1. Which of the following is incorrect c.

II and III only

regarding Republic Act 9298?
d. I, II, and III
a. Its ultimate basis is the Constitution of
the Philippines. 4. Which of the following statements about
the composition of the BOA is incorrect?
b. The primary duty to enforce its
provisions, including its IRR rests with a. It shall be composed of a chairman and
BOA. 6 members.

c. It is also known as the Revised b. The members shall be appointed by the

Accountancy Law. President of the Philippines.

d. It was made into law in 2014. c. The four sector in the practice of
accountancy shall as much as possible
2. Which of the following laws was not used in be equally represented in the BOA.
the past as a legal basis for the Accountancy
Profession in the Philippines? d. If the PICPA fails to submit its nominees
within 60 days prior to the expiry of the
a. Act No. 3105 term of an incumbent chairman or
member, the Commission in
b. RA No. 5166 consultation with the BOA, shall submit
to the President a list of 3 nominees for
c. PD 692
each vacant position.
d. RA 9298
5. Which of the following is one of the
3. Which of the following statements is qualifications of the members of the BOA?
correct?
a. Must be a natural-born CPA
I. Violators of RA 9298 may be
b. Must not be a member PICPA at the
brought before the PRC, the BOA
time of appointment
or other offices of the law
mentioned in the Act. c. Must not have been convicted of
political offense
II. Punishment for violation of RA
9298 shall be a fine of not less than d. Must be a CPA with at least 10 years of
P50,000 or by imprisonment for a experience in any scope of practice of
period not exceeding 2 years or accountancy
both.
6. Which statement is correct regarding the
III. Only CPAs may report cases of term of office of the chairman and the
illegal practice or violators of RA members of the Board of Accountancy?
9298 committed by any person or
party. a. The chairman and members of the
Board shall hold office for a term of 12
a. I and II only years.

b. I and III only

 b. The vice chairman shall serve as BOA
members for 1 year, subject to
reappointment.
c. No person who has served two (2)
successive complete terms shall be
eligible for reappointment until the
lapse of 1 year.
d. A person may serve the BOA for not
more than 12 terms.
e. A member of the BOA may serve for 9
consecutive years.
7. The following are qualifications of
applicants for the CPA licensure
examination, except
a. Must be a Filipino citizen
10. Which of the following is correct regarding
b. Must not be convicted of any criminal
offense involving moral turpitude
c. Must be at least 21 years old
d. Must be a holder of degree of Bachelor
of Science in Accountancy
8. The following documents shall be submitted
by applicants for the CPA licensure
examination, except:
a. Transcript of records with indication
therein of date of graduation and
Special Order Number unless it is not
required
b. Certificate of live birth in National
Statistics Office (NSO) security paper
c. College diploma with indication therein
of date of graduation and Special Order
Number unless it is not required
d. Marriage contract in NSO security
paper for all applicants
9. Which of the following is correct regarding
the scope of the CPA Examination?
I. The licensure examination for CPAs
shall be limited to TOA, BLT, MS,
AT, PA1 and PA2.
II. The BOA, subject to the approval
of the PRC, may revise or exclude
any of the subjects and their
syllabi, and add new ones as the
need arises. Provided, that the
change shall not be more often
than every 3 years.
a. I only
b. II only
c. Both I and II
d. Neither I nor II
the ratings in the CPA Examination?
a. If the event a candidate obtains the
rating of 75% and above in at least a
majority of the subjects, he/she shall
receive conditional credit for the
subjects failed.
b. Conditioned examinees shall take an
examination in the remaining subjects
within a year from the preceding
examination.
c. If a conditioned candidate fails to
obtain at least a general average of
75% and a rating of at least 65% in each
of the subjects re-examined, he/she be
considered as failed in two complete
examinations.
d. Any candidate who fails in 2 complete
examinations shall be disqualified from
taking another set of examinations
unless he/she has completed at least
24 units of subjects given in the
licensure examination.
11. On the report of ratings, which of the
following is correct?
a. The PRC shall mail the report of rating
of each successful examinee only at
his/her given address using the mailing
envelope submitted during the
examination.
b. The report of rating may be distributed
to all examinees during the mass oath
taking of the newly registered CPAs.
c. The report of ratings shall be submitted
by the BOA to the PRC with 10 working
days after the examination.
d. The accounting profession was the first
among the professions to achieve full
computerization of licensure
examinations.
12. Which of the following is incorrect
regarding “oath”?
a. It is required for all successful
candidates in the examination.
b. It shall be before any BOA member, or
any government official authorized by
the PRC or law to administer oaths.
c. It is required for CPAs admitted in the
practice of accountancy in the
Philippines without examination under
international agreements.
d. It is not required for CPAs admitted in
the practice of accountancy in the
Philippines without examination under
reciprocity.
13. Which of the following is correct regarding
the roster of CPAs?
a. It shall be prepared and updated by the
PRC.
b. The BOA may delegate the preparation
of the roster to the PRC.
c. The roster needs to be published in the
official gazette.
d. It shows names and place of business of
all registered CPAs.
14. The BOA may issue certificate of
registration and professional identification
card to any successful examinee
a. Of unsound mind
b. Convicted by a court of political offense
c. Guilty of immoral or dishonourable
conduct
d. Who has falsely represented
himself/herself in his/her application
for examination
15. The professional accountant shall be
required to indicate all of the choices below
on the documents he/she signs, uses or
issues in connection with the practice of
his/her profession. Which is the exception?
a. Business contact number
b. COR number
c. PIC number with date of issuance and
validity
d. Professional Tax Receipt number
16. Which of the following is correct regarding
the Certificate of Registration?
a. It shall be issued to successful
examinees, or those who are admitted
without examination under reciprocity
or other international agreements and
exempt from payment of fees
prescribed by the PRC.
 b. It shall bear the registration number, c. Practitioner
date, of issuance and expiry date.
d. Professional accountant
c. It shall be subject to annual registration
fees and renewed every after 3 years. 20. It refers to an organization engaged in the
practice of public accountancy, consisting of
d. It shall bear the signature of the PRC a sole proprietor, either alone or with one
Chairman, BOA Chairman and its or more staff members.
members, stamped with the official
seal of the PRC and the BOA. a. Firm

