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Professional Developmentgrade
The Philippine Accountancy Act of 2004
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- Multiple ChoicePlease save your changes before editing any questions.
A CPA is in public accounting practice when he/she
Represents his/her employer before government agencies on tax and other matters related to accounting.
Represents his/her clients before government agencies on tax and other matters related to accounting.
Teaches accounting, auditing, management advisory services, accounting aspect of finance, business law, taxation, and other technically related subjects.
Holds, or is appointed with 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 the science of accounting.
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following statements concerning the practice of accountancy in commerce and industry is incorrect?
A CPA is in practice of accountancy in commerce and industry when he/she is involved in decision making requiring professional knowledge in the science of accounting, as well as the accounting aspects of financial and taxation.
A CPA is in the practice of accountancy in commerce and industry when he/she represents his/her employer before government agencies on tax and other matters related to accounting.
A CPA is in the practice of accountancy in commerce and industry when such employment or position requires that the holder thereof must be a Certified Public Accountant.
A CPA is in the practice of accountancy in commerce and industry when he/she renders professional services as a Certified Public Accountant to more than one client on a fee basis.
- Multiple ChoicePlease save your changes before editing any questions.
The following statements relate to the submission of nominations to the Board of Accountancy. Which is correct?
The Accredited National Professional Organization of CPAs (APO) shall submit its nominations to the President of the Philippines not later than sixty (60) days prior to the expiry of the term of an incumbent chairman or member.
The APO shall submit its nominations to the PRC not later than thirty (30) days prior to the expiry of the term of an incumbent chairman or member.
If the APO fails to submit its own nominee(s) to the PRC within the required period, the PRC in consultation with the Board of Accountancy shall submit to the President of the Philippines a list of five (5) nominees for each position.
There should be adequate documentation to show the qualifications and primary field of professional activity of each nominee.
- Multiple ChoicePlease save your changes before editing any questions.
The Board of Accountancy shall elect a vice-chairman from among its members for a term of
Two (2) years
One (1) year
Three (3) years
Five (5) years
- Multiple ChoicePlease save your changes before editing any questions.
The Commission upon the recommendation of the Board, shall create an auditing standard setting body to be known as the
Auditing and Assurance Standards Council (AASC)
Auditing Standards and Practices Council (ASPC)
Auditing Standards Board
Auditing Standards Council
- Multiple ChoicePlease save your changes before editing any questions.
To pass the CPA licensure examination, a candidate must obtain a
General average of seventy-five percent (75%), with no grades lower than sixty percent (60%) in any given subject.
General average of seventy-five percent (75%), with no grades lower than sixty percent (60%) in any given subject.
General average of seventy-five percent (75%).
General average of sixty-five percent (65%).
- Multiple ChoicePlease save your changes before editing any questions.
A candidate received a conditional credit for the subject to passed. He/she shall take an examination in the remaining subjects within
Two (2) years from the preceding examination.
Three (3) years from the preceding examination.
One (1) year from the preceding examination.
vFive (5) years from the preceding examination.
- Multiple ChoicePlease save your changes before editing any questions.
The following statements relate to the use of seal by registered CPAs. Which is incorrect?
A registered CPA shall obtain and use a seal of a design that will suit his/her taste.
The seal should be of a design prescribed by the Board bearing the CPA’s name, registration number, and title.
The auditor’s reports shall be stamped with the CPA’s seal, indicating therein his/her current Professional Tax Receipt (PTR) number, date/place of payment when filed with government authorities or when used professionally.
the seal of a CPA shall be circular in form.
- Multiple ChoicePlease save your changes before editing any questions.
Tan, Sam, and Jer, CPAs, a newly formed partnership, applied for registration with the Commission and the Board which was approved on June 20, 2013. The partnership should apply for renewal of its registration on or before
September 30, 2015
September 30, 2016
December 31, 2015
June 30, 2016
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following statements concerning the use of firm or partnership name is incorrect?
