Professional Documents
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Ra 9298 Quizzer
Ra 9298 Quizzer
27. What is the legal basis of the Philippine Accountancy Act of 2004?
a. RA 9298 c. Senate Bill No. 2748
b. PD 692 d. House Bill No. 6678
28. It is the specific organization mandated by the law to promulgate rules and
regulations affecting the practice of Accountancy.
a. Professional Regulation Commission (PRC)
b. Professional Regulatory Board of Accountancy (BoA)
c. Philippine Institute of Certified Public Accountants (PICPA)
d. Accounting Standards Council (ASC)
29. It is the organization created by PICPA in 1981 to formalize the accounting
standard-setting function and establish generally accepted accounting principles
(GAAP) in the Philippines.
a. Accounting Standard Council (ASC)
b. Association of the CPAs in Education (ACPAE)
c. Association of CPAs in Public Practice (ACPAPP)
d. Professional Regulatory Board of Accountancy (BoA)
30. The Accounting Standards Council (ASC) used to be composed of the nominees
from all the following organizations, except
a. Bureau of Internal Revenue (BIR)
b. Philippine Institute of Certified Public Accountants (PICPA)
c. Securities and Exchange Commission (SEC)
d. BangkoSentralngPilipinas (BSP)
31. Pursuant to the IRR of the Philippine Accountancy Act of 2004, the Accounting
Standards Council (ASC) was replaced by the
a. Auditing and Assurance Standards Council (AASC)
b. Financial Reporting Standards Council (FRSC)
c. Association of CPAs in Education (ACPAE)
d. Education Technical Council (ETC)
32. The number of members (including the chairman) in the Financial Reporting
Standards Council.
a. 12 c. 14
b. 13 d. 15
33. The Financial Reporting Standards Council (FRSC) is composed of nominees from
all of the following, except
a. Commission on Audit (CoA)
b. Bureau of Internal Revenue (BIR)
c. Financial Accounting Standards Board (FASB)
d. Professional Regulatory Board of Accountancy (BoA)
34. Based on IRR, how long in years is the renewable term of the chairman and
members of FRSC?
a. 2 c. 4
b. 3 d. 5
35. The chairman of FRSC must be or must have been a senior accounting practitioner
in
a. Public practice c. Government or education
b. Commerce and industry d. Any scope of accounting practice
36. It function is to assist FRSC in establishing and improving financial reporting
standards in the Philippines as it issues implementation guidance on existing PFRS.
a. Board of Accountancy c. Professional Regulations Commission
b. Education Task Force d. Philippine Interpretations Committee
37. Under PAS 1, the term “PFRS” shall be comprised of
a. PAS only c. PFRS and PAS
b. PFRS only d. PFRS, PAS and Interpretations
38. The accounting body that replaced the International Accounting Standards
Committee (IASC) in 2001.
a. Standing Interpretations Committee (SIC)
b. International Accounting Standards Board (IASB)
c. Standards Advisory Council (SAC)
d. Accounting Principles Board (APB)
39. What is the branch of accounting that is most related with the accounting sector
“Association of CPAs in Commerce nd Industry (ACPACI)?”
a. Public accounting c. Government accounting
b. Private accounting d. Accounting education
40. Who is not a present member of the Professional Regulatory Board of Accountancy
(BoA)?
a. Atty. Eugene Mateo c. Dr. Rufo Mendoza
b. Mr. Jose Tayag Jr. d. Dra. Gloria Zamora
41. Who is not a present member of the Financial Reporting Standards Council
(FRSC)?
a. David Balangue c. Gregorio Navarro
b. Judith Lopez d. Ester Ledesma
42. Who used to be presidents of the Association of CPAs in Education (ACPAE) that
now serve as advisers of the said Association?
a. Asser Tamayo and Jose Ireneo c. Asser Tamayo and Antonio Dayag
b. Antonio and ConradoUberita d. ConradoUberita and Jose Ireneo
43. The Philippine Accountancy Act of 2004—shall provide and govern:
a. The standardization and regulation of accounting education.
b. The examination for registration and Certified Public Accountants.
c. The supervision, control and regulation of the practice of accountancy in the
Philippines.
d. All of the answers.
44. Which organization(s) has/have the primary duty of effective enforcing the
provisions of RA 9298?
I. Professional Regulatory Board of Accountancy
II. Department of Justice
III. Professional Regulation Commission
IV. Philippine Institute of Certified Public Accountants
a. I and II b. II and III c. I, III and IV d. I and III
45. A professional identification card has a validity of:
a. 1 year b. 2 years c. 3 years d. 4 years
46. CPAs may practice public accountancy under the following forms of organization,
except:
a. Sole proprietorship c. Limited liability partnership
b. General partnership d. Corporations
47. This is the traditional service provided by CPA firms.
a. Compilation. b. Audits. c. Reviews d. Tax services
48.Alllicensed CPAs shall obtain and use a seal of a design prescribed by the
a. Accounting Standards Council. c. Board of Accountancy
b. Philippine Institute of CPAs. d. PRC
49. The CPA shall be required to indicate which of the following numbers on the
documents he/she signs, uses or issues in connection with the practice of the
profession:
a. CPA Certificate of Registration number.
b. Professional Identification Card.
c. Professional tax receipt.
d. All of these are required to be indicated.
