2. n x. x. x. 52: Code of conduct ie not exzenta for professionals False 52: The spectied abjactives ofthe RA 9298 area) the standardization and regulation of accounting education; (d) The examination for reisvation of certified public accountants; and (d the integration ofthe accountancy pafession inthe Philppines. Fase 51:A professional accountant in public practice earns either monthly ar semi-monthy salary False 52: A postin where 2 cul service elighlty 25 certified public accountant isa prerequisite is considered as a practice of accountancy in the government sector. True S52: Any postion in any business or company in the private sector which requires supervising the recording of financial wansactions, preparation of financial statements, coordinating with the external auditors far the audit of such financial statements and other related functions shall be ccupied only by @ duly registered CPA. Fase 52: CPAS in the Treasurer's Office of Far Eastern University, an educational insttutin in Manila, are considered CPAS in Eduction/Academe. False S1:Asfar asthe Academe sector is concerned, members ofthe Integrated Bar ofthe Philippines may be allowed to teach busines aw and taxation cubjecs. True 52: CPAswho serve as daan or department heads of the program of accountancy of academic/ educational institutions are deemed practicingin the Education/Academe sector. True 52: The Board of Accountancy (The Board or BOA) shall be composed ofa chairman and si (6) members to be appointed by the Professional Regulation Commission. False 52:The APO shall submit ts nominations fr BOA membership/chairmanship with complete documentation tothe Commission not later than (30) days priarto the expiry ofthe term of an incumbent chairman or member ofthe Board. False 52:0ne ofthe qualifications forthe appointment tothe Board isthat the candidate must be alpina citizen False 52: The Chairman of PRC after giving the cancernad BOA member an opportunity to defend himeat in a proper administrative investigation to be conducted by the Commissian, may suspend or remove any member an grounds af neglect af duty ar incompetence, violation or tolerance of any violation ofthis Aa, final judgment af crimes involving moral turpude and rigging of CPA Board Exams, Fale S52:The Chairman and members ofthe Board shall hald office fr aterm of three (3) years. Any vacancy occurring within the term of amember shall be filed up forthe unepived portion ofthe term only. True 52:No person shall servethe Board (804) for mare than twelve (22) years. True S52: The Chairman of Financial Reporting Standards Counc (FRSC) shall be 2 senior accounting praitigner from any sector of accountancy practice. Tue 52: Members of accounting and standard setting bodies must abe CPAs. False 51: Members of exiting standard setting bodies may not hecome part ofthe new standard setting bodies created by the PRC by vite ofthe IRR to RA 3298 Flee 52:The chairman of FASC must bea senior accounting practioner of accountancy tram any sector of accountancy praice. True 52: Category A auditors may aud financial statements of beth public interest entities using full PFRS and entities using PFRS for SMEs. True 52:The Quality Assurance Review (QAR) program af the BOA cavers all CPASin practice. Fase ‘4: In Education Technical Council (ET), the APO shall distribute the representation of the Academe/Education sector among the private and public schools offering BSA dagree, True S2:A certain Mr Excited, afresh universty graduate, who racently passed the October 2017 CPA Licancure examination ay obtain ful accreditation fr accounting teacher from BOA and teach in a university of his choice immediately. False ':To be qualified a having patsed the licensure caminatin for accountant, a candidate must obtain a general average of seventy-five percent (758), with no grades lower than sity parcent (60%) in any given subje. False 52: Any person applying for examination shall establish the folowing requisites tothe satisfaction of the Board that he/she: (3) is aFlipine ize; (bis of good moral character; (isa holder ofthe degree of Bachelor of Science in Accountancy conferred by 2 schoo, college, academy or institute duly recognized andar acredied bythe CHED or ether authorized government offices (d) has not been convicted of any criminal ffenseinvohing meralturptude. True ‘a: Any candidate whe fallin tw (2) complete Cartfied Public Accountant Board Examinations shall be disqualified from taking another se of examinations unlesshe/she submis evidenceto the satisfaction of the Board that he/she enrolled in and completed 2 least 18 units of subjects given in the licensure examination False 52:The Board, subjectto the approval ofthe Commission, may revise or exclude any of the subjects and their syllabi, and add new ones asthe need arses. Provided, That the change shal not he more often than every fie (5) years. False St: Inthe event acandidate obtainsthe