1.

Republic Act 9298 is known as the

a. Revised Accountancy Law

b. Revised Accountancy Act
c. Philippine Accountancy Act of 2004
d. Philippine Accountancy Law of 2004

2. Which of the following is not an objective of the Philippine

Accountancy Act of 2004?

a. The standardization and regulation of accounting education.

b. The examination for registration of certified public accountants.
c. The supervision, control, and regulation of the practice of
accountancy in the Philippines.
d. The development and improvement of accounting standards that will
be generally accepted in the Philippines.

3. A CPA is in public accounting practice when he/she

a. Represents his/her employer before government agencies on tax and

other matters related to accounting.
b. Represents his/her clients before government agencies on tax and
other matters related to accounting.
c. Teaches accounting, auditing, management advisory services,
accounting aspect of finance, business law, taxation, and other
technically related subjects.
d. Holds, or is appointed to, a position in an accounting
accounting professional group in government or in a government-
owned and/or controlled corporation where decision
making requires professional knowledge in the science of accounting.

4. Which of the following statements concerning the practice of

accountancy in the academe/education is incorrect?
 a. Members of the Integrated Bar of the Philippines may be allowed to
teach business law and taxation subjects.
b. Members of the Integrated Bar of the Philippines are
prohibited from teaching business law and taxation subjects.
allowed to teach business law and taxation subjects.
c. The position of either the Dean or the Department
Chairman or its equivalent that supervises the Bachelor
of Science in Accountancy program of an educational institution
is deemed to be in practice of accountancy in
the academe/education.
d. The position of either the Dean or the Department
Chairman or its equivalent that supervises the Bachelor
of Science in Accountancy program of an educational institution
must be occupied only by a duly registered CPA.

5. 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

a. I and II only
b. I and III only
c. II and III only
d. I, II, and II

6. The following documents shall be submitted by applicants for the CPA

licensure examination, except

a. Certificate of Live Birth in National Statistics Office (NSO) security

paper.
 b. Marriage contract in NSO security paper for married male applicants.
c. NBI clearance.
d. Transcript of records with indication therein of date of graduation and
Special-Order number unless it is not Required.

7. The following statements relate to the practice of public accountancy.

Which is incorrect?

a. Single practitioners and partners of partnerships organized

for the practice of public accountancy shall be registered
CPAs in the Philippines.
b. A partnership engaged in the practice of public accountancy
may be carried on in the form of a general partner
ship (GP) but not a limited liability partnership (LLP).
c. A CPA is in public accounting practice when he/she rep-
resents his/her clients before government agencies on
tax and other matters related to account
d. The Securities and Exchange Commission shall not register any
corporation organized for the practice of public accountancy.

8. All registered CPAs shall obtain and use a seal which shall be
circular in form with a smaller circle within bearing the registrants
name, registration number and title. Which of the following is correct?
a. Engraved in the lower portion of the space between the circles is the
CPAs name.
b. Engraved in the middle of the smaller circle are the letter CPA.
c. Engraved in the middle of the smaller circle are the CPA's name and
registration number.
d. Engraved in the middle of the smaller circle is the CPA'S name.

9. Any candidate who fails in two (2) complete CPA board examinations
shall be disqualified from taking another set of
examinations unless he/she has completed at least how
many units of subjects given in the licensure examination?

a. 4
b. 8
 c. 16
d. 24

10. The Board of Accountancy shall submit to the PRC the ratings obtained
by each candidate within how many calendar days after the examination?

a. 1
b. 2
c. 5
d. 10

11. The Certificate of Registration Issued to successful examinees

a. Is renewable every three years.

b. Is renewable every five years.
c. Shall remain in full force and affect until withdrawn, suspended or
revoked in accordance with RA 9298.
d. Shall bear the signature or the PRC Chairperson and the two PRC
commissioners.

Answers:

1. c
2. d
3. b
4. a
5. d
6. b
7. b
8. b
9. d
10. d
11. c