University of the Cordilleras

College of Accountancy
1st Trimester S.Y. 2013-2014
ACCTG. 101 (Accounting Orientation)
Instructor: Dominador G. Silvestre Jr., CPA, MBA
Part I: Identification. Write the word(s) being asked in each of the statements. [2 pts. Each]
1. This practice includes a person involved in decision making requiring professional knowledge in accounting, or when
such employment requires that the holder thereof must be a certified public accountant.
2. Who appoints the members of the Professional Regulatory Board of Accountancy?
3. How long (in number of years) will a vice chairman in the PRBOA serve?
4. How many successive terms can a chairman hold in PRBOA?
5. It can issue, revoke and reinstate the Certificate of Registration for the practice of accountancy.
6. It designates the place and dates of CPA board examination and prescribes requirements prior to taking the board
exam.
7. Minimum grade for each subject so as to be considered having passed the board exam for CPAs.
8. A course to be taken by an examinee who failed twice in the board exam for CPAs.
9. This set of standards covers the guidelines in the conduct of external audit to clients.
10. This states that the business shall be treated as separate from its owners.

Part II. True or False. Write TRUE if the statement expresses a correct thought and FALSE if otherwise. [1 pt.
each]
1. Accrual accounting states that expense is recognized upon payment of cash.
2. Philippine Accounting Standards encompasses the step by step procedure on how to conduct accounting.
3. To be able to take the board exam for the CPAs, one must be a natural-born Filipino citizen.
4. RA9298 provides for the standardization of accounting education.
5. To be qualified to serve as a member of the Board of Accountancy, one must not have any pecuniary interest, directly or
indirectly, in any school, college or university necessary for the admission to the practice of accountancy.
6. To be able to be reappointed as a chairman of the PRBOA, there has to be a lapse of 1 year after the end of the last
appointment.
7. The Professional Regulatory Commission is responsible in promulgating the Code of Ethics for CPAs.
8. To be qualified for the application for examination for the CPA board exams, one should have not been convicted of any
civil or criminal case.
9. The PRBOA will submit the ratings of examinees of the CPA board exam to the president of the Philippines within 10
calendar days after examination.
10. The professional identification card is renewable every 3 years.
11. The license of a CPA convicted in a murder case can be subjected for revocation.
12. Violation of the CPAs Code of Ethics can be a ground for the revocation of the license of a CPA.
13. The Professional Regulatory Commission supervises the board exam for the CPAs only.
14. A CPA can only practice in at most 2 of the sectors at a time.
15. Cash basis considers the timing of incurrence of expenses and earning of income in recognizing the expense and
income accounts.

Part III. Essay. [20 pts.]

Discuss comprehensively the process a student shall undergo before becoming a CPA and before being allowed to
practice his/her profession. Hint: Sections 14 to 20 of RA 9298.