AT 103 The CPA Profession / RA 9298

1. Regulation of the accounting profession

include:
a. Public regulation as provided for in the
Philippine Accountancy Act of 2004
b. Regulation within the profession, through
the implementation of the Code of Ethics
c. Regulation within the firm, through the
implementation of a system of quality
control
d. All of the answers
2. The Philippine Accountancy Act of 2004 shall
provide for and govern:
a. Standardization
and
regulation
of
accounting education
b. Examination for registration of CPAs
c. Supervision, control and regulation of the
practice of accountancy in the Philippines
d. All of the above
3. Which of the following is false?
a. The practice of public accountancy includes
a person who holds out himself as one
skilled in the knowledge, science and
practice of accounting, and as someone
qualified to render professional services as
a CPA.
b. The practice in commerce & industry
includes a person involved in decision
making requiring professional knowledge in
the science of accounting, or when such
employment or position requires that the
holder must be a CPA such as those
companies which have a paid up capital of
at least 10 million and/or annual revenue of
at least 5 million.
c. The practice in education includes a person
involved in teaching of accounting, auditing,
management services, finance, business
law, taxation and other technically-related
subjects.
d. The practice in government includes a
person who holds or is appointed to a
position in an accounting professional group
in government or in a government-owned
and/or controlled corporation, where
decision-making
requires
professional
knowledge in accounting.
4. Refers to the area of practice of accountancy:
a. Sector
b. Segment
c. Section
d. Area
5. The following are the powers and functions of
the Board of Accountancy, except:
a. May, motu propio in its discretion, make
such investigations as it deems necessary
to determine whether any person has
violated any provisions of this law, any
accounting or auditing standard or rules
b. Issue a cease or desist order to any person,
association, partnership or corporation
engaged in violation of any provision of this

Act, any accounting or auditing standards or

rules
c. Exercise such other powers as may be
provided by law as well as those which may
be implied from, or which are necessary or
incidental to the carrying out of, the express
powers granted to achieve the objectives
and purposes of this Act
d. Administer, implement and enforce the
regulatory policies of the Philippine
Government with respect to the regulation
and licensing of the various profession
under its jurisdiction
6. The following are grounds for suspension or
removal of members of the BOA, except:
a. Neglect of duty or incompetence
b. Manipulation or rigging of the CPA licensure
examination results
c. Pending case on a crime involving moral
turpitude
d. Violation or tolerance of any violation of RA
9298
7. Sectoral organizations have been established
to promote the interests of groups of
professional accountants. Which of the
following is not a sectoral organization of
PICPA?
a. GACPA
b. ACPAPP
c. ACPACI
d. ACPAE
8. This committee is created to conduct an
oversight into the quality of audits of FS through
a review of the quality control measures
instituted by individual CPAs, firms or
partnerships.
a. Quality Review Council
b. Quality Control Committee
c. Quality Review Committee
d. Engagement Quality Control Review
9. The following are regarded by RA 9298 as CPA
services in public practice if offered or rendered
on a fee basis and to more than one client,
except:
a. Professional assistance on accounting
procedures
b. Preparation and signing of audit reports
c. Representation
of
clients
before
governmental agencies on tax and other
matters regardless of its relation to
accounting
d. Certification of statements or reports which
are to be used for publication or for credit
purposes
10. S1: To be qualified as having passed the
licensure examination for accountants, a
candidate must obtain a general average of
75%, with no grades lower than 65% in majority
of the subjects.
S2: A candidate with conditional credits must
take a removal examination within 2 years from
the date of the preceding examination.

a.
b.
c.
d.

True, true
True, false
False, true
False, false

11. Any candidate who fails in two (2) complete

Certified Public Accountant 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 ____ units of
subject given in the licensure examination.
a. 15 units per year for a total of 60 units
b. 24 units
c. 20 units
d. 15 units
12. S1: A certificate of registration shall be issued
to examinees who passed the licensure
examination subject to payment of fees
prescribed by the Board, and shall bear the
signature of the chairman and members of the
Board, stamped with the official seal of the
Board.
S2: A Professional Identification Card bearing
the registration number, date of issuance,
expiry date, duly signed by the chairperson of
the Board, shall likewise be issued to every
registrant renewable every 2 years.
a. True, true
b. True, false
c. False, true
d. False, false
13. S1: The Board shall not register and issue a
certificate of registration and professional
identification card to any successful examinee
with pending case in a court of competent
jurisdiction of a criminal offense involving moral
turpitude or guilty of immoral and dishonorable
conduct or to any person of unsound mind.
S2: The Board shall have the power, upon due
notice and hearing, to suspend or revoke the
practitioners certificate of registration and
professional identification card or suspend
him/her from the practice of his/her profession
or cancel his/her special permit for any
unprofessional
or
unethical
conduct,
malpractice, violation of any of the provisions of
RA 9298.
S3: The Board may, after the expiration of 2
years from the date of revocation of a certificate
of registration and upon application and for
reasons deemed proper and sufficient, reinstate
the validity of a revoked certificate of
registration.
a. True, true, true
b. True, false, true
c. False, true, true
d. False, true, true
14. CPAs may practice public accountancy under
the following forms of organization, except:

a.
b.
c.
d.

Sole proprietorships
General partnerships
Limited liability partnerships
Corporations

15. Subjects or citizens of foreign countries may be

allowed to practice Accountancy in the
Philippines:
a. May be allowed to practice accountancy in
the Philippines, regardless of the provisions
of existing laws and international treaty
obligations, including mutual recognition
agreement entered into by the Philippine
government with other countries.
b. Are not allowed to practice accountancy in
the Philippines unless they take, and pass,
the CPA licensure examination given by
BOA
c. May be allowed to practice accountancy in
the Philippines, subject to the provisions of
existing laws and international treaty
obligations, including mutual recognition
agreement entered into by the Philippine
government with other countries.
d. Never allowed to practice in the Philippines
16. Which of the following names illustrate a firm
name, as contrasted to the name of an
individual CPA or partnership name?
a. Juan Dela Cruz, CPA
b. Juan Dela Cruz and Associates, CPAs
c. Dela Cruz & Reyes, CPAs
d. Dela Cruz, Reyes & Co., CPAs
17. The amount of audit fess depend largely on the:
a. Size and capitalization of the company
under audit
b. Amount of profit for the year
c. Amount of total assets
d. Volume of audit work and degree of
competence and responsibilities involved
18. Which of the following is allowed under the
revised rules of advertising?
a. Self-laudatory statements
b. Discrediting, disparaging or attacking other
CPA practitioners
c. Referring to, or citing actual or purported
testimonials by third parties
d. None of are allowed.
19. Individual CPAs, firms or partnerships of CPAs,
including partners and staff members shall
register for accreditation with BOA and PRC. If
Juan Dela Cruzs application for accreditation
was approved on April 15, 2016, it shall file for
renewal on or before:
a. April 15, 2019
b. September 30, 2018
c. September 30, 2019
d. December 31, 2019