rating of seventy-five percent (75%) and abovein at least a majority of subjects 2s provided for inthis Ac, he/she shall receive a/an absolute credit forthe subjects passed False '2:For purpasts ofthis Ac, the examination in which the candidate was conditioned together with the removal examination on ‘the subject in which he/she faileg shall be counted artwo (2) separate examinatio/s. Fale25, $3: The subjects covered by the CPA licensure examination include Financial Accounting and Reporting, Advanced Financial ‘Accounting and Reporting, Auditing, Management Advisory Services, Regulatory Framework or Business Transactions and Taxation. True 52: The Board shall submit tothe Commission the ratings stained by each candidate within teen (25) calendar days after the ‘examination, unless extended for just cause Flee 16. $1: Allsuccessfl candidatesin the examination shallbe required to take an oath of profession before ny member ofthe Board fr befare any government official authorized by the Commission or any person authorized by law to administer oaths. Tue 2: Thetwo (2) CPA Credentials a CPA wilreceiveupan parsingthe CPA Board Exam are Cetficteof Registration and Professional ldentification Card. Tue 27. S2:The CPA shall be required to indicate the numbers of his/her Certificate of Registration, and Professional ldentification Card With its date of issuance and the duration of validity, including the Professional Tac Receipt Number which the Cty/Municipl Treasurer shall issue tothe registered CPA an the documents he/she signs, uses o issues in connection withthe practice af his/her profession. True 52: Malpractice of the profession is one ofthe grounds why a successful candidate in the CPA Licensure Exam shall bereusedto issue his/her CPA credentials. False 18, $1: No person shall practice accountancy in this county, orusethetitle “Certified Pubic Accountant, or use the abbreviated thle “CPA” oF dsplay or use any tle, sign, card, sdveriement, or ether davicet indicate such person practices accountancy unless such parson shall have received Cartficate af Registration from the Board True 52: Allworking papers, schedules and memeranda made by a CPA and his staff inthe cours af an examination, including those prepped and submitted by the cent incidant tothe CPA's examination, except reports submitted by 2 CPA to's clant shall be ‘weated confidential and privileged and remain the property of such CPA True 18, $1: Alleegitered CPAs shal obtain and use a5 sel ofa design such CPA chooses to be stamped in the auditor's reponsta be issued by such CPA. Fase 52: General, 2 person who isnot a chizen af the Philppines shall nt be allowed to practice accountancy inthe Philippines. True 20. $2: Any person who shal violate the RA 9238 arts IRR shall be punished by afine of not lss than fity thousand pesos (50,000) or by imprisonment fora period not exceeding two (2) years or both. True 52: The Philippine Insitute of Certified Public Accountants (PICPA) the current Accredited Nationa Professional Orgenzation (40) of accountancy profession in the Philippines. True 21. $4: Continuing Prfessional Education (CP) referstotheinculcatian,asimiaton an acqlskion of knowledge, sls, proficiency and ethical and moral values duringthe CPAS formal education. Fase 52: The Board, upon approval of PRC, shal create a Council which shal ats the Board in implementing its CPE program to be known as PCPA CPE Councl. Fae 22. $1: CPD can only be earned by atending seminars and conventions. False 52:80A can mete out sentence of imprisonment fer eting CPAS. False 23. $1: CPA must eam at least 120 units of CPD over three years as 2 condition precedent to renew his or her profesional license True 52:The Certificate of Registration issued by the Board tothe CPA isvald until itis revoked. True 28, $4: No CPA can practice publicpractice under his/her wn name until he/she secures first a Crtfiate of Accreditation from the Board. True 52: Atfing the CPA seal bythe CPA to his or her reports means that the CPAs compliant with requisite auditing and accounting standards and rules. Tue 25. $1: Boyong, male, recently marred Maca right after their graduation from university. Now, in applying for CPA licensure examination, Boyong needsto secure NSO Marriage Cerificate to be alge to take the CPA Board Exam. False 52:Selanahas the following results in her recently concluded CPA licensure ecamination: FAR 83; AFAR 72; Auditing ~ 88; MAS ~74; RBT ~77; Taxation ~66, Selena passed the CPA Licensure Examination. True The following statements relate to the accounting profession: 1. LTemeritpublictrust and confidence the professional person must convince the public that he will place public service ahead of personal reward ULACPA cartiat is evidence of basic competence inthe discipline of accounting at thetime the centfieate_is granted lA code professional conduct is one of the mast important distinguishing characteristis ofa profession, State whether the foregoing statements are true or false 2. Allofthe statements are true b. Oniytwo ofthe statements are true © OnWyone ofthe statements istrue. 