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01

THE ACCOUNTANCY PROFESSION

RAYMUND FRANCIS A. ESCALA, CPA, MBA

PRACTICE AND REGULATION OF THE

ACCOUNTANCY PROFESSION
RAYMUND FRANCIS A. ESCALA, CPA MBA

ADDITIONAL QUIZZERS

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1. Which of the following is not among the scope of practice explicitly included in R.A. 9298?
A. Public practice
B. Private practice

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C. Academe or education
D. Government

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2. The professional regulatory board of accountancy shall be composed of
A. Six members with a chairman
B. Seven members
C. Seven members with a chairman
D. Seven members and a chairman

3.
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The following statements pertain to the qualifications a person should possess to qualify as member or chairman of
the board, except
A. Must be a duly registered Certified Public Accountant with more than ten (10) years of work experience in any
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scope of practice of accountancy.
B. Must be of good moral character and must not have been convicted of crimes involving moral turpitude.
C. Must not have any pecuniary interest, directly or indirectly, in any school, college, university or institution
conferring an academic degree necessary for admission to the practice of accountancy or where review classes
in preparation for the licensure examination are being offered or conducted, nor shall he/she be a member of the
faculty or administration thereof at the time of his/her appointment to the Board.
C

D. Must not be a director or officer of the APO at the time of his appointment.

4. Which of the following statements is incorrect?

A. The Board shall be under the administrative supervision of the Commission.
B. The Board shall, at the close of each calendar year, submit an annual report to the President of the Philippines
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through the Commission.

C. All records of the Board, including applications for examination, examination questions, answer sheets, and other
records and documents pertaining to the CPA licensure examination, and administrative and other investigative
cases conducted by the Board shall be under the custody of the Commission.
D. The Accredited National Professional Organization of CPAs shall provide the secretariat and other support
services to implement the provision of R.A. No. 9298.
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5. The following statements relate to CPA ratings. Which is incorrect?

A. To pass the LECPA, an examinee must obtain a general average of at least seventy-five percent (75%), with no
grades lower than sixty-five percent (65%) in any given subject.
B. A conditional candidate shall take an examination in the remaining subjects within two years from the preceding
examination.
C. An examinee obtaining a general average of less than 75%, has a grade of less than 65%, or both, but has
obtained 75% and above in at least majority of the subjects covered in the licensure examination is considered
failed.

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RAYMUND FRANCIS A. ESCALA, CPA MBA

THE ACCOUNTANCY PROFESSION

D. A 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 subject given in the board exam.

6. A certificate of registration shall be issued to

I. examinees who pass the licensure examination
II. person awarded by the President of the Philippines
III. person admitted under reciprocity or other international agreements
A. I and II
B. II and III
C. I and III

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D. I, II and III

7. Which of the following are allowed to practice public accountancy?

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I. Single practitioners
II. Limited partnership
III. General partnership

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IV. Corporation
A. I and III
B. I and II
C. I, II and III
D. I, II, III and IV

8.
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Evaluate the following statements related to penal and final provisions of R.A. 9298.
I. Any person who shall violate any of the provisions of R.A. 9298 or any of its implementing rules and regulations
as promulgated by the Board subject to the approval of the Commission, shall, upon conviction, be punished by a
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fine of not less than fifty thousand pesos or by imprisonment for a period exceeding two years or both.
II. It shall be the primary duty of the Commission and the Board to effectively enforce the provisions of R.A. 9298.
III. The Secretary of Justice or his duly designated representative shall act as legal adviser to the Commission and
the Board and shall render legal assistance as may be necessary in carrying out the provisions of R.A. 9298.
A. Only one statement is incorrect
B. Only two statements are correct
C

C. All statements are correct

D. All statements are incorrect

9. Which of the following is not represented in FRSC?

A. Commission on Audit
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B. Securities and Exchange Commission

C. Bureau of Internal Revenue
D. National Association of CPAs in Education

10. Which of the following organizations are created by the Commission thru the powers granted by R.A. 9298?
I. Auditing and Assurance Standards Council (AASC)
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II. Quality Review Committee (QRC)

III. Education Technical Council (ETC)
IV. PRC CPE Council
V. Philippine Institute of Certified Public Accountant (PICPA)
A. I, II and III
B. II, III and IV
C. I, II, III and IV
D. II, III, IV and V
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REO CPA REVIEW PHILIPPINES Effectiveness. Efficiency. Convenience

www.realexcellenceonline.com.ph REAL EXCELLENCE ONLINE CPA REVIEW
(074) 665 6774 0916 840 0661 admin@reo.com.ph MAY 2022 CPA REVIEW SEASON