FAR1C1 D

Question 1

State all content information
Part 1

Answer 1

1) What is government accounting?
2) What is the focus of government accounting?
3) What is Republic Act no. 10912?
4) What is continuing professional development?

Question 2

State all content information
Part 2

Answer 2

1) What are CPD credit units?
2) Who are the exempted from CPD?

Question 3

State all content information
Part 3

Answer 3

1) Differentiate accounting and auditing.
2) Differentiate accounting and bookkeeping.
3) Differentiate accounting and accountancy.

Question 4

What is government accounting?

Answer 4

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

Question 5

What is government accounting?

It encompasses the process of —, —, — and — all transactions involving the — and — of government — and — and interpreting the — thereof.

Many Certified Public Accountants are — in many branches of the —, more particularly:

a) — of — —
b) — on —
c) Department of — and —
d) — and — Commission
e) — — ng Pilipinas

Answer 5

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

Question 6

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.

Answer 6

Government Accounting

Question 7

What is the focus of government accounting?

Answer 7

The custody and administration of public funds.

Question 8

What is the focus of government accounting?

The — and — of — funds.

Answer 8

The custody and administration of public funds.

Question 9

What is Republic Act no. 10912?

Answer 9

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.

Question 10

What is Republic Act no. 10912?

It is the law — and — the — — — program for all regulated —, including the — profession.

All — — —- shall abide by the —, — and — on — professional — to be promulgated by the — of —, subject to the — of the — — —, in coordination with the — national — organization of certified public — or any duly — educational institutions.

Answer 10

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.

Question 11

It is the law mandating and strengthening the continuing professional development program for all regulated professions, including the accountancy profession.

Answer 11

Republic Act no. 10912

Question 12

What is continuing professional development?

Answer 12

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.

Question 13

What is continuing professional development?

It refers to the — and — of advanced —, —, —, and — and — value after the initial — of the Certified Public Accountant for assimilation into — — and — learning.

It raises and enhances the — skill and — of the Certified Public Accountant.

Answer 13

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.

Question 14

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.

Answer 14

Continuing professional development

Question 15

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.

Answer 15

Continuing professional development

Question 16

What are CPD credit units?

Answer 16

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.

Question 17

What are CPD credit units?

They refer to the — credit hours required for the — of CPA — and — of a CPA to — the accountancy profession every — years.

Under the new BOA resolution, all Certified Public Accountants regardless 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 gradual in the following period:

2017		--- credit units
2018		--- credit units
2019		--- credit units

Excess credit units earned shall not be carried over to the next —-year period, except credit units earned for — and — degrees.

It is to be emphasized that the Continuing Professional Development has become — for Certified Public Accountants.

It is required for — of CPA license and accreditation of CPA to — the accountancy profession.

Answer 17

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.

Question 18

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.

Answer 18

CPD credit units

Question 19

Who are the exempted from CPD?

Answer 19

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.

Question 20

Who are the exempted from CPD?

A CPA shall be permanently exempted from CPD requirements upon reaching 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.

Answer 20

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.

Question 21

Differentiate accounting and auditing.

Answer 21

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.

Question 22

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 nature. Accounting — when financial statements are already prepared.

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 auditing.

The auditor — the financial statements to — whether they are in — with generally accepted accounting principles.

Answer 22

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. The 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.

Question 23

Differentiate accounting and bookkeeping.

Answer 23

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.

Question 24

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 mathematics.

Answer 24

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.

Question 25

Differentiate accounting and accountancy.

Answer 25

Broadly speaking, the two terms are synonymous because they both refer to the entire field of accounting theory and practice.

Technically speaking, however accountancy refers to the profession of accounting practice.

Accounting is used in reference only to a particular field of accountancy such as public accounting, private accounting and government accounting.

Question 26

Differentiate accounting and accountancy.

Broadly speaking, the two terms are — because they both refer to the entire field of accounting — and —.

Technically speaking, however accountancy refers to the — of accounting —.

Accounting is used in — only to a particular field of accountancy such as — accounting, — accounting and — accounting.

Answer 26

Broadly speaking, the two terms are synonymous because they both refer to the entire field of accounting theory and practice.

Technically speaking, however accountancy refers to the profession of accounting practice.

Accounting is used in reference only to a particular field of accountancy such as public accounting, private accounting and government accounting.