Professional Documents
Culture Documents
Ace Final
Ace Final
The following statements relate to the exemption from CPD requirements. Which is
false? *
2 points
a. Working papers prepared by a CPA including those prepared and submitted by the client
are the personal property of the auditor and the client has no right to these working papers.
b. Working papers may substitute the client's accounting records.
c. Working papers should not serve as a reference source for the clients accounting records.
d. Working papers are subject to confidentiality rules and they cannot be shown to third
parties in any circumstances.
a. The total CPD credit units for registered accounting professionals shall be sixty (60) credit
units for three (3) years, provided that a minimum of fifteen (15) credit units shall be end in
each year.
b. Any excess credit units in one year may be carried over to the succeeding years within the
three-year period.
MAY /SHALL NOT
c. Excess credit units earned may be carried over to the next three-year period including
credit units earned for doctoral and master's degrees.
d. One credit hour of CPD program, activity or source shall be equivalent to one (1) credit unit.
All CPAs who are considered in the practice of accountancy shall abide by the
requirements, rules and regulations on continuing professional education. For this
purpose, it is required that all registered CPAs must complete a number of CPE
units equivalent to *
2 points
The following documents shall be submitted by applicants for the CPA licensure
examination, except *
2 points
a. The Accredited National Professional Organization of CPAs (APO) shall submit its
nominations to the President of the Philippines not later than sixty (60) days prior to the expiry
of the term of an incumbent chairman or member.
b. The APO shall submit its nominations to the PRC not later than thirty (30) days prior to the
expiry of the term of an incumbent chairman or member.
c. If the APO fails to submit its own nominee(s) to the PRC within the required period, the
PRC in consultation with the Board of Accountancy shall submit to the President of the
Philippines a list of five (5) nominees for each position.
d. There should be adequate documentation to show the qualifications and primary field of
professional activity each nominee.
In the exercise of its power to conduct an oversight into the quality of audits, the
BOA organized the Department of the Philippine Institute of Certified Public
Accountants (PICPA) to conduct an independent study, appraisal, or review of the
quality of audit of financial statements. *
2 points
a. Implementing rules and regulations shall take effect 15 days following its publication in the
official gazette or in any daily newspapers of general circulation.
b. Any person who shall violate any of the provisions of RA No. 9298 or the IRR shall upon
conviction, be punished by a fine of not more than P50,000.00 or by imprisonment for a period
not exceeding 2 years or both. not less than
c. The board may after the expiration of 2 years from the date of revocation of Certificate of
registration may reinstate the revoked certificate.
d. All graduates with bachelors degree major in Accounting shall be allowed to take the CPA
Licensure examination within two years from the effectivity of RA 9298 or until May 2006.
Section 36 (Penal Provision) of RA 9298 states that any person who shall violate
any of the provisions of the Philippine Accountancy Act or any of its implementing
rules and regulations shall, upon conviction, be punished by *
2 points
a. Quality review
b. Peer review
c. Compliance audit
d. External audit
a. He/She enrolled in and completed at least 24 units of subjects given in the licensure
examination.
b. He/She enrolled the subjects given in the CPA Board Examination in the regular course
offering.
c. He/She is ready to take another set of examination.
d. He/She enrolled in an educational institution offering or conducting review classes in
preparation for CPA Board Examination.
Rodz, CPA is applying for renewal of his professional license. He is exempted from
the CPD requirements *
2 points
The following are grounds for refusal to issue a certificate of registration and
professional identification card to any successful examinee except: *
2 points
The following statements relate to CPA examination ratings. Which of the following
is incorrect? *
2 points
a. To pass the examination, candidates should obtain a general weighted average of 75% and
above, with no rating in any subject less than 65%.
b. Conditioned candidates shall take an examination in the remaining subjects within two
years from the preceding examination.
c. Candidates who obtain a rating of 75% and above in at least four subjects shall receive a
conditional credit for the subjects passed.
d. Candidates who failed in four complete examinations shall no longer be allowed to take the
examinations the fifth time.
The Head of the QARD who will be appointed by the Executive Committee is the *
2 points
a. Chief Inspector
b. Chief of Administration
c. Chief Auditor
d. Chief Quality Assurance Reviewer
a. Of unsound mind
b. Convicted by a court of political offense.
c. Guilty of immoral or dishonorable conduct.
d. Who has falsely represented himself/herself in his/her application for examination.
