Professional Documents
Culture Documents
Chapter 3 Multi
Chapter 3 Multi
5. This refers to those persons who hold a valid certificate issued by the Board of
Accountancy.
Ans. A. Professional accountant.
6. The fundamental principles of the Code of Ethics include the following, except:
Ans. C. Independence
8. The following are regarded by the RA9298 as CPA services in public practice if offered
or rendered on a fee basis and to more than one client (select exception):
Ans. C. Representation of clients before governmental agencies on tax and other matters
regardless of its relation to accounting.
9. The government agency tasked by the law of implementing and enforcing the regulatory
policies of the national government with respect to the regulation and licensing of the
various professions and occupations under its jurisdiction.
Ans. A. Professional Regulation Commission
11. The Chairman and the members of the BOA shall be appointed by the:
Ans. B. President of the Republic of the Philippines
12. The Accredited National Professional Organization (APO) shall submit its nominations
for BOA to the PRC
Ans. A. Not later than sixty (60) days prior to the expiry of the term of an incumbent
chairman or member.
13. Which of the following is not a qualification of the members of the BOA?
Ans. D. Must not have any pecuniary interest, direct or material indirect, an any school,
college, university or institution conferring to BS Accountancy.
14. Members of the Professional Regulatory Board of Accountancy shall serve for ____
years, subject to reappointment:
Ans. B. 3 years
15. No member of the Board shall serve in BOA for more than:
Ans. D. 12 years
18. Who is the person that has the authority to suspend or remove a member of the
Professional Regulatory Board of Accountancy, on valid grounds and after due process?
Ans. A. The President of the Republic of the Philippines
19. Which of the following is not a ground for suspension or removal of members of BOA?
Ans. B. Intolerance of violations of the Philippines Accountancy Act
20. Which of the following is the accredited national professional organization of CPAs in
the Philippines?
Ans. D. Philippine Institute of CPAs
21. Which of the following is the sectoral organization for CPAs in the Commerce and
Industry?
Ans. C. ACPACI
22. This is the standard-setting body that replace the Accounting Standards Council (ASC)
and is tasked to develop and issue standards which will represent generally accepted
accounting principles in the Philippines:
Ans. C. Financial Reporting Standards Council
23. The standard setting body replaces the Auditing Standards and Practices Council
(ASPC) and is tasked to develop and issue Philippine Standards on Auditing and related
interpretations:
Ans. D. Auditing and Assurance Standards Council
24. The Chairpersons of the FRSC and AASC shall be appointed by:
Ans. C. The Professional Regulation Commission
25. This body is created to assist the BOA in the attainment of the objective to continually
upgrade accounting education in the Philippines, thus making Filipino CPAs globally
competitive.
Ans. B. Education Technical Council
26. Which of the following is not a requirement for a person applying for CPA Board
Examinations?
Ans. A. Natural-born Filipino citizen
28. A candidate who fails in two complete CPA examinations shall be:
Ans. C. Required to take a refresher course before making another attempt at the CPA
Board exams.
29. A certificate under seal, bearing a registration number, issued to an individual, by the
PRC, upon recommendation by the BOA, signifying that the individual has complied with
all legal and procedural requirements for such issuance is known as a certificate of
Ans. A. Registration
30. A certificate of _____________ bears the registration number, date of issuance with an
expiry date, due for periodic renewal, duly signed by the Chairperson of the PRC and
issued by the PRC to a registered CPA upon payment of the registration fees:
Ans. B. Accreditation
32. The following are grounds for the refusal to issue a certificate of registration and
professional identification card, except:
Ans. A. Conviction for a political offense