CPD requirements upon reaching the age of 65 years.
However, this exemption applied only to the renewal of CPA license and not for the purpose of accreditation to practice the accountancy profession.
Who are the exempted from CPD?
A CPA shall be permanently exempted from CPD requirements upon — the age of — years.
However, this exemption applied only to the — of CPA license and not for the purpose of — to practice the accountancy profession.
A CPA shall be permanently exempted from CPD requirements upon reaching the age of 65 years.
However, this exemption applied only to the renewal of CPA license and not for the purpose of accreditation to practice the accountancy profession.
Differentiate accounting and auditing
In a broad sense, accounting embraces auditing. Auditing is one of the areas of accounting —-.
In a limited sense, accounting is essentially — in —. Accounting — when financial statements are already —.
On the other hand, auditing is —. The work of an auditor — when the work of the accountants —.
After the financial statements are prepared, the auditor will — to — the task of —.
The auditor — the financial statements to — whether they are in — with — — — principles.
In a broad sense, accounting embraces auditing. Auditing is one of the areas of accounting specialization.
In a limited sense, accounting is essentially constructive in nature. Accounting ceases when financial statements are already prepared.
On the other hand, auditing is analytical. T he work of an auditor begins when the work of the accountants ends.
After the financial statements are prepared, the auditor will begin to perform the task of auditing.
The auditor examines the financial statements to ascertain whether they are in conformity with generally accepted accounting principles.
Differentiate accounting and bookkeeping.
Bookkeeping is a — and largely concerned with — and — of accounting records.
Bookkeeping is the — of accounting.
Accounting is — and is concerned with the —, — or — for any action adopted.
Bookkeeping is a — element of accounting as is a — element of —.
Bookkeeping is a procedural and largely concerned with development and maintenance of accounting records.
Bookkeeping is the how of accounting.
Accounting is conceptual and is concerned with the why, reason or justification for any action adopted.
Bookkeeping is a procedural element of accounting as is a procedural element of mathematics.