Which of the following shall be issued to examinees who passed the CPA licensure
examination? *
2 points
a. Certificate of accreditation
b. Personal identification card
c. Certificate of full compliance and PRC ID.
d. Certificate of registration and professional identification card
a. The original or certified copy of any official documents issued by the Bureau of Immigration
and Deportation allowing the applicant to enter and reside in the Philippines.
b. Certificate of Registration or its equivalent stating that the foreign applicant is duly
registered or licensed CPA or its equivalent in his/her country/state.
c. Certificate of Religious Affiliation.
d. Original or authenticated copy of transcript of records or equivalent document of the course
for licensure e xamination where he/she studied duly authorized or accredited by his/her
country/state.
The following statements relate to roster of CPAs. Identify the incorrect statement. *
2 points
a. A roster showing the names and place of business of all registered CPAs shall be prepared
and updated by the Board.
b. Copies of the roster shall be made available to any party as may be deemed necessary.
c. The Board, upon approval of the Commission, may delegate the preparation of this roster to
the APO.
d. The publication of the roster in the official gazette or in any major news paper of public
circulation shall be deemed compliance with the requirement of RA 9298.
The following statements relate to the use of seal by registered CPAs. Which is
incorrect? *
2 points
a. The seal should be of a design prescribed by the Board bearing the CPA's name,
registration number, and title.
b. A registered CPA shall obtain and use a seal of a design that will suit his/her taste.
c. The auditor's reports shall be stamped with the CPA's seal, indicating therein his/her current
Professional Tax Receipt (PTR) number, date/place of payment when filed with government
authorities or when used professionally.
d. The seal of a CPA shall be circular in form.
For PRC ID renewal, how many CPD credit units must be accumulated by a
registered accounting professional within the 3-year period? *
2 points
a. 15 credit units
b. 45 credit units
c. 60 credit units
d. 90 credit units
The PRC CPE Council shall assist the BOA in implementing its CPD program.
Which of the following statements is incorrect concerning the Council's
composition? *
2 points
a. The PRC CPD Council shall be composed of a chairperson and two (2) members.
b. The Chairperson shall be chosen from among the members of the BOA by the PRC. dapat BOARD OF DIRECTORS
c. The first member shall be the President or, in his/her absence or incapacity, any officer
chosen by the Board of Directors of PICPA.
d. The second member shall be the President or, in his/her absence or incapacity, any officer
of the organization of Deans or Department Heads of schools, colleges or universities offering
the degree requiring licensure examination.
Which of the following statements is correct? *
2 points
a. Any candidate who fails in two (2) complete CPA board examinations will no longer be
allowed to take another set of examinations.
b. Any candidate who fails in two (2) complete CPA board examinations shall be disqualified
from taking another set of examinations unless he/she submits evidence to the satisfaction of
the Board that he/she enrolled in and completed at least twenty-four (24) units of subjects
given in the licensure examination.
c. The examination in which the candidate was conditioned and the removal examination oh
the subject in which he/she failed shall be counted as two (2) complete examinations.
d. The refresher course should be completed within two (2) years from the preceding
examination.
a. Four years
b. Three years
c. Two years
d. One year
a. Two years
b. Three years
c. Four years
d. Five years
Generally, for every CPD seminar or convention attended, participant CPAs shall
get a CPD credit equivalent to *
2 points
An applicant for the CPA licensure examination should be I. A Filipino citizen II. Of
good moral character III. A holder of the degree of Bachelor of Science in
Accountancy *
2 points
a. I and II only
b. I and III only
c. II and III only
d. I, II, and III
a. Chief Inspector
b. Chief of Administration
c. Assistant to the Chief Inspector
d. Chairman of the Executive Committee
Which of the following statements is correct about the PRC CPD Council? *
2 points
As defined in Annex "C" of the IRR, this refers to the inculcation, assimilation and
acquisition of knowledge, skills, proficiency and ethical and moral values, after the
initial registration of a professional that raise and enhance the professional's
technical skills and competence. *
2 points
a. Professional Development
b. Continuing Professional Education
c. Continuing Professional Development
d. Professional Growth and Development
a. The Professional Regulation Commission has the authority to remove any member of the
Board of Accountancy for negligence, incompetence, or any other just cause.
b. Insanity is not a ground for proceeding against a CPA.
c. A person shall be considered to be in the professional practice of accounting if, as an officer
in a private enterprise, he makes decisions requiring professional accounting knowledge.
d. After three years, subject to certain conditions, the Board of Accountancy may order the
reinstatement of a CPA whose certificate of registration has been revoked.
