1 Which of the following is incorrect regarding Republic Act 9298? a Its ultimate basis is the Constitution of the Philippines b The primary duty to enforce its provisions, including its IRR rests wit[.]
1 Which of the following is regarding Republic Act 9298? incorrect a Its ultimate basis is the Constitution of the Philippines b The primary duty to enforce its provisions, including its IRR rests with BOA c d I, II, and III Which of the following statements about the composition of the BOA is incorrect? It is also known as the Revised Accountancy Law b The members shall be appointed by the President of the Philippines It was made into law in 2014 c The four sector in the practice of accountancy shall as much as possible be equally represented in the BOA d If the PICPA fails to submit its nominees within 60 days prior to the expiry of the term of an incumbent chairman or member, the Commission in consultation with the BOA, shall submit to the President a list of nominees for each vacant position Act No 3105 b RA No 5166 c PD 692 d RA 9298 Which of the following statements is correct? III d It shall be composed of a chairman and members a II II and III only a Which of the following laws was not used in the past as a legal basis for the Accountancy Profession in the Philippines? I c Violators of RA 9298 may be brought before the PRC, the BOA or other offices of the law mentioned in the Act Punishment for violation of RA 9298 shall be a fine of not less than P50,000 or by imprisonment for a period not exceeding years or both Only CPAs may report cases of illegal practice or violators of RA 9298 committed by any person or party a I and II only b I and III only Which of the following is one of the qualifications of the members of the BOA? a Must be a natural-born CPA b Must not be a member PICPA at the time of appointment c Must not have been convicted of political offense d Must be a CPA with at least 10 years of experience in any scope of practice of accountancy Which statement is correct regarding the term of office of the chairman and the members of the Board of Accountancy? a The chairman and members of the Board shall hold office for a term of 12 years 7 b The vice chairman shall serve as BOA members for year, subject to reappointment I The licensure examination for CPAs shall be limited to TOA, BLT, MS, AT, PA1 and PA2 c No person who has served two (2) successive complete terms shall be eligible for reappointment until the lapse of year II d A person may serve the BOA for not more than 12 terms 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 years e A member of the BOA may serve for consecutive years The following are qualifications of applicants for the CPA licensure examination, except a Must be a Filipino citizen 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 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 Which of the following is correct regarding the scope of the CPA Examination? a I only b II only c Both I and II d Neither I nor II 10 Which of the following is correct regarding 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 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 regarding “oath”? is 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 incorrect 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 b It is required for CPAs admitted in the practice of accountancy in the Philippines without examination under international agreements 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 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 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, date, of issuance and expiry date c It shall be subject to annual registration fees and renewed every after years d It shall bear the signature of the PRC Chairman, BOA Chairman and its members, stamped with the official seal of the PRC and the BOA 17 Which of the following cannot be found in the Professional Identification Card issued to every registered CPA? a Date of issuance b Expiry date c Registration number d Signature of chairperson the BOA and PRC 18 Which of the following is correct? a b c Practitioner d Professional accountant 20 It refers to an organization engaged in the practice of public accountancy, consisting of a sole proprietor, either alone or with one or more staff members a Firm b Individual CPA c Corporation d Network firm 21 As defined by the Act, it refers to a CPA employed by an individual CPA, Firm or Partnership engaged in the practice of public accountancy, below the rank of the Individual CPA, sole proprietor or partner as the case may be a Staff member A revoked COR may be reinstated by the BOA within years from the date of revocation b Assistant c Auditor A revoked COR must be reinstated by the BOA after years from the date of revocation d Associate 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 a Individual CPA b CPA 22 On the practice of public accountancy, 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 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 c The SEC shall not be register any corporation organized for the practice 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: 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 a At least year as audit assistant and at least year as auditor in charge b At least year as audit assistant and years as auditor in charge c At least years as audit assistant and at least years as auditor in charge 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 c d At least years as audit assistant and at least 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 hours b hours c 3.33 hours d 10 hours 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 regarding the AASC? is incorrect 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 representatives 30 Which of the following regarding the QRC? is incorrect 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 members with a chairman c Its chairman and members are appointed by the PRC and shall have a renewable term of years d QRC stands for Quality Review Council