4. Allafthe statement ae fase2. Any pasion in any business or company inthe private sector which requires supervising the recording af nana transactions, preparation of financial statements, coordinating wth the extemal ausitars forthe audit of such financial statements and other felated functions shall be occupied only by a duly regieterad CPA, Provided (choose the incorrect ons) 2. Thatthe busines or company where the above position exits nae 3 paid-up capital of at last P5,000,000 an6/or an annus revenue ofa least 20,000,000. b. The above provision shal apply onlyto persanst be emplayed after the effectivity f the Implementing Rules and Regulations of RA 9288. ©The above provision shal not resulta deprivation of the employment of incumbents tothe postion. 4. None ofthe above, 3. Thetollowing statements relate to RA 9288. Which statement isteue? 2. The Professional Regulation Commission hasthe authority to remve any member ofthe Board of Accountancy fr negligence, incompetence, or anyother just cause Insanity ie nota ground fr proceeding aginst 9 CPA Aperson shall be considered tobe inthe professional practice of accounting it as an officer ina private enterprise, he makes decisions requiing professional accounting knowledge. 4. After three years, subject to certain candtions, the Board of Accountancy may order the reinstatement of 2 CPA whose Centfieate af registration hasbeen revoked 4, The president afthe Philippines appaintethe members of the Board of Accountancy based an the recommendation submited tothe office ofthe president. Which of the following is an incorrect statement about the submission of nominations? 2. The Accredited National Professional Organization of CPAS shall submit the names fis nominees tothe PRC nat ater than 60 days priartothe expiry ofthe term ofan incumbent chairman or member b. There should be an adequate documentation to show the qualficatons and primary feld ef professional activity of each The Accredited National Professional Organization of CPAs shall submit the names of its nominees to the PRC net later than 45 days prior tothe expiry ofthe term ofan incumbent chairman or member. 4. ifthe Accredited National Professional Organization of CPAS falls te submit its own naminee(9 to the PRC within the prescribed period, the PRC, in cnsultation with the Board of Accountancy shall submit to the president ofthe Philippines 2 le of three naminess for exch pasion, 5. The primary duty to enfarcethe provisions of RA $288 and its IRR rests with a. ThePRE b. TheBOA, © ThePRCand BOA 4. TheaAse 6 Amember ofthe BOA shal atthe time of his/her appointment, possess the following qualifications, except 2. Must be amaturabborn ctzen and resident ofthe Philippines b. Must bea duly registered CPA with mare than ten (10) years of work experience in any scope of pracce of accauntancy Must be of good mara character and must not have been convicted of crimes involving moral turpitude 4. Must aot ba a director or officer of the APO at the time of his/her appointment. 7. Thefallowing statements relate tothe term office ofthe chairman and members ofthe Board of Accountancy. Which of them incorrect? 2. The chaieman and members af the Board af Accountancy shall hold office fr aterm of three years Any vacancy accutringwithinthe term of a mamber sal be filed up forthe unexpired portion of the term ony. © Appointment to fil up an expired term isnot te be considered a a complete term, 44. TheBoard of Accountancy member whe has served two successive complete termsas chairman for reappointment until the member shallbe eligible 50 of three years 8. Which of the folowing snot represented inthe Austing and Assurance Standards Council? 2. Board of Accountancy Commission on Audit © Bureau of internal Revenue 4. Securities and Exchange Commission 5. Which ofthe folowing is nota function of the Board of Accountancy 25 specified inthe Philippine Accountancy Act af 2004? 2. To investigate vialations of the Accountancy Law andthe rules and regulations promulgated therewith b. To look ram time to time into the conditions affecting the practice of the accountancy profession. ‘To create and direct accrediting agencies that are entrusted the functions of reviewing higher educational institutions’ cies ad practices leading to accreitation/raaccreditation of BSA program. 4. To determine and presebe minimum requirements leading te the admission of candidatesto the CPA licensure examination 20. Which af the folowing statements is incorrect according to section 7 ofthe Philippine Accountancy Act of 20042 2. The Chairman andthe members of BOA shall hold afice for aterm of three (3) years 2b. No person whe has served two (2) successive terms shallbe eligible for reappointment uni the fpse of one (2) year.