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Which statements relating to the reporting period is false

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Reference no: EM133002177

Problem 1: Which of the following statements relating to the reporting period is FALSE?

a. income and expenses are reported covering the reporting period while assets, liabilities and expenses are reporting as the end of the reporting period.
b. Reporting entities are required to report at periods stating January 1 and ending December 1.
c. Reporting entities are required to prepare financial statement annually.
d. Reporting entities are not required to prepare financial statements quarterly.

Problem 2: The Board of Accountancy shall be composed of a chairman and _____ members to be appointed by the _______.

a. 6, President of the Philippines
b. 5, Philippines Institute of CPAs
c. 6, Professional Regulation Commission
d. President of the Philippines

Problem 3: Which category of expenses is subject to immediate recognition in the income statement?

a. The salary of the entity president
b. Utilities expense for the production line of a manufacturer.
c. The salary of the production foreman.
d. Repairs and maintenance expense incurred on production equipment of a manufacturer

Reference no: EM133002177

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