‘he Accountancy Profession and its Development Quizzers - 1-1 Identification of Acronyms Instructions: Give the full text of the following acronyms which are related to 10. i 12. 13. 14. 15, 16. 17. 18. 19. . PRC . WTO. |. ACPAPP . GACPA ACPAE ACPACI PICPA . BSA . CPE SEC BSP NBI BIR DBM DPWH CHED ASC business, government offices and accountancy profession. 1531 32. 33. 37. 38 FINEX. COA . FASB . GOCC - PFRS . PAS AS TASC IASB IFRS CPA sss . GSIS HDMF FRSC ADB‘The Accountancy, Profession nd ts Devoe instruction: Write letter T if the statements are correct and F if the statement is wrong. 1. Accountancy is not only one of the modest, less expensive but also the most prestigious profession in the country today. 2 nt was in 1923 that accountancy profession was first recognized through the passing of the accountancy law. 3. Until today, the accountancy profession maintains the highest mortality ‘rate among courses that require board examinations. Sao, Accountancy is the first among the professions here in the Philippines to bbe included under the World Trade Organization's policy liberalization of services. S. Accountancy is considered a profession because it has a body of principles, assumptions and a set of ethical standards. 6. Republic Act 7160 which is known as the "Local Government Code of 1991" created cities, provinces and municipalities as Local Government ‘Units. 7. The Board of Accountancy employs strictness, whereby before a CPA can ‘engage into public practice, he has to obtain accreditation with Professional Regulatory Commission and Board of Accountancy. a All CPAs employed in the government agencies are considered as public practitioners. 9. The knowledge of accounting is important and beneficial to those who are ‘engaged in business only. 30 ACPA who is teaching in the subjects of taxation in a college or university is not considered to be in the exercise of profession. 11. ACPA is not allowed by law to engage in any lawful business activity if he is a public practitioner, 12. R. A. 9298 known as “Philippine Accountancy Act of 2004" repealed P.D. 692 formerly known as the “Revised Accountancy Law". ____13. The Board of Accountancy shall be composed of a chairman and 6 members to be appointed by the President of the Philippines. —__14. The purpose of the CPA Board Examination is to test the overall a.test the overall canes : d Examination is tO xa e of the CPA Boar’ ; os purpose competence of the candiats® on know! Pr ‘fessional regulatory Commission, the Pr may revise or exclude countancy law, tancy e Oe the approval oft Boar MN ae ‘ones as the need arises. = " Mabi at subjects in their SY! ee Exam, the candidate must ir CPA Board hav ate and above with no grades lower than ay subject. 16, To be qualified a obtain a general 65% in any given i matically become a CPA two years after canada sa ane remaining subjects that he/she failed. CPA Board shall be disqualified unless he/she has enrolled and ure examination. samen 17. Aconditional s without taking examinations on in 2 complete examination f subject given in the licens 18. Any candidate who failed i from taking another set of completed at least 24 units of \ Standards Council is the new standard 19. The Philippine Financial Reportin{ prove the Generally setting-body which is tasked to establish and im ‘Accepted Accounting Principles in the Philippines. 20. The objective . of International Accounting Standard is to achieve uniformity in the accounting principles which are used by business and other organizations for financial reporting around the world. 1-3 Multiple Choice Instructions: Enci Encircle the letter of the corresponding correct answ fer. 1. When was the year that ‘ it accountai , the passing of accountancy law? Incy profession was first Tecognized through a. 1910 b. 1923 @ s1945 a. Governmer bs Raper Accounting pouting S Private Acco, untir Public Ac ns ‘Counting3. A CPA who chooses to join in the academe as a university professor, CPA Reviewer, Researcher, etc. is a member of what sector~ a. Association of CPAs in Commerce and Industry b. Government Association of CPAS © Astociation of CPAs in Public Practice 4. Association of CPAs in Education 4. Many accountants are employed in business enterprise as chief accountant or comptrolier. Said accouritants are engaged in- & General Accounting ¢. Private Accounting 'b. Government Accounting d. Public Accounting S._ The accredited national professional organization of CPAS is- Association of CPAs in Commerce and Industry ASsociation of CPAs in Education Government Association of CPAS Philippine Institute of CPAs 4 ange A CPA in public practice who is engaged in the design and installation of general accounting system is said to be performing a/an- cc. tax servicing work a. management services