1.

Unless otherwise specified by law, engagement documentation is owned by the

A. The Board of Accountancy C. The client and the Firm
B. The client D. The Firm

2. Contingent fees are widely used for certain types of non-assurance engagements. They may, however, give
rise tothreats to compliance with the fundamental principles, especially the principle of
A. objectivity
B. confidentiality
C. professional behavior
D. professional competence and due care

3. The CPA shall be required to indicate which of the following numbers on the documents he/she signs, uses or
issuesin connection with the practice of the profession?
A. Professional tax receipt.
B. Professional Identification Card
C. CPA Certificate of Registration number.
D. All of the choices are required to be indicated.

4. The normal retention period for audit engagement documentation is no shorter than _____ from the date of the
audit report.
A. two years C. five years
B. four years D. seven years

5. Original paper documentation may be scanned and stored electronically for practical reasons. After scanning,
the original paper document
A. shall be kept on file for future reference.
B. shall be discarded following established principles on waste disposal.
C. shall be considered for retention or disposal depending on legal or regulatory requirements and
otherfactors.
D. none of the choices

6. May a CPA give a brochure to a non-client?

A. Yes. if the non-client has made an unsolicited request
B. No, because this is a violation of the revised rules in advertising
C. Yes, since this is acceptable under the revised rules in advertising
D. No, unless the non-client becomes a client within 10 days from receipt of the brochure

7. Which of the following CANNOT be mentioned by an author in publicizing a book in accounting?

A. Name
B. Qualifications
C. Services that the author's firm provides
D. Membership in professional organization

8. Alex, CPA, is the dean of the College of Accountancy in the University of St. Jones. Related to this, which of
thefollowing statements is INCORRECT?
A. Alex is considered to be in the practice of his profession.
B. Alex is practicing accountancy in the education sector (academe).
C. Alex is not considered in the practice of his profession because he occupies an administrative position.
D. The position of the dean or the department chair or its equivalent that supervises the BS
Accountancyprogram of an educational institution must be a duly registered CPA.

9. At present, the Accredited Professional Organization referred to under the IRR of the Philippine Accountancy
Act is the
A. Board of Accountancy
B. Professional Regulations Commission
C. Association of CPAs in Public Practice
D. Philippine Institute of Certified Public Accountants

10. Which of the following statements is INCORRECT?

A. The SEC shall not register any corporation organized for the practice of public accountancy.
B. Meaningful experience, as mentioned by RA 9298, is explained in details under Section 28A of
theImplementing Rules and Regulations.
C. Single practitioners and partnerships for the practice of public accountancy shall be registeredCertified
Public Accountants in the Philippines.
D. A certificate of accreditation shall be issued to certified Dublic accountants in public practice onlyupon
showing, that such registrant has acquired a maximum of three (3) years meaningful experiencein any of
the areas of public practice including taxation.