50. The amount of audit fees depend largely on the:
a. Size and capitalization of the company under audit.
b. Amount of the profit for the year.
c. Availability of cash.
d. Volume of audit work and degree of competence and responsibility involved.
51. The practice of accountancy includes the following, except:
a. Being appointed as the marketing manager of a business enterprise.
b. Serving as edit examiner for the Commission on Audit.
c. Working as the Dean of a College that grants a degree of BS Accountancy.
d. Provision of assurance services to more than one client and on a fee basis.
52. All graduates with a Bachelor’s Degree in Accounting shall be allowed to take the
CPA Licensure Examination within two years from the effectivity of RA 9298 under
the rules and regulations to be promulgated by the BIA subject to the approval by the
PRC.
a. 1 year b. 2 years c. 3 years d. 4 years
53. According to the IRR, this council is tasked to assist the BOA in continuously
upgrading accountancy education in the Philippines to make the Filipino CPAs
globally competitive.
a. Quality Review Committee c. CPE council
b. Education Technical Council d. CHED
54. The Education Technical Council shall be composed of
a. Six members.
b. Seven members with a chairman.
c. Seven members with a chairman and a vice-chairman.
d. Eight members with a chairman, a vice-chairman, and a secretary.
55. Unless there’s a valid reason to have additional representation, the PICPA shall
have how many national directors?
a. 12 b. 14 c. 15 d. 20
56. The PICPA national directors shall be apportioned according to four geographic
sectors based on the ratio of latest available number of members in good standing
from those areas. Which of the following is NOT a geographic sector?
a. Luzon b. NCR c. Mindanao d. CAR
57. A PICPA director can only represent a sector in a region if he/she has been a
member in good standing in such sector in the region for at least _____ years at the
same time of his/her nomination:
a. Two years b. Three years c. Four years d. Five years
58. Sectoral Organization have been established to promote the interests of groups of
professional accountants. Which of the following is the sectoral organization for
CPAs in Public Practice?
a. GACPA. b. ACPAPP. c. ACPACI. d. ACPAE.
59. Monitoring the compliance with CPE requirements is done by the PRC CPE Council.
The PRC CPE Council shall be composed of:
a. A chairperson and three members
b. A chairperson, vice-chairperson and two members
c. A chairperson and two members
d. A chairperson, vice-chairperson and three members
60. Regarding practice of accountancy, which of the following certificates is issued to a
successful passer of the CPA Board Exams first, a certificate of registration or a
certificate of accreditation?
a. Certificate of registration. c. Both are issued at the same time.
b. Certificate of accreditation. d. Neither are issued to CPAs.
61. S1 A registered professional who is working abroad shall be temporarily exempted
from compliance with CPE requirements during his/her stay abroad, provided
S2 Those who failed to renew professional licenses for a period of three continuous
years from initial recognition, or from last renewal, shall be declared delinquent.
a. True, true b. True, false c. False, true d. False, false
62. As used in RA 9298, this term refers to the area of practice of accountancy:
a. Line b. Section c. Segment d. Sector
63. The practice of accountancy includes the following except:
a. Practice in public accountancy.
b. Practice in education or the academe.
c. Practice in the government.
d. Practice in commerce and industry, when the CPA is appointed as marketing
of the enterprise.
64. This organization administers, implements and enforces the regulatory policies of
the Philippine Government with respect to the regulation and licensing of the various
profession under its jurisdiction, one of which is accountancy.
a. BOA b. PICPA c. COA d. PRC
65. Who is the person that has the authority to suspend or remove a member of the
BOA, on valid grounds and after due process?
a. The President of the Republic of the Philippines.
b. The Chairman of the Professional Regulatory Board of Accountancy, unless
he is one who is under investigation.
c. The Commissioner of the Professional Regulation Commission.
d. None of them.
66. The following are grounds for suspension or removal of members of the Board of
Accountancy, except:
a. Neglect of duty or incompetence.
b. Violation or tolerance of any violation of RA9298 and its IRR, or the Code of
Ethics and technical and professional standards of practice for CPAs.
c. Pending case on a crime involving moral turpitude.
d. Manipulation or rigging of the CPA licensure examination results.
67. CPAs may practice public accountancy under the following forms of organization,
except:
a. Sole proprietorships c. Limited liability partnerships
b. General partnerships d. Corporations
68. The names under which a CPA practices the profession must:
a. Not be misleading as to the form of organization.
b. Contain more than three names.
c. Indicate any specialization.
d. Include one fictitious name.
