My first quiz is a mess!

Hello! Yesterday we had quiz of 50 items in my major subject. My instructor announced it earlier so I reviewed. I was unconcerned because I started reading accounting topics before the classes started especially Introduction to Accounting, so I only reviewed some of the topics. I was excited about the quiz because I was ready—I thought, BUT I was ashamed of myself when the results got out, pakaulaw ra gyud ko HAHAHA lmao. I even got the first question wrong lol. As I was reading the questions, I already know that I messed up really bad. It was for me, really so I thought I shouldn’t really focus on just reading the textbooks and pdfs. Whenever we have quizzes we always have a rank of who got the highest score, I was in top 3 but my score did not pass, it was not just hard for me but to classmates also. But the good thing is we got motivated to do more of our best to our upcoming quizzes. Good luck to us!

For our topic today, since I had hard time in my quiz, I will pick a topic from our quiz. And that will be the Accounting Standards Setting Bodies. I got dizzy about this. I will discuss only one, which will be the Financial Reporting Standards Council (FRSC), this was established by the Professional Regulatory Commission under the Implementing Rules and Regulations of the Philippine Accountancy of Act of 2004 (Republic Act of 9298–act of regulating the practice of Accountancy in the Philippines) to assist the Board of Accountancy in carrying out its power and function to promulgate accounting standards in the Philippines. Its main function is to establish generally accepted accounting principles in the Philippines. This council carries on decisions made by the Accounting Standards Council (ASC) to converge Philippine Accounting Standards (PAS) with International Accounting Standards (IAS) issued by International Accounting Standards Board (IASB).

I know it is a bit hard to absorb all of that in just one reading, ify BUT keep moving guys. I don’t have any much to say about this standard setting bodies because I’m still learning about it and I’m really confused as hell as well. But I hope you understand it even just the surface. That would be all for today guys, ba-bye! We can do this!