17. Which of the following cannot be found in b. Individual CPA

the Professional Identification Card issued
c. Corporation
to every registered CPA?
d. Network firm
a. Date of issuance
21. As defined by the Act, it refers to a CPA
b. Expiry date
employed by an individual CPA, Firm or
c. Registration number Partnership engaged in the practice of
public accountancy, below the rank of the
d. Signature of the BOA and PRC Individual CPA, sole proprietor or partner as
chairperson the case may be.

18. Which of the following is correct? a. Staff member

a. A revoked COR may be reinstated by b. Assistant

the BOA within 2 years from the date of
revocation. c. Auditor

b. A revoked COR must be reinstated by d. Associate

the BOA after 2 years from the date of
22. On the practice of public accountancy,
revocation.
c. Lost, destroyed or mutilated COR
cannot be replaced with a new COR.
d. On reinstatement of a revoked COR,
the Boa may exempt the application
from taking another examination.
19. It refers to a certified public accountant
engaged in the practice of public
accountancy under his/her name, by
himself/herself only or with one or more
staff members.
which of the following is incorrect?
a. From the effectivity of RA 9298,
Certificate of Accreditation shall be
issued to CPAs in public practice who
acquired a minimum of 3 years
meaningful experience in any of the
areas of public practice, including
taxation.
b. Partnerships in public practice may be
formed as general partnership or a
limited liability partnership.

a. Individual CPA c. The SEC shall not be register any

corporation organized for the practice
b. CPA of public accountancy.
 d. Sole proprietorships shall be registered
with the SEC.
23. Any position in any business or company in
the private sector which requires
supervising the recording of financial
statements, coordinating with external
auditors for the audit of such financial
statements and other related functions shall
be occupied only a by duly registered CPA if
the business or company where the above
position exists has
a. A paid up capital of at least P5M
b. An annual revenue of at least P5M
c. A total asset of at least P10M
d. A paid up capital of at least P10M
24. The minimum meaningful experience
required in public accountancy by RA 9298
shall include:
a. At least 1 year as audit assistant and at
least 1 year as auditor in charge
b. At least 1 year as audit assistant and 2
years as auditor in charge
c. At least 2 years as audit assistant and at
least 2 years as auditor in charge
d. At least 2 years as audit assistant and at
least 1 year as auditor in charge
25. For every CPE seminars or conventions
attended, moderator CPAs shall be present
for how many hours to earn 10 credit units?
a. 2 hours
b. 5 hours
c. 3.33 hours
d. 10 hours
26. Which of the following is incorrect on credit
units?
a. A minimum of 15 credit units shall be
earned in each year
b. Any excess credit units in one year may
be carried over to the succeeding years
within the three year period
c. One credit hour of CPE program,
activity or source shall be equivalent to
one credit unit
d. No excess credit units shall be carried
to the next three year period.
27. Which of the following statement is
correct?
a. Permanent exemptions from CPE
requirements shall be granted to all
CPA who reached 60 years old.
b. Temporary exemptions from CPE
requirements shall be granted to all
CPAs who are abroad for a year prior to
the renewal of the license.
c. Foreign accountants may practice
accountancy in the Philippines anytime.
d. Credit units in graduate and post
graduate degree may be carried
forward to the next 3-year period.
28. Which of the following is correct regarding
the FRSC?
a. It is composed of 15 members and a
chairman.
b. Its chairman should have been or
presently a senior accounting
practitioner in public accountancy.
c. Its chairman and members shall be
appointed by the BOA upon the
recommendation of the PRC.
 d. It its created within 90 days from the
effectivity of the IRR to RA 9298.

29. Which of the following is incorrect

regarding the AASC?

a. It is composed of 15 members with a

chairman.

b. It is created by the PRC upon the

recommendation of the BOA.

c. The BIR is not represented in the

Council.

d. The APO from public practice shall have

5 representatives.

30. Which of the following is incorrect

regarding the QRC?

a. It is created to conduct an oversight

into the quality of audit of financial
statements through a review of the
quality control measures instituted by
Individual CPAs, firms or Partnerships

b. It shall be composed of 7 members

with a chairman

c. Its chairman and members are

appointed by the PRC and shall have a
renewable term of 3 years.

d. QRC stands for Quality Review Council.