In the case of an individual CPA, he/she shall do business under his/her registered name with BOA and the PRC and as printed in his/her CPA certificate (for example, Juan Puruntong, CPA).
In the case of of a firm, it shall do business under its duly registered and authorized firm name appearing in the registration documents issued by the Department of Trade and Industry (DTI) and other government offices and such firm name shall include real name of the sole proprietor as printed in his/her CPA certificate (for example, Arnulfo Gumamela and Associates).
In the case of a registered partnership, it shall do business under its name as indicated in its current Articles of Partnership and Certificate of Registration issued by the Securities and Exchange Commission (SEC) (for example, Tan, Sam, and Jer, CPAs).
A CPA shall practice only under an individual, firm, or partnership name in accordance with Philippine laws and shall not include any fictitious name but may indicate specialization.
- Multiple ChoicePlease save your changes before editing any questions.
The PRC CPE Council shall assist the BOA in implementing its CPE Program. Which of the following statements is incorrect concerning the Council’s composition?
The PRC CPE Council shall be composed of a chairperson and two (2) members.
The Chairperson shall be chosen from among the members of the BOA by the PRC.
The first member shall be the President or, in his/her absence or incapacity, any officer chosen by the Board of Directors of PICPA.
The second member shall be the President or, in his/her absence or incapacity, any officer of the organization of Deans or Department Heads of schools, colleges or universities offering the degree requiring licensure examination.
- Multiple ChoicePlease save your changes before editing any questions.
Listed below are names of four CPA firms and pertinent facts relative to each firm. Unless otherwise indicated, the individuals named are CPAs and partners, and there are no other partners. Which is a violation of the Implementing Rules and Regulations of RA 9298?
Tin, Ton and Tan, CPAs (Tin died about five years ago; Ton and Tan are continuing the firm.)
Poe and Que, CPAs (The name of Cua, a third partner, is omitted from the partnership name.)
Joni and Jona, CPAs (Joni died about three years ago; Jona is continuing the firm as a sole proprietor.)
Elias and Co., CPAs (The firm has ten other partners who are all CPAs.)
- Multiple ChoicePlease save your changes before editing any questions.
The objectives of the Philippine Accountancy Act of 2004 are the following, except:
Standardization and regulation of accounting education
Integration of accountancy profession
Examination for registration of certified public accountants
Supervision control and regulation of the practice of accountancy
- Multiple ChoicePlease save your changes before editing any questions.
The following statements relate to the Board of Accountancy (also known as the Board) and its composition. Which statement is incorrect?
The Board consists of a Chairman and six members
The Chairman and members are appointed by PRC upon recommendation of APO
The Board shall elect a vice-chairman from among its members
The four (4) sectors in the practice of accountancy shall as much as possible be equitably represented in the Board
- Multiple ChoicePlease save your changes before editing any questions.
Applications for examinations, examination questions, answer sheets, and other records and documents pertaining to the CPA licensure examinations shall be under the custody of the
PRC
BOA
PICPA
National Library
- Multiple ChoicePlease save your changes before editing any questions.
The primary duty to enforce the provisions of RA 9298 and its IRR rests with
The PRC
The BOA
The PRC and BOA
The AASC
- Multiple ChoicePlease save your changes before editing any questions.
Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the application for registration of AB and Co., CPAs was approved on August 30, 2015, it shall file for renewal on or before
September 30, 2017
September 30, 2018
December 31, 2017
August 30, 2018
- Multiple ChoicePlease save your changes before editing any questions.
Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with BOA and the PRC. If the application for registration of AB and Co., CPAs was approved on August 30, 2015, the registration will expire on
Sept. 30, 2017
Dec. 31, 2018
Dec. 31, 2017
Aug. 30, 2017
- Multiple ChoicePlease save your changes before editing any questions.
The Board of Accountancy has
5 members
7 members
8 member
17 members
- Multiple ChoicePlease save your changes before editing any questions.
A CPA certificate is evidence of
Independence as a professional
Basic competence at the time of certification
Membership in the accredited association
Completion of continuing professional education program