69. A (n) ___________ shall do business under their respective duly registered and
authorized firm name appearing in the registration documents issued by the Department
of Trade and Industry or any other proper government office.
a. Individual CPA
b. Firm
c. Partnerships of CPAs.
d. Corporations of CPAs.
70. All licensed CPAs shall obtain and use as seal of a design prescribed by the
a. Accounting Standards Council.
b. Philippine Institute of CPAs.
c. Board of Accountancy.
d. Professional Regulation Commission.
71. Which of the following cannot be mentioned by an author in publicizing a book in
accounting?
a. Name
b. Qualifications
c. Membership in professional organization
d. Services that the author’s firm provides
72. A professional accountant may invite the following to attend training courses and
seminars conducted for the assistance of staff (select the exception):
a clients
b. staff of the firm
c. other professional accountants
d. potential clients
73. Regarding anniversaries, a firm may undertake press releases or other media
releases to commemorate their anniversaries in public practice only every:
a. year
b. 3 years
c. 4 years
d. 5 years
74. This acts provides that only licensed professionals may teach licensure subjects,
and provides for the triennial renewal of the Professional Identification Card:
a. RA no. 9298
b. PRC Modernization Act
c. IRR of RA 9298
d. PD 1081
75. The accreditation granted for accounting teachers is valid for:
a. 1 year
b. 2 years
c. 3 years
d. 4 years
76. It function is to assist FRSC in establishing and improving financial reporting
standards in the Philippines as it issues implementation guidance on existing PFRS.
a. Board of Accountancy c. Professional Regulations Commission
b. Education Task Force d. Philippine Interpretations Committee
77. S1 A registered professional who is working abroad shall be temporarily exempted
from compliance with CPE requirements during his/her stay abroad, provided
S2 Those who failed to renew professional licenses for a period of three continuous
years from initial recognition, or from last renewal, shall be declared delinquent.
a. True, true b. True, false c. False, true d. False, false
78. The following are regarded by RA9298 as CPA services in public practice if offered
or rendered on a
fee basis and to more than one client:
Preparation and signing of audit reports.
Professional assistance on accounting procedures.
Representation of clients before governmental agencies on tax and other
matters regardless of its relation to accounting.
a. b. c. d.
YES YES YES YES
YES NO NO YES
YES YES NO NO
79. Which of the following statements is correct?
a. The chairman and members of the Board shall receive compensation and
allowances
comparable to that being received by the chairman and members of the existing
regulatory
boards under the PRC as provided for in the General Appropriations Act.
b. No person shall serve in the Board for more than nine years.
c. The BOA chairmanhas the sole power to administer oaths in connection with
the
administration of the accountancy law.
d. The Board shall be under administrative supervision of the PICPA.
80. This organization administers and implements and enforces the regulatory policies
of the Philippine
Government with respect to the regulation and licensing of the various profession
under its
jurisdiction, one of which is accountancy.
a. BOA
b. PICPA
c. COA
d. PRC
81. May a CPA give a brochure to a non-client?
a. No, because this is a violation of the revised rules on advertising.
b. Yes, since this is acceptable under revised rules on advertising.
c. No, unless the non-client becomes a client within 10 days from receipt of the
brochure.
d. Yes, if the non-client has made an unsolicited request.
82. Which if the following partner profile information may be posted in a firm’s website?
a. Name
b. Educational attainment and brief listing of services
c. Postal address, telephone, fax, and email-address
d. All of these may be posted in a form’s website
83. Regarding anniversaries, a firm may undertake press releases of other media
releases to commemorate their anniversaries I public practice only every:
a. Year
b. 3 years
c. 4 years
d. 5 years
84. The accreditation granted for accounting teacher is valid for:
a. 1 year
b. 2 years
c. 3 years
d. 4 years
85. The constitution of the Philippines requires this office to “keep the general accounts
of the
Government and for such period as may be provided by law, preserve the vouchers
pertaining
thereto.”
a. National Accounting Office
b. Ministry of Finance
c. Commission on Audit
d. Accounting Units
86. A CPA firm usualy offers non-aduit services, such as management advisory
services. Its pimary purpose is to:
a. Furnish professional advice and assistance which will enable the client to
improve operation
b. Keep the CPA firmcompetitive with other firms.
c. Establish the firm as a consultant, thus ensuring its future expansion and
growth.
d. Permit the firm’s staff members to acquire expertise in other areas of practice
87. Under this method of building a client, the external auditors charges on the basis of
actual time spent by principals/partners,supervisors ,seniors and juniors at
predetermined rates agreed upon with the client
a. Per diem basis. c. flat fee or flat sum basis
b. retainer basis. d. maximum fee basis
88. the following are grounds for the suspension or revocation of certificate of
registration and professional identification card, excert:
a. Possession of an unsound mind
b. Practice in more than one field of accountancy
c. Conviction of a criminal offense involving moral turpitude
d. Unprofessional or unethical conduct, malpractice, or violation of RA9298.
Source: (27-88) ReSA handout