The 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

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.

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

The purpose of the International Financial Reporting Standard is to

• Issue enforceable standards which regulate the financial accounting and reporting of multinational entities

• Develop a uniform currency in which the financial transactions of entities throughout the world would be measured

• Promote uniform accounting standards among countries of the world

• Arbitrate accounting disputes between auditors and international studies

Among the career opportunities of a CPA, where are you interested the most?

• Public Accounting

• Government Accounting

• Private Accounting

• Accounting Education

• Mag minyu nlng ug CPA 😂