THE PRACTICE OF ACCOUNTANCY

1. Inventions (of national significance) made by a CPA will earn him/her

a. 20- 40 CU
b. 10- 30 CU
c. 10 CU
d. 10- 20 CU
2. A CPA who authored a 110-page book in Auditing Theory will earn
him/her
a. 40 CU
b. 20 CU
c. 10 CU
d. 30 CU
3. Under the provision of the RA 9298, a partner surviving the death or
withdrawal of all partners may continue to practice under the
partnership name
a. For one year after becoming a sole practitioner
b. For two years after becoming a sole practitioner
c. For five years after becoming a sole practitioner
d. For three years after becoming a sole practitioner
4. How many credit units per hour is (are) earned by a CPA who serves
as a resource speaker at a CPE seminar?
a. 2 CU per hour
b. 3 CU per hour
c. 5 CU per hour
d. 1 CU per hour
5. A study, appraisal, or review by the BOA or its duly authorized
representatives, of the quality of audit of financial statements through
a review of the quality control measures instituted by an individual
CPA, Firm or Partnership of CPAs engaged in the practice of public
accountancy.
a. Peer review
b. Administrative review
c. Quality review
d. Analytical review
6. How many credit units per year are earned by a CPA who serves as a
chairperson of the BSA program?
a. 20 CU
b. 5 CU
c. 10 CU
d. 30 CU
7. The Continuing Professional Education (CPE) program mentioned in the
IRR shall have the following objectives, except:
a. To attain and maintain the highest standards and quality in the
practice of the profession
b. To raise and maintain the professional capability for delivering
professional services
c. To promote the general welfare of the public
 d. To provide and ensure the continuous education of the
accountancy students with the latest trends in the profession
bought about by modernization and scientific and technological
advancement
8. S1: A meaningful experience shall be considered as satisfactory
compliance with the requirements of Section 28 if it is earned in
academe/education and shall include teaching for at least three (3)
trimesters or two (2) semesters subject in either financial accounting,
business law and tax, auditing problems, auditing theory, financial
management and management services. Provided the accumulated
teaching experience on these subjects shall not be less than three (3)
school years.
S2: A meaningful experience shall be considered as satisfactory
compliance with the requirements of Section 28 if it is earned in Public
Practice and shall include at least one year as audit assistant and at
least two years as auditor in charge of the audit engagement covering
full audit functions of significant clients.
a. True, True
b. False, False
c. True, False
d. False, False
9. When a CPA represents his/her employer before government agencies
on tax matters related to accounting, the CPA is engaged in what
sector?
a. Practice in government
b. Practice in commerce and industry
c. Practice in public accountancy
d. Practice in academe
10. Who is not permitted by law to practice accountancy?
a. A partnership of CPAs, with some non- CPA staff
b. A partnership of CPAs
c. A solo practitioner
d. A corporation whose stockholders are all CPAs
11. A CPA must earn at least 60 credit units for 3 years, with a
minimum of 15 credit units earned per year. Excess credit units shall
not be carried over to the next three- year period except:
a. Credit units earned for doctoral or masteral degrees
b. Credit units earned for authoring an article of national
significance
c. Credit units earned for servicing as a professorial chair
d. Credit units earned for an invention of significance of the
profession