Q-Confras-Mod1

Easy. The Financial Reporting Standards Council (FRSC) has

• 8 members with a chairman

• 14 members with a chairman

• 15 members with a chairman

• 16 members with a chairman

Easy. Representatives from the following is included in the composition of FRSC, except:

I. CHED III. PDIC

II. BIR IV. SEC

• I, II and IV

• II and III

• I and III

• II, III and IV

Easy. The act which regulates the practice of accountancy in the Philippines?

• R.A. 9298

• R.A. 9892

• R.A. 8992

• R.A. 9228

Average. Which of the following is not one of the objectives of the Accountancy Act of 2004?

• The supervision, control, and regulation of the practice of accountancy in the Philippines

• The standardization and regulation of accounting education

• The examination for registration of certified public accountants

• The integration of the practice of accountancy

Difficult. Which of the following statements is incorrect regarding the Professional Regulatory Board of Accountancy?

• The Board is the only body that issues and may revoke CPA certificates and grant licenses to practice.

• It is composed of a chairman and 6 members to be appointed by the chairperson of the Commission on Audit (COA).

• A member of the Board must be a natural-born citizen and a resident of the Philippines.

• At the close of each calendar year, the Board shall submit an annual report that gives a detailed account of its proceedings and accomplishments during the year to the President of the Philippines through the Commission.

Easy. The powers and functions of the Board include the following, except:

• To prescribe/adopt a Code of Ethics for the practice of Accountancy

• To administer oaths in connection with the administration of this Act

• To adopt an official seal of the Commission

• To supervise the registration, licensure and practice of accountancy in the Philippines

Easy. Accountants employed by a particular business firm or not-for-profit organization as chief accountant, controller, or financial vice president are said to be engaged in

• Practice in commerce and industry

• Independent accounting

• Practice in public accounting

• General accounting

Average. The following ratings were obtained by an examinee during the October 2021 CPA licensure examination:

FAR…………..90 Auditing………….64

AFAR…………91 Taxation…………75

MAS………….82 RFBT……...……….63

• Passed

• Topnotcher

• Failed

• Conditional

Average. Which of the following statements is incorrect?

• The Board has the power to issue, suspend, revoke and/or reinstate the certificate of registration.

• A certificate of registration is a certificate under seal bearing a registration number, issued to an individual, by the Commission, upon recommendation by the Board.

• A person whose CPA certificate has been revoked is automatically reinstated as a CPA after two years if he has acted in an exemplary manner.

• Both certificate of registration and professional ID card shall be issued to a candidate who passes the CPALE.

Easy. The BOA shall not refuse the registration of any person who successfully passed the CPA examinations if:

• Convicted by a court of competent jurisdiction of a criminal offense involving moral turpitude

• Of unsound mind

• Guilty of immoral and dishonorable conduct

• None of the Above