CFAS Preliminary Exam: Key Topics to Know
Accountancy Profession - correct answer ✔✔Is a group of individuals who argued to ethical standards
and are accepted by the public as possessing special knowledge and skills.
Accountancy Law - correct answer ✔✔Due to the public duty of profession these are governed by
special law. In our case we have the __________ to govern the Accountancy Profession in the Philippines
Certified Public Accountant or (CPA) - correct answer ✔✔What do you call in the Philippines if he or she
is a professional accountant
Certified Public Accountant or (CPA) - correct answer ✔✔This person passed the CPA licensure exam set
by the Philippine Government and is the only one allowed to practice accountancy in the Philippines
1. Integrity
2. Objectivity
3. Professional Competence and Due Care
4. Confidentiality
5. Professional Behavior - correct answer ✔✔What are the fundamental character traits or values in the
ethical code that accountants must adhere to?
Integrity - correct answer ✔✔To be straight forward and honest in all professional and business
relationship
Objectivity - correct answer ✔✔To not allow bias, conflict of interest or undue influence to override
professional and business judgement.
Professional Competence and Due Care - correct answer ✔✔Maintain professional knowledge and skills
as required and ensure diligent acts.
Accountancy Profession - correct answer ✔✔Is a group of individuals who argued to ethical standards
and are accepted by the public as possessing special knowledge and skills.
Accountancy Law - correct answer ✔✔Due to the public duty of profession these are governed by
special law. In our case we have the __________ to govern the Accountancy Profession in the Philippines
Certified Public Accountant or (CPA) - correct answer ✔✔What do you call in the Philippines if he or she
is a professional accountant
Certified Public Accountant or (CPA) - correct answer ✔✔This person passed the CPA licensure exam set
by the Philippine Government and is the only one allowed to practice accountancy in the Philippines
1. Integrity
2. Objectivity
3. Professional Competence and Due Care
4. Confidentiality
5. Professional Behavior - correct answer ✔✔What are the fundamental character traits or values in the
ethical code that accountants must adhere to?
Integrity - correct answer ✔✔To be straight forward and honest in all professional and business
relationship
Objectivity - correct answer ✔✔To not allow bias, conflict of interest or undue influence to override
professional and business judgement.
Professional Competence and Due Care - correct answer ✔✔Maintain professional knowledge and skills
as required and ensure diligent acts.
