Accountancy Profession

What is the law regulating the practice of accountancy in the Philippines?

• R.A. NO. 9298

• R.A. NO. 9198

• R.A. NO. 9928

• R.A. NO. 9892

It is the body authorized by law to promulgate rules and regulations affecting the practice of the accountancy profession in the Philippines.

• Board of Accountancy

• Philippine Institute of Certified Public Accountancy

• Securities and Exchange Commission

• Financial Reporting Standards Council

The qualifications of the members of the Board of Accountancy include all of the following, except

• Must be a natural-born citizen and a resident of the Philippines.

• Must be duly registered CPA with at least ten years of work experience in any scope of practice of accountancy

• Must be of good moral character and must not have been convicted of crime involving moral turpitude.

• Must have any pecuniary interest, directly or indirectly, in any school conferring an academic degree necessary for admission to the practice of accountancy

What are the three main areas in the practice of the accountancy profession?

• Public accounting, private accounting and managerial accounting

• Auditing, taxation and managerial accounting

• Financial accounting, managerial accounting and corporate accounting

• Public accounting, private accounting and government accounting

What is the primary service of CPAs in public practice?

• Auditing

• Taxation

• Managerial Accounting

• Controllership

It is the are of the accountancy profession that encompasses the process of analyzing, classifying, summarizing and communicating all transactions involving the receipt and disposition of government funds and property and interpreting the results thereof

• Internal auditing

• External auditing

• Private accounting

• Government accounting

The Continuing Professional Development is required for

• Renewal of CPA license

• Accreditation to practice the accountancy profession.

• Both renewal of CPA license and accreditation to practice the accountancy profession

• Neither renewal of CPA license nor accreditation to practice the accountancy profession.

The Continuing Professional Development is required for

• Renewal of CPA license

• Accreditation to practice the accountancy profession

• Both renewal of CPA license and accreditation to practice the accountancy profession.

• Neither renewal of CPA license nor accreditation to practice the accountancy profession

Which statement is true regarding exemptions from CPD requirements?

• A CPA shall be permanently exempted from CPD requirement for renewal of CPA license at the age of 65 years but not for the accreditation to practice the accountancy profession.

• A CPA who is working or practicing the profession abroad shall be temporarily exempted from CPD requirement during the period of stay abroad provided the CPA has been out of the country for at least two years prior to the date of renewal.

• A CPA who is furthering studies abroad shall be temporarily exempted from CPD requirement during the period of stay abroad provided the CPA has been out of the country for at least two years prior to date of renewal.

• All of the statements are true.

Which statement is incorrect in relation to the practice of public accounting?

• Single practitioners for the practice of public accounting shall be registered CPAs in the Philippines.

• Partners of partnership formed for the practice of public accounting shall be registered CPAs in the Philippines.

• The Securities and Exchange Commission can register any corporation organized for the practice of public accounting.

• The Professional Regulation Commission upon favorable recommendation of the Board of Accountancy shall issue certificate of accreditation to CPAs in public practice provided the registrant has acquired a minimum of three years of meaningful experience in public practice