Philippine Accountancy Act of 2004 (RA9298)

1. The objective of the Philippine Accountancy Act of 2004 includes:

a. The standardization and regulation of accounting education

b. The examination for registration of certified public accountants

c. The supervision, control, and regulation of the practice of accountancy in the

Philippines.

d. All of the above

2. Which of the following does not constitute a practice of accountancy?

a. A person holding out himself as one skilled in the knowledge and practice of

accounting and as a qualified person to render professional services as a CPA

to more than one client.

b. A person representing his/her employer before government agencies on tax

and other accounting related matters.

c. A person in educational institution teaching accounting, auditing, business law,

taxation or other technically related subjects.

d. A person is appointed as marketing director of a government owned and

controlled corporation.

3. Which of the following is not one of the qualifications of the members of the Board of

Accountancy?

a. Must be a natural-born CPA and a resident of the Philippines.

b. Must be a duly Certified Public Accountant with at least ten years

experience in practice of accountancy.

c. Must be of good moral character.

d. Must not have been convicted of crimes involving moral turpitude.

4. Which is the least function of the Board of Accountancy?

a. To prepare, adopt, issue or amend syllabi at the subjects for examinations

in consultation with the academe.

b. To prepare questions for the CPA licensure examination which shall strictly

within the scope of the syllabi of the subjects for examination.

c. To investigate violations of the RA 9298

d. To supervise PICPA

5. The auditing standard setting body created by the Board of Accountancy is knowns

as

a. Financial Reporting Standards Council (FRSC)

b. Auditing Standards and Practices Council (ASPC)

c. Accountancy Standards Council (ASC)

d. Auditing and Assurance Standards Council (AASC)

6. The sector that is most represented in the AASC is the