Answered: B60. RA 9298 is officially known as…

B60. RA 9298 is officially known as A. The Revised Accountancy Act. B. The Revised Accountancy Law. C. The Philippine Accountancy Act of 2004. D. The Accountancy Law of the Philippines, 2007

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1TP: Review the new revenue recognition guidance issued by the Financial Accounting Standards Board...

See similar textbooks

Related questions

Q: Upward and Onward, Inc., a5 S501(e)(3) organization that provides training programs for government…

A: It is the income generated by the tax-exempt entities through taxable activities. This income is not…

Q: What are the legal, financial and accounting implication of a Lord Mayor who entered into an…

A: The legal, financial and accounting implication of a Lord Mayor who entered into an emergency…

Q: SA 610 Using the work of internal auditors’ states that in order for the external auditor to use…

A: As you have posted multiple independent questions, we are answering the first question. Kindly…

Q: The following are examples of a partial online offer of the “Transaction Business Model”, except:…

A: Innovation in communication and in technology have changed the desires of the people as well as how…

Q: Which of these forms must most tax-exempt organizations file annually with the Internal Revenue…

A: Most tax exempt organisations must file form 990 annually with the Internal Revenue Service.

Q: É 59 of 115 E Which of the following is an accurate statement about a brokerage's REBBA obligation…

A: REBBA Brokerage: The Real Estate and Business Brokers Acts are pieces of law that govern the…

Q: In what circumstance must entities register for GST in Australia?

A: GST is goods and services tax which is a form of indirect taxes. This is charged on goods and…

Q: Company Z is a foreign corporation duly organized and existing under the laws of Singapore. It is…

A: Solution Explanation- As per the sec 112(A) of the tax code , there is nothing directly attributable…

Q: Which of the following legislation that are not connected to debts payment and/or solvency of the…

A: Answer: Option c. Companies Act 2016 is correct

Q: The incurrence of an obligation for future delivery or performance by the oblige is recorde by a…

A: The decision making process in government is an imported aspect of the environment of state…

Q: (Students should visit the SEC website, www.sec.gov, for supplemental resources.) What does the…

Q: (Students should visit the SEC website, www.sec.gov, for supplemental resources.) Why were federal…

A: Managerial accounting: Managerial accounting is more focused towards analyzing information and…

Q: are the financial reports that's required in UAE?

A: In UAE, the types of the five financial statements that would cover over the income statement,…

Q: 29. In accordance with the GAM for NGAs and the Revised Chart of Accounts, how does a government…

A: Government entity have their own Rules and manuals to record any journal,. GAM is Government…

Q: The Bishops-Businessmen's Conference Philippines adopted the "Code of Ethics for the Philippines…

A: The code of ethics refers to the principles guide that is designed in order to help the…

Q: According to the 2020 Reports to the Nations published by the Association of Certified Fraud…

A: The 2020 Reports to the Nations published by the Association of Certified Fraud Examiners was the…

Q: what is the CIP as of 2021?

A: CIP means Construction in Progress . Under CIP general ledger, the cost of assets and expenses…

Q: The following statements relate to the Board of Accountancy. Select the incorrect statement: A.…

A: The member of the board would be removed because of the negligence of duty, violation of rules and…

Q: 7. Three subject areas where federal statutes have been implemented to protect the personal data of…

A: "Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Question 22. A complete commercial invoice can be used for accounting for duties instead of Canada…

A: Solution Concept Commercial invoice The commercial invoice is the invoice generated…

Q: Circular 230 is Department of Treasury regulation which provides rules for practicing before the…

A: Circular 230 is one of the publication of United states that governs rules for those representatives…

Q: 26. According to the Revised Chart of Accounts issued by COA, the “Subsidy from National Government”…

A: COA( Chart of Accounts) is an Index of all the Financial Accounts in general ledger of a Company

Q: The Parliament of Ghana has the ultimate responsibility for the safeguard of the public assets of…

A: Ghana has had a significant stretch of fiscal indiscipline frequently bringing about enormous fiscal…

Q: 4. Today several countries still do not permit domestic-listed companies to use IFRS. Required:…

A: IFRS stands for International Financial Reporting Standards. IFRS are formed to bring uniformity in…

Q: oduction of IFSA 2013, there are some changes in the takaful operation in Malaysia. Elaborate TWO…

A: There were some changes were made in 2013 through IFSA 2013 to make Islamic banking to be practical…

Q: E 19-3 Multiple choice Which of the following is considered an exchange transaction under GASB…

A: Hi, since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: he entry is most likely to be used in recording the payment is

A: Answer

Q: Which of these forms must most tax-exempt organizations file annually with the Internal Revenue…

A: Most of the tax-exempt entities are needed to fill and submit the form 990 to the IRS in order to…

Q: Please use own sentences and not googleable. Please help me Malaysia's New Digital Service Tax(DST)…

