Which of the following is not a description or a function of the Financial Reporting Standards Council (FRSC)?It establishes generally accepted accounting principles in theIt receives financial support principally from the Professional Regulations Commission (PRC).It is the successor of Accounting Standards Council (ASC) and the creator of Philippine Interpretations Committee (PIC).It assists the Professional Regulatory Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in the

In the given case FRSC was established by the Professional Regulatory commission to assist the Board…

Answered: t receives financial support…

Business

Accounting

t receives financial support principally from the Professional Regulations Commission (PRC).

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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Question

Which of the following is not a description or a function of the Financial Reporting Standards Council (FRSC)?

It establishes generally accepted accounting principles in the
It receives financial support principally from the Professional Regulations Commission (PRC).
It is the successor of Accounting Standards Council (ASC) and the creator of Philippine Interpretations Committee (PIC).
It assists the Professional Regulatory Board of Accountancy (BOA) in carrying out its power and function to promulgate accounting standards in the

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