The Accounting Profession Exam
Questions with Latest Update
False, it is considered as one - Answer-True or False: For purposes of this Act, the
examination in which the candidate was conditioned together with the removal
examination on the subject in which he/she failed shall be counted as two separate
examinations.
False, any member of the Board is enough - Answer-All successful candidates in the
examination shall be required to take an oath of profession before all members of the
Board or before any government official authorized by the Commission or any
person authorized by law to administer oaths upon presentation of proof of his/her
qualification, prior to entering upon the practice of the profession
Certificate of Registration - Answer-It shall be issued to examinees who pass the
licensure examination subject to payment of fees prescribed by the Commission. It
shall remain in full force and effect until withdrawn, suspended or revoked.
Professional Identification Card It is issued to successful examinees but is renewable
every three (3) years - Answer-
Roster of CPAs - Answer-A roster showing the names and place of business of all
registered certified public accountants shall be prepared and updated by the Board,
and copies thereof shall be made available to any party as may be deemed
necessary
Chairperson of PRC and members of BOA - Answer-Whose signatures appear on
the Certificate of Registration?
Chairperson of PRC - Answer-Whose signatures appear on Professional
Identification Card
Conviction of criminal offense involving moral turpitude, immoral conduct, unsound
mind - Answer-Grounds for refusal, suspension and revocation of CoR or PIC
Two years - Answer-The Board may, after the expiration of ____ from the date of
revocation of a certificate of registration and upon application and for reasons
deemed proper and sufficient, reinstate the validity of a revoked certificate of
registration and in so doing, may, in its discretion, exempt the applicant from taking
another examination.
True - Answer-True or False: All certified public accountants registered at the time
RA 9298 took effect shall automatically be registered under the provisions of such
Certificate of accreditation, three (3), taxation - Answer-Requirement for single
practitioners or firms practicing public accountancy upon showing proof of ___ years
of meaningful experience in public practice including ____
, True - Answer-True or False: All registered certified public accountants whose
names appear in the roster of certified public accountants are required to be
members of PICPA
False, non-profit - Answer-PICPA is registered with the Securities and Exchange
Commission as a for-profit corporation
False, not a bar - Answer-Membership in the integrated organization shall be a bar to
membership in any other association of certified public accountants.
Three years - Answer-Accreditation to practice public accountancy must be done
every ____
False, they may if there is reciprocity, under a mutual agreement or they are issued
an temporary/special permit - Answer-True or False: Foreign accountants may not
practice under any circumstance in the Philippines.
Consultation (no other Filipino is qualified), education/teaching, expertise or
specialization - Answer-Three instances wherein a foreign CPA may be issued a
special permit
Not less than P50,000, not exceeding two (2) years - Answer-Any person who shall
violate any of the provisions of this Act or any of its implementing rules and
regulations as promulgated by the Board subject to the approval of the Commission,
shall, upon conviction, be punished by a fine of ____ or by imprisonment for a period
____ or both.
Ninety (90) - Answer-Within ___ days after the effectivity of this Act, the Board,
subject to the approval of the Commission and in coordination with the accredited
national professional organization of certified public accountants, shall adopt and
promulgate such rules and regulations (IRR) to carry out the provisions of this Act
Fifteen (15) - Answer-The IRR of RA 9298 shall be effective ____ days following
their publication in the Official Gazette or in any major daily newspaper of general
circulation.
Within 2 years - Answer-All graduates with a Bachelors Degree, major in Accounting
shall be allowed to take the CPA Licensure Examination ____ from the effectivity of
RA 9298 under the rules and regulations to be promulgated by the Board subject to
the approval by the Commission.
Fifteen (15), Official Gazette - Answer-RA 9298 shall take effect after ____ days
following its publication in the ___ or in any major daily newspaper of general
circulation.