A: On 1 August 2020, the Royal Malaysian Customs Department issued a revised service tax digital…

Q: 50. Which of the following government agencies will most likely be able to obatian a disbursement…

A: Cash Disbursement Ceiling - An authority issued by the DBM to departments with overseas operations…

Q: Suppose that an estimate of U.S. federal spending showed that 46% was for entitlements, 18% was for…

A: US federal reserve- It is the central banking system of the US that is responsible for managing the…

Q: The following are issued by the Commissioner of Internal Revenue, except: a. Revenue Memorandum…

A: Commissioner of Internal Revenue is authorized to issue the following

Q: What is the purpose of Presidential Decree 717?Explain in your own words

A: Different types of laws and acts are prepared time to time to support or reform a current economic,…

Q: 38 Which of the following is NOT the agency under Ministry of Finance (MOF)? Select one: Inland…

A: Federal agencies under the Ministry of Finance (MOF), Malaysia include Inland Revenue Board of…

Q: 20. Bankruptcy cases are heard by: a.either federal or state courts. b.the U.S. Bankruptcy Courts…

A: Bankruptcy: It is a legal status of a person or other entity who cannot repay debts to creditors. In…

Q: 1. Discuss the issues encountered in Enron Scandal and how the Sarbanes Oxley Act addressed those…

A: What was the WorldCom scandal? It was the major Accounting related scandal in history in 2002 at…

Q: “A major issue would be for the countries implementing VAT is to have the necessary adequate…

A: Bahrain implemented VAT on January 1, 2019. This poses certain challenges which taxpayers will need…

Q: 59. The “loans Receivable account is most likely to be used in the books of accounts of which of the…

A: Loans receivable is the amount to be received on account of loan provided to other parties.

Question

B60. RA 9298 is officially known as

A. The Revised Accountancy Act.
B. The Revised Accountancy Law.
C. The Philippine Accountancy Act of 2004.
D. The Accountancy Law of the Philippines, 2007

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

B61. Under Section 5 of RA 9298, who shall appoint the members of the Professional Regulatory Board of Accountancy? A. The chairman of the Board of Accountancy.B. The president of the Republic of the Philippines.C. The chairperson of Professional Regulations Commission.D. The president of Philippine Institute of Certified Public Accountants.
block b/2019/5 Are commercial companies obliged to keep accounts on the basis of the provisions of the German Commercial Code (HGB)?
B62. The following statements relate to the Board of Accountancy. Select the incorrect statement: A. The Board consists of a Chairman and six members.B. The chairman and members of the Board are appointed by the President of the Philippines upon recommendation of the Professional Regulation Commission.C. The Professional Regulation Commission may remove from the Board ofAccountancy, any member whose certificate to practice has been revoked or suspended.D. All sectors of accountancy practice shall as much as possible be equitably represented in the Board.
Discuss the principles and rules outlined in the Standards on Revenue Recognition, IFRS 15 and ASC 606. In your discussion comment on the 5 steps approach and why you think it was necessary for the accounting bodies to implement the stan
8. In common law countries accounting focuses on economic substance and the standards and procedures are incorporated into national lawsSelect one:TrueFalse
Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePagecid=1176169257359 and answer the following questions. What is the new standard as of ASC 606? What does that mean to you? What are the recommended steps companies should follow to achieve the core principle? How does this change current GAAP standards? Who is required to adhere to this new standard?
a(ii) What are differences between Financial Services Act (FSA) 2013 and IslamicFinancial Services Act (IFSA) 2013.
59. The “loans Receivable account is most likely to be used in the books of accounts of which of the following government agencies? COA NIA BTr All of these
Ghana adopted IFRSs wholly in 2007, to replace the Ghana National Accounting Standards. State four (4) benefits that the country is expected to derive from adopting these international standards.
Refer to companies Act 992 (2019) in Ghana and use references
6. A new comprehensive tax reform was enacted by the Congress of the Philippines. To effectively implement the law, the Secretary of the Department of Finance will most likelyissue:a.Revenue Memorandum Circularsb. Revenue Memorandum Ordersc.Revenue Memorandum Rulingsd. Revenue Regulations
1. Which is the most accurate definition of income in the Philippines? Group of answer choices Is the process or means by which through the sovereign, through its law-making body, imposes burdens upon subjects and objects within its jurisdiction for the purpose of raising revenues to carry out its legitimage objects of government. Basta pag kumita tataxan Pertinent items of gross income specified in this Code, less deductions, if any, authorized for such types of income by this Code or other special laws. Is the flow of wealth other than by a mere source of capital. 2. The power to tax is provided for by the Constitution, the National Internal Revenue Code, Special Laws, and administrative revenue issuances. Group of answer choices True False 3. Local Government Units, being limited in power, has the power to tax its constituents. Group of answer choices True False 4. The BIR need to assess a taxpayer for payment of taxes Group of answer choices True…