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The Philippine Accountancy Act of 2004

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  • 1. Multiple Choice
    30 seconds
    1 pt

    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.

  • 2. Multiple Choice
    30 seconds
    1 pt

    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.

  • 3. Multiple Choice
    30 seconds
    1 pt

    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.

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