1.

Accountants employed in entities in various capacity as accounting staff, chief accountant or

controller are said to be engaged in
a. Public accounting
b. Private accounting
c. Government accounting
d. Financial accounting
2. It is the area 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.
a. Internal auditing
b. External auditing
c. Private accounting
d. Government accounting
3. The continuing professional development is required for
a. Renewal of CPA license.
b. Accreditation to practice the accountancy profession.
c. Both renewals of CPA license and accreditation to practice the accountancy profession.
d. Neither renewal of CPA license nor accreditation to practice the accountancy profession.
4. How many CPD credit units or CPD credit hours are required?
a. 60 credit units each year for three years.
b. 20 credit units each year for three years.
c. 60 credit units for three years which may be earned in any of the three years.
d. 15 units each year for three years.
5. Who is permanently exempted from the CPD requirement for the renewal of CPA license?
a. A 60 year old CPA
b. A 65 year old CPA
c. A CPA practicing profession abroad during the period of stay.
d. A CPA studying abroad during the period of stay.

PROBLEM 1-3 MULTIPLE CHOICE (ACP)

1. It is the standard setting body in the Philippines at the present time
a. Accounting Standards Council
b. Auditing and Assurance Standards Council
c. Philippine Accounting Standards Board
d. Financial Reporting Standards Council
2. Which of the following statements is true regarding the FRSC?
a. The FRSC is created by PRC upon recommendation of BOA to assist BOA in carrying out
its powers and functions under R. A NO. 9298
b. The FRSC shall be composed of 15 with a chairman and 14 representatives.
c. The Chairman and members of FRSC are appointed by PRC upon recommendation of
BOA and shall have a term of three years renewable for another term.
 d. All of the statements are true.
3. All of the following are represented in FRSC, except
a. Board of Accountancy
b. Securities and Exchange Commission
c. Commission on Audit
d. Department of Budget and Management
4. Te Philippine Financial Reporting Standards collectively include
a. PFRS corresponding to IFRS
b. PAS corresponding to IAS
c. Philippine Interpretations corresponding to IFRIC and SIC Interpretations developed by
PIC
d. All of these are included in Philippine Financial Reporting Standards.
5. It is a global phenomenon intended to bring about transparency and a higher degree of
comparability in financial reporting in order to achieve the goal of one uniform and globally
accepted financial reporting standards.
a. IFRS
b. Borderless accounting
c. World Trade
d. Information Technology