ORGANIZATIONS

1. This is the government agency that regulates the registration and operations
of corporations, partnerships and other form of associations in the
Philippines. SEC
2. This organization aims to raise revenues for the government through the
effective and efficient collection of taxes, provide quality service to
taxpayers, and enforce tax laws in an impartial and uniform manner. BIR
3. This organization administers, implements and enforces the regulatory
policies of the Philippine government with respect to the regulation and
licensing of the various profession under its jurisdiction, one of which is
accountancy. RA. 8981
4. Its mandate is to regulate and supervise the insurance industry for the
promotion of the national interest. IRA (INSURANCE REGULATORY
AUTHORITY)
5. The primary objective of this agency is to maintain price stability conducive
to a balanced and sustainable economic growth. RA. 11211
6. This agency is empowered to administer the Philippine Accountancy Act of
2004. RA. 9298
7. The following are the qualifications of the members of the Board of
Accountancy, except:
a. Natural-born citizen and resident of the Philippines
b. Duly registered CPA with at least 10 years of work experience in any
scope of the practice of accountancy
c. Good moral character, not convicted of crimes involving moral
turpitude
d. No direct, or material indirect, pecuniary interest in any school,
college, university or institution conferring the BS Accountancy degree
or providing CPA review classes
8. The Board shall be under the administrative supervision of the:
a. Philippine Institute of CPAs
b. Professional Regulatory Commission
c. Securities and Exchange Commission
d. President of the Philippines
9. The following are among the powers and functions of the Board of
Accountancy, except:
a. To prescribe and adopt the rules and regulations necessary for
implementing RA 9298
b. To prescribe and/or adopt a code of ethics for the practice of
accountancy
c. To ensure, in cooperation with the DECS, that all higher educational
instruction and offering of accountancy comply with prescribed
policies, standards and requirements of the course
d. To conduct an oversight into the quality of audits of financial
statements
 10. Who is the person that has the authority to suspend or remove a
member of the BOA, on valid grounds and after due process
a. The President of the Republic of the Philippines
b. The chairman of the Professional regulatory Board of Accountancy,
unless he is the one under investigation
c. The commissioner of the PRC
d. None of them
11. The following are grounds for suspension or removal of the members
of the Board of Accountancy, except:
a. Neglect of duty or incompetence
b. Violation or tolerance of any violation of RA 9298 and its IRR, or the
Code of Ethics and technical and professional standards of practice for
CPAs
c. Pending case on a crime involving moral turpitude
d. Manipulation or the rigging of the CPA Licensure Examination results

Numbers 12-18 pertain to the Philippine Institute of Certified Public Accountants

12. A PICPA director can only represent a sector in region if he/she has
been a member in good standing in such sector in the region for at least
_____ years at the time of his/her nomination:
a. Two years
b. Three years
c. Four years
d. Five years
13. Unless there is a valid reason to have additional representation, the
PICPA shall have how many national directors?
a. 12
b. 14
c. 15
d. 20
14. The PICPA national directors shall be apportioned according to 4
geographic sectors based on the ratio of the latest available number of
members in good standing of those areas. Which of the following is not a
geographic sector?
a. Luzon
b. NCR
c. Mindanao
d. CAR

15. Who shall implement [policies promulgated by the PICPA Board of

Directors and shall have direct supervision of the PICPA Secretariat?
a. National director
b. Executive director
c. PICPA sectoral chairman
d. BOA
16. PICPA shall renew its certificate of accreditation once:
a. Annually
b. Every three years
c. Every four years
d. Every five years
17. The PICPA certificate of accreditation shall