Reference no: EM133002170

Problem 1: When a parent and subsidiary relationship exists; consolidated financial statement are prepared in recognition of

a. Stale monetary unit
b. Time period
c. Legal entity
d. Economic entity

Problem 2: The economic entity assumption

a. Requires periodic income measurement.
b. is applicable to all forms of business organizations.
c. is inapplicable to unincorporated businesses.
d. Recognizes the legal aspects of business organizations

Problem 3: The following statements relate to the exemption from CPE requirements. Which is FLASE?

a. A registered professional shall be permanently exempted from CPE requirements upon reaching the age of 60.
b. A registered professional applying for permanent CPE exemption is required to submit an authentic or authenticated copy of his/her birth certificate or, if not available, his/her vote's ID or driver's license.
c. A registered professional who is furthering his/her studies abroad shall be temporarily exempted from compliance with CPD requirements during the period of his/her stay abroad provided that he/she has been out of the country for at lest two years immediately prior to the date of renewal.
d. A registered professional who is working or practicing his/her profession abroad shall be temporarily exempted from compliance with CPD requirement during the period od his/her stay abroad provided that he/she has been out of the country for at least two years immediately prior to the date of renewal.