20.

21.

a. This statement is correct because this can be found in Article III Section 16 of RA
9298.
b. This statement is correct because it is stated in Article III Section 16 of RA 9298 that a
candidate shall receive conditional credit provided that he/she obtains a rating of 75%
in at least a majority of the subjects in the examination.
c. This statement is incorrect because according to Article III Section 18 of RA 9298,
a candidate who fails in two complete CPA Board Examinations shall be
disqualified from taking another set of examinations unless he/she submit
evidence to the satisfaction of the Board that he/she enrolled in and completed at
least twenty-four (24) units of subject given in the licensure examination.
d. This statement is correct because this can be found in Article III Section 16 of RA 9298
provided that if the candidate fails to obtain at least a general average of 75% and a
rating of at least 65% in each of the subjects reexamined, he/she shall be considered as
failed in the entire examination.

22.
a. According to the Rules and Regulations Implementing the RA 9298 Rule III Section
15, the change shall not be more often than every 3 years and not 2 years.
b. According to the Rules and Regulations Implementing the RA 9298 Rule III
Section 15, the change shall not be more often than every 3 years.
c. According to the Rules and Regulations Implementing the RA 9298 Rule III Section
15, the change shall not be more often than every 3 years and not 4 years.
d. According to the Rules and Regulations Implementing the RA 9298 Rule III Section
15, the change shall not be more often than every 3 years and not 5 years.
23.
a. According to RA 9298 Article III Section 17, the Board shall submit to the PRC the
ratings obtained by each candidate within 10 calendar days and not 5 days.
b. According to RA 9298 Article III Section 17, the Board shall submit to the PRC
the ratings obtained by each candidate within 10 calendar days unless extended for just
cause.
c. According to RA 9298 Article III Section 17, the Board shall submit to the PRC the
ratings obtained by each candidate within 10 calendar days and not 15 days.
d. According to RA 9298 Article III Section 17, the Board shall submit to the PRC the
ratings obtained by each candidate within 10 calendar days and not 30 days.
24.
a. As stated in Article III Section 20 of RA 9298, a Professional Identification Card shall
be issued to every registrant is renewable every 3 years and not 2 years.
b. As stated in Article III Section 20 of RA 9298, a Professional Identification Card
shall be issued to every registrant is renewable every 3 years.
c. As stated in Article III Section 20 of RA 9298, a Professional Identification Card shall
be issued to every registrant is renewable every 3 years and not 4 years.
d. As stated in Article III Section 20 of RA 9298, a Professional Identification Card shall
be issued to every registrant is renewable every 3 years and not 5 years.

25.
a. In all the documents that a CPA signs, he/she shall be required to indicate his/her
Certificate of Registration and date of issuance, the duration of validity, Professional
Identification Card and Professional Tax Receipt number, not including the Telephone number.
b. In all the documents that a CPA signs, he/she shall be required to indicate his/her
Certificate of Registration and date of issuance, the duration of validity, Professional
Identification Card and Professional Tax Receipt number.
c. In all the documents that a CPA signs, he/she shall be required to indicate his/her
Certificate of Registration and date of issuance, the duration of validity, Professional
Identification Card including Professional Tax Receipt number but not his/her Telephone
number.
d. In all the documents that a CPA signs, he/she shall be required to indicate his/her
Professional Identification Card, Professional Tax Receipt number, including the Certificate of
Registration and date of issuance, the duration of validity but not his/her Telephone number.
26.
a. As stated in Article III Section 23 of RA 9298, the BOA shall refuse the registration of
a person who successfully passed the CPA examinations if the person is convicted by a court of
competent jurisdiction of a criminal offense involving moral turpitude.
b. As stated in Article III Section 23 of RA 9298, the BOA shall not refuse the
registration of a person who successfully passed the CPA examinations if the person was
convicted for a political offense.
c. As stated in Article III Section 23 of RA 9298, the BOA shall refuse the registration of
a person who successfully passed the CPA examinations if the person is guilty of immoral and
dishonourable conduct.
d. As stated in Article III Section 23 of RA 9298, the BOA shall refuse the registration of
a person who successfully passed the CPA examinations if the person is convicted by a court of
competent jurisdiction of a criminal offense involving moral turpitude or guilty of immoral and
dishonourable conduct or to any person of unsound mind.
27.
a. According to Article III Section 24 of RA 9298, gross negligence or incompetence in
the practice of the accountancy profession is one of the grounds for proceedings against a CPA.
b. According to Article III Section 24 of RA 9298, engaging in public practice while
being employed in a private enterprise is not one of the grounds for proceedings against a CPA.
c. According to Article III Section 24 of RA 9298, a person with an unsound mind or
insanity is one of the grounds for proceedings against a CPA.
d. According to Article III Section 24 of RA 9298, immoral or dishonourable conduct is
one of the grounds for proceedings against a CPA.
28.
a. A person whose CPA certificate has been revoked can no longer be reinstated as a CPA
is an incorrect statement according to Article II Section 25 of RA 9298.
b. A person whose CPA certificate has been revoked is automatically reinstated as a CPA
after two years if he has acted in an exemplary manner is an incorrect statement according to
Article II Section 25 of RA 9298.
c. A person whose CPA certificate has been revoked may be reinstated as a CPA by
the Board of Accountancy after two years if he has acted in an exemplary manner is a
correct statement according to Article II Section 25 of RA 9298.