Which of the following has the power to conduct an oversight into the quality of
audits of financial statements through the review of the quality control measures
instituted by auditors? *
2 points
Affixing the CPA's seal and signature on the auditor's report is an indication of: *
2 points
a. All working papers made by a CPA and his/her staff in the course of an examination remain
the property of such CPA in the absence of a written agreement between the CPA and the
client to the contrary.
b. Working papers include reports submitted by a CPA to his/her client.
c. Working papers include schedules and memoranda prepared and submitted by the client of
the CPA.
d. Working papers shall be treated confidential and privileged unless such documents are
required to be produced through subpoena issued by any court, tribunal, or government
regulatory or administrative body.
a. 55 years old
b. 65 years old
c. 60 years old
d. 70 years old
The operation of the Quality Assurance Review Department (QARD) of the PICPA
shall be supervised by a/an *
2 points
a. Oversight Committee
b. Executive Committee
c. Supervisory Board
d. Accountability Board
Section 34 of the IRR provides that a foreign CPA shall not be allowed to practice
accountancy in the Philippines unless he/she can prove, in the manner provided by
the rules of court that, by specific provision of law, the country of which he/she is a
citizen, subject or national admits Filipino citizens to the practice of the same
profession without restriction. Which of the following statements concerning foreign
reciprocity is incorrect? *
2 points
a. A foreign CPA should submit an authentic or authenticated copy of the law on reciprocity of
his/her country/state officially translated in the English language.
b. If the letter/document and the copy of the law submitted by a foreign CPA are satisfactory to
the BOA, he/she shall be allowed to practice accountancy in the Philippines but has to apply
for accreditation to do so.
c. A foreign CPA who desires to practice accountancy in the Philippines shall present/submit a
letter or any document signed and under official seal by the appropriate official of his/her
country/state requesting the Chairman of the PRC to allow him/her to practice accountancy in
the Philippines.
d. By express provision of the law of a foreign CPA's country/state, Filipino CPAs are allowed
to practice accountancy in his/her country/state on terms of strict and absolute equality with
the citizens or subjects of said country or state.
The following statements relate to the rating in the CPA licensure examination.
Identify the incorrect statement. *
2 points
a. A candidate must have a general weighted average of at least 75% with no grades lower
than 65% in any given subject in order to pass the CPA licensure examination.
b. In the event a candidate obtains a rating of 75% and above in at least a majority of the
subjects, he/she shall receive a conditional credit for the subject passed.
c. A candidate who receives a conditional credit shall take an examination on the remaining
subjects within two years from the preceding examination.
d. A candidate who gets a conditional credit and takes an examination on the remaining
subjects must get an average of at least 75% on the subjects reexamined and at least 65% in
each of the subjects reexamined.
The death or disability of an individual CPA and/or the dissolution and liquidation of
a firm or partnership of CPAs shall be reported to the BOA not later than days from
the date of such death, dissolution or liquidation. *
2 points
a. 15
b. 30
c. 60
d. 90
a. Public Accounting
b. Government
c. Education/Academe
d. Commerce and Industry
a. To promulgate accounting and auditing standards that will be generally accepted in the
Philippines.
b. To evaluate periodically the performance of educational institutions offering accountancy
education.
c. To prescribe and or/ adopt a Code of Ethics for the practice of accountancy.
d. To conduct a review on applicants for registration to practice public accountancy and render
a report which shall be attached to the application for registration.
Any person who shall violate any of the provisions of the Philippines Accountancy
Act or any of its IRR promulgated by the Board of Accountancy subject to the
approval of the PRC, shall upon conviction, be punished by *
2 points
a. Lethal injection
b. A fine of not more than P50,000
c. Imprisonment for a period not exceeding two years
d. A fine of not less than P50,000 or by imprisonment for a period not exceeding two years or
both
a. The Certificate of Registration issued to successful examinees is renewable every three (3)
years.
b. The Professional Identification Card issued to successful examinees shall remain in full
force and effect until withdrawn, suspended or revoked in accordance with RA 9298.
c. The BOA shall not register and issue a Certificate of Registration and Professional
Identification Card to any successful examinee of unsound mind.
d. The BOA may, after the expiration of three (3) years from the date of revocation of a
Certificate of Registration, reinstate the validity of a revoked Certificate of Registration.
What is the required minimum number of CPD credit units that an accounting
teacher shall earn in each year prior to renewal of BOA accreditation? *
2 points
a. 15 units
b. 20 units
c. 10 units
d. 120 units
The Board of Accountancy may, after the expiration of ____ years from the date of
revocation of a certificate of registration, reinstate the validity of a revoked
certificate of registration. *
2 points
a. 2
b. 3
c. 4
d. 5
A candidate who obtains the rating of seventy-five percent (75%) and above in at
least a majority of the subjects shall receive a conditional credit for the subjects
passed. He/she shall take an examination in the remaining subjects within *
2 points