Multiple choice: 1. The accounting standards that are currently used in the Philippines are referred to as the A. Juan’s GAAP. B. Philippine Financial Reporting Standards (PFRS). C. Filipino Accounting Standards (FAS). D. Philippine GAAP. 2. Accounting is described in various ways. Which of the following is not one of those descriptions? A. Accounting is a process and a service activity. B. Accounting is a social science and a practical art. C. Accounting is the “language of business” because it is fundamental to the communication of financial information. D. Accounting is the art of professionally stealing money and other evil purposes.

Multiple choice: 1. The accounting standards that are currently used in the Philippines are referred to as the A. Juan’s GAAP. B. Philippine Financial Reporting Standards (PFRS). C. Filipino Accounting Standards (FAS). D. Philippine GAAP. 2. Accounting is described in various ways. Which of the following is not one of those descriptions? A. Accounting is a process and a service activity. B. Accounting is a social science and a practical art. C. Accounting is the “language of business” because it is fundamental to the communication of financial information. D. Accounting is the art of professionally stealing money and other evil purposes.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 5MC: The independent, nonprofit organization that sets financial accounting and reporting standards for...

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