P5,000,000, P10,000,000 - Answer-A position involving the preparation of financial
statements and other related functions should be occupied by a CPA if the
company's paid-up capital is _____ or its annual revenue is _____
Questions with Latest Update
False, it is considered as one - Answer-True or False: For purposes of this Act, the
examination in which the candidate was conditioned together with the removal
examination on the subject in which he/she failed shall be counted as two separate
examinations.
False, any member of the Board is enough - Answer-All successful candidates in the
examination shall be required to take an oath of profession before all members of the
Board or before any government official authorized by the Commission or any
person authorized by law to administer oaths upon presentation of proof of his/her
qualification, prior to entering upon the practice of the profession
Certificate of Registration - Answer-It shall be issued to examinees who pass the
licensure examination subject to payment of fees prescribed by the Commission. It
shall remain in full force and effect until withdrawn, suspended or revoked.
Professional Identification Card It is issued to successful examinees but is renewable
every three (3) years - Answer-
Roster of CPAs - Answer-A roster showing the names and place of business of all
registered certified public accountants shall be prepared and updated by the Board,
and copies thereof shall be made available to any party as may be deemed
necessary
Chairperson of PRC and members of BOA - Answer-Whose signatures appear on
the Certificate of Registration?
Chairperson of PRC - Answer-Whose signatures appear on Professional
Identification Card
Conviction of criminal offense involving moral turpitude, immoral conduct, unsound
mind - Answer-Grounds for refusal, suspension and revocation of CoR or PIC
Two years - Answer-The Board may, after the expiration of ____ from the date of
revocation of a certificate of registration and upon application and for reasons
deemed proper and sufficient, reinstate the validity of a revoked certificate of
registration and in so doing, may, in its discretion, exempt the applicant from taking
another examination.
True - Answer-True or False: All certified public accountants registered at the time
RA 9298 took effect shall automatically be registered under the provisions of such
Certificate of accreditation, three (3), taxation - Answer-Requirement for single
practitioners or firms practicing public accountancy upon showing proof of ___ years
of meaningful experience in public practice including ____
, True - Answer-True or False: All registered certified public accountants whose
names appear in the roster of certified public accountants are required to be
members of PICPA
False, non-profit - Answer-PICPA is registered with the Securities and Exchange
Commission as a for-profit corporation
False, not a bar - Answer-Membership in the integrated organization shall be a bar to
membership in any other association of certified public accountants.
Three years - Answer-Accreditation to practice public accountancy must be done
every ____
False, they may if there is reciprocity, under a mutual agreement or they are issued
an temporary/special permit - Answer-True or False: Foreign accountants may not
practice under any circumstance in the Philippines.
Consultation (no other Filipino is qualified), education/teaching, expertise or
specialization - Answer-Three instances wherein a foreign CPA may be issued a
special permit
Not less than P50,000, not exceeding two (2) years - Answer-Any person who shall
violate any of the provisions of this Act or any of its implementing rules and
regulations as promulgated by the Board subject to the approval of the Commission,
shall, upon conviction, be punished by a fine of ____ or by imprisonment for a period
____ or both.
Ninety (90) - Answer-Within ___ days after the effectivity of this Act, the Board,
subject to the approval of the Commission and in coordination with the accredited
national professional organization of certified public accountants, shall adopt and
promulgate such rules and regulations (IRR) to carry out the provisions of this Act
Fifteen (15) - Answer-The IRR of RA 9298 shall be effective ____ days following
their publication in the Official Gazette or in any major daily newspaper of general
circulation.
Within 2 years - Answer-All graduates with a Bachelors Degree, major in Accounting
shall be allowed to take the CPA Licensure Examination ____ from the effectivity of
RA 9298 under the rules and regulations to be promulgated by the Board subject to
the approval by the Commission.
Fifteen (15), Official Gazette - Answer-RA 9298 shall take effect after ____ days
following its publication in the ___ or in any major daily newspaper of general
circulation.
P5,000,000, P10,000,000 - Answer-A position involving the preparation of financial
statements and other related functions should be occupied by a CPA if the
company's paid-up capital is _____ or its annual revenue is _____
