TBE#4

1. The objectives of the Philippine Accountancy Act of 2004 are the following, except:
a. Standardization and regulation of accounting education.
b. Integration of accountancy profession.
c. Examination for registration of certified public accountants.
d. Supervision, control and regulation of the practice of accountancy.

2. Which of the following is the least function of the Board of Accountancy?

a. Determination of the minimum requirements leading to the admission of
candidates to the CPA examinations.
b. Regulation of the practice of accountancy.
c. Supervision over the accredited professional organization of CPAs.
d. Preparation of the contents of the CPA licensure examinations and rating
of the examination papers

3. A CPA certificate is evidence of

a. Independence as a professional.
b. Basic competence at the time of certification.
c. Membership in the accredited association.
d. Completion of continuing professional education program

4. Which of the following is not a requisite in applying for the CPA licensure examinations?
a. Natural-born citizen of the Philippines.
b. Good moral character.
c. Holder of the degree of Bachelor of Science in Accountancy.
d. Has not been convicted of any criminal offense involving moral turpitude.

5. A CPA whose certificate of registration has been revoked:

a. Can no longer be reinstated.
b. Is automatically reinstated as a CPA by the PRC after two years if he
has acted in an exemplary manner.
c. May be reinstated by the Professional Regulation Commission after
two years if he has acted in an exemplary manner
d. May be reinstated as a CPA by the Board of Accountancy after two
year if he has acted in an exemplary manner.
6. Who are required, to apply for accreditation with the Professional Regulation Commission if
the applicant is a partnership of Professional
Accountants?
a. Managing partner only
b. All partners only
c. Partners and staff members
d. Partners, principals, and staff members

7. The following statements relate to the term of office of the chairman and
members of the Board of Accountancy. Which of them is incorrect?
a. The chairman and members of the Board of Accountancy shall hold
office for a term of three years.
b. Any vacancy Occurring within the term of a member shall be filled up
for the unexpired portion of the term only.
c. Appointment to fill up an expired term is not to be considered as a
complete term.
d. The Board of Accountancy member who has served two successive
complete terms as chairman or member shall be eligible for
reappointment until the lapse of three years.

8. No person shall serve the Professional Regulatory Board of Accountancy

for more than
a. 3 years
b. 6 years
c. 9 years
d. 12 years

9. The following are represented both to the Financial Reporting Standards

Council (FRSC) and Auditing and Assurance Standards Council (AASQ,
except:
a. Bangko Sentral ng Pilipinas
b. Securities and Exchange Commission
c. Bureau of Internal Revenuue
d. Board of Accountancy
10. The chairman and the members of both Financial Reporting Standards council and
Assurance standards council have renewable term of?
a. 4 years
b. 2 years
c. 3 years
d. 5 years

ANSWERS:
1. B
2. C
3. B
4. A
5. D
6. C
7. D
8. D
9. A
10. C