d. A person whose CPA certificate has been revoked may be reinstated by the PRC after
two years if he has acted in an exemplary manner is an incorrect statement according to Article II
Section 25 of RA 9298 because only the Board of Accountancy only has the power to do so.
29.
a. A corporation whose stockholders are all CPAs is not permitted by law to practice
accountancy as stated in Article III Section 28 of RA 9298 that SEC shall not register any
corporation organized for the practice of public accountancy.
b. A partnership of CPAs is permitted by law to practice accountancy as stated in Article
III Section 28 of RA 9298, provided that a certificate of accreditation shall be issued to a
certified public accountant in public practice.
c. An individual CPA practitioner is permitted by law to practice accountancy as stated in
Article III Section 28 of RA 9298, provided that a certificate of accreditation shall be issued to a
certified public accountant in public practice.
d. A partnership of CPAs with some non-CPA staff is permitted by law to practice
accountancy as stated in Article III Section 28 of RA 9298, provided that a certificate of
accreditation shall be issued to a certified public accountant in public practice.
30.
a. As stated in Article III Section 28 of RA 9298, such registrant should have acquired 3
years of meaningful experience in any of the areas of public practice and not only 1 year.
b. As stated in Article III Section 28 of RA 9298, such registrant should have acquired 3
years of meaningful experience in any of the areas of public practice and not 2 years.
c. As stated in Article III Section 28 of RA 9298, such registrant should have
acquired 3 years of meaningful experience in any of the areas of public practice.
d. As stated in Article III Section 28 of RA 9298, such registrant should have acquired 3
years of meaningful experience in any of the areas of public practice and not 4 years.
31.
a. This statement is correct because this can be found in Rule IV Section 28 of the Rules
and Regulations Implementing RA 9298.
b. This statement is correct because this can be found in Rule IV Section 28 of the Rules
and Regulations Implementing RA 9298.
c. This statement is correct because this can be found in Rule IV Section 28 of the Rules
and Regulations Implementing RA 9298.
d. This statement is incorrect because according to Rule IV Section 28 of the Rules and
Regulations Implementing RA 9298, public practice shall include at least 1 year as audit assistant
and at least two years as auditor in charge of audit engagement covering full audit functions of
significant clients.
32.
a. Schedules and memoranda made by the CPA and his staff are included in the working
papers made during an audit and shall be property of the auditor according to Article III Section
29 of RA 9298.
b. Working papers prepared and submitted by the client are included in the working
papers made during an audit and shall be property of the auditor according to Article III Section
29 of RA 9298.
c. Excerpts or a copy of documents furnished by the auditor is included in the working
papers made during an audit and shall be property of the auditor according to Article III Section
29 of RA 9298.

d. Reports submitted by the CPA to the client are not included in the working
papers made during an audit and shall be property of the auditor according to Article III
Section 29 of RA 9298.
33.

a.

34.
a This statement is incorrect because this is part of the CPE credit units according to
Annex C of the Rules and Regulations Implementing RA 9298.
b. This statement is incorrect because this is part of exemption from CPE requirements
according to Annex C of the Rules and Regulations Implementing RA 9298.
c. This statement is incorrect because this is part of exemption from CPE requirements
according to Annex C of the Rules and Regulations Implementing RA 9298.
d. This statement is correct because this is found in Annex C of the Rules and
Regulations Implementing RA 9298.
35.
a. According to Article V Section 36 of RA 9298, any person who shall violate any
provisions of RA 9298 or any of its implementing rules and regulations promulgated by the
board subject to the approval of Commission shall, upon conviction, be punished by a fine
of not less than Php 50,000 or by imprisonment for a period of not exceeding 2 years or
both.
b. According to Article V Section 36 of RA 9298, any person who shall violate any
provisions of RA 9298 or any of its implementing rules and regulations promulgated by the
board subject to the approval of Commission shall, upon conviction, be punished by a fine of not
less than Php 50,000 or by imprisonment for a period of not exceeding 2 years or both and not by
a fine of not less than Php100,000.
c. According to Article V Section 36 of RA 9298, any person who shall violate any
provisions of RA 9298 or any of its implementing rules and regulations promulgated by the
board subject to the approval of Commission shall, upon conviction, be punished by a fine of not
less than Php 50,000 or by imprisonment for a period of not exceeding 2 years or both and not by
an imprisonment for a period not exceeding 3years.
d. According to Article V Section 36 of RA 9298, any person who shall violate any
provisions of RA 9298 or any of its implementing rules and regulations promulgated by the
board subject to the approval of Commission shall, upon conviction, be punished by a fine of not
less than Php 50,000 or by imprisonment for a period of not exceeding 2 years or both and not by
a fine of less than Php 100,000 or a period of imprisonment not exceeding 3 years.
36.
a. As stated in Article V Section 39 of RA 9298, the primary duty to enforce
provisions of RA 9298 and its IRR rests not only with the PRC but also with BOA.
b. As stated in Article V Section 39 of RA 9298, the primary duty to enforce
provisions of RA 9298 and its IRR rests not only with the BOA but also with PRC.
c. As stated in Article V Section 39 of RA 9298, the primary duty to enforce
provisions of RA 9298 and its IRR rests with the BOA and the PRC.
d. As stated in Article V Section 39 of RA 9298, the primary duty to enforce
provisions of RA 9298 and its IRR do not rest with the AASC but with the PRC and BOA.

the
the
the
the

37.
a. The PICPA shall renew its Certificate of
every 2 years as stated in Annex A of RA 9298.
b. The PICPA shall renew its Certificate
stated in Annex A of RA 9298.
c. The PICPA shall renew its Certificate of
every 4 years as stated in Annex A of RA 9298.
d. The PICPA shall renew its Certificate of
every 6 years as stated in Annex A of RA 9298.
38.

a.

Accreditation once every 3 years and not

of Accreditation once every 3 years as
Accreditation once every 3 years and not
Accreditation once every 3 years and not