work d. none of the above b. auditing work A GPA in public practice who carefully examines, tests and checks accuracy of accounting data - a. Auditor ¢. accountant b. Bookkeeper d. budget officer ACPA in public practice who examines financial statements and renders opinion that is free from bias is said to be engaged in- c. bookkeeping 2. management accounting d. none of the above b. auditing Presidential Decree 692 which was previously known as the “Revised Accountancy Law” which was re-enacted May 5, 1975 was repealed by the Republic Act No, 9298 is known as ~ 23‘Philippine Accountancy Act of 2004 Revised Accountancy Law of 2004 PICPA Law of 2004 Professional Accountancy Act of 2004 10. The CPA Board Examination covers how many subjects? aoge 6 subjects ¢. B subjects . 7 subjects d. 9 subjects 11. The Boord of Accountancy shall be composed of a chairman and how many members? : | a 3members c. 6members b. Smembers d. 7 members 12. The Boord of Accountancy shall elect a Vice-Chairman from among its members for the term of- 2. Lyear c. 3years b. 2years d. 4years 13. Any person applying for examination shall establish the following requisites to ‘the satisfaction of the Board that he/she — 2. is a Filipino citizen thas good moral character : < has not been convicted of any criminal offense involving moral tur tude ’ d. allcf the above 14. How many calendar days that the Board of Accountancy shall submit to the Professional Regulatory Commission the ratings that the candidate obtained uring the board exam? @ 8 calendar days €. 10 calendar days b. 9 calendar days d, 11 calendar days 15. A conditioned candidate, shall take an examination in the remaining subjects- within 2 years from the preceding examination 2 years from the last day of release 2 years after date the review course started No need to take the exam as already considered "passed" eece16. The new standard-setting body created in 2005 to replace the Accounting Standards Council (ASC)- a. International Standards Committee b. Financial Reporting Standards Council ¢. Financial Accounting Standards Board dd. Statement of Financial Accounting Standards 17. Due to the creation of FRSC, the Accounting Standards Council's Statement of Financial Accounting Standards (SFAS) are row being renamed as- a. Philippine Accounting Standards b. International Accounting Standard cc. PICPAStandard d. Standards of Reporting 18. The chairman of the Philippine Financial Reporting Standards Council (PFRSC) must have been or presently a- a. a senior accounting practitioner b. amember of PICPA c. amember of the Board of Accountancy d. a chairman of the Professional Regulation Commission 19. What do you call the approved statern Standards Board (IASB)? ents of the International Accounting a. International Accounting Standards International Financial Reporting Standards International Financial Statements nane of the above eos 20. The members of the Professional Regulatory Board of Accountancy shall be appointed by the- a. Association of CPAs in Public Practice b. Professional Regulation Commission c. Philippine Institute of CPAs d. President of the Philippines 21. Which of the following is not a qualification of an applicant for the CPA licensure examination? a. He/she is of good moral character b. He/she is at least 21 years of age 25‘Chapter 1 c. He/she is a Filipino citizen d. He/she is a holder of the degree of Bachelor of Science in Accountancy 22. Which of the following statements is correct? a. The examination in which the candidate was aa a at removal examination on the subject in which he/she failed shall be complete examination farennddee ais ‘alli two (2) complete CPA board examinations will no longer be allowed to take another set of examinations. Any candidate who fails in two (2) complete CPA board examinations shall be disqualified from taking another set of examinations unless he/she submits evidence to the satisfaction of the Board that he/she enrolled in and completed at least twenty-four (24) units of subjects given in the licensure examination. d. None of the above 23. Which among the following is the work of a public practitioner which has a Purpose of expressing an opinion on financial statements? a. taxation b. management advisory services external auditor d. internal auditor 24. A professional accountant in public practice is prohibited from divulging any confidential information as a result of professional and business rélationship to third parties without specific authority from the management. objectivity . confidentiality due care none of these aocy 25. A professional accountant should not allow bias, conflict of interest or under influence of others to override professional or business judgments. objectivity integrity professional competence none of these aoce