QUIZ 2

Question 1
1 / 1 pts
The Philippine Institute of CPAs is not the highest and final authority in state
accounting.
True
False
Question 2
1 / 1 pts
IFRS foundation, in essence, is under IFAC.
True
False
Question 3
1 / 1 pts
International Auditing and Assurance Standards Board is under IFRS Foundation, the
primary function of which is to issue International Standards on Auditing covering
various
services offered by professional accountants worldwide like auditing, review, other
assurance, quality control, and related services
True
False
Question 4
1 / 1 pts
Accountancy is being regulated primarily through implementation of Presidential
Decree
692, the revised accountancy law.
True
False
Question 5
1 / 1 pts
A CPA is required to complete 60 CPD credit units within three years.

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 True
False
Question 6
1 / 1 pts
A CPA cannot practice in more than one sector.
True
False
Question 7
1 / 1 pts
It the an autonomous, independent and non-political organization that operates as
an
umbrella organization for the external government audit international community.
(Do not
supply an acronym)
International Organization of Supreme Audit Institutions
Question 8
1 / 1 pts
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?
The Chairman of the Professional Regulatory Board of Accountancy, unless he is
the one who is under investigation
None of these are correct.
The Commissioner of the Professional Regulation Commission
The President of the Republic of the Philippines
Question 9
1 / 1 pts
The PICPA shall renew its Certificate of Accreditation once every how many years
after
the date of the Resolution granting the petition for re-accreditation and the issuance
of

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 the said certificate upon submission of the requirements? (Answer must be in
NUMERICAL terms)
3 years
Question 10
1 / 1 pts
The creation of FRSC and AASC is intended to assist the BOA in carrying out its
function
to
To prepare, adopt, issue or amend the syllabi of the subjects for examinations.
To monitor the conditions affecting the practice of accountancy and adopt such
measures, rules and regulations and best practices as may be deemed proper for
the
enhancement and maintenance of high professional, ethical, accounting and
auditing
standards.
To prescribe and adopt the rules and regulations necessary for carrying out the
provisions of RA 9298.
To supervise the registration, licensure and practice of accountancy in the
Philippines.
Question 11
0 / 1 pts
In total, how may representative of PICPA in public practice does FRSC must have as
a
minimum? (Type your answer in NUMERICAL value)
2
3 years 8
Question 12
Original Score: 1 / 1 pts
Which statement is incorrect regarding the term of office of the chairman and the
members of the Board of Accountancy (BOA)?
The Chairman and members of the Board shall hold office for a term of five and

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 three years, respectively.
No person who has served two (2) successive complete terms shall be eligible for
reappointment until the lapse of one (1) year.
A person may serve the BOA for not more than twelve years.
The Chairman and members of the Board shall hold office for a term of three years.
Question 13
1 / 1 pts
The government agency tasked by 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 jurisdictions.
Department of Finance
Professional Regulatory Commission
PRBoard of Accountancy
Professional Regulation Commission
Question 14
1 / 1 pts
No member of the PRBOA shall serve for more than? (indicate your answer in
NUMERICAL terms)
12 years
Question 15
1 / 1 pts
The Chairman and the members of the PRBOA shall be appointed by the:
President of the FINEX
President of the Philippines
President of PICPA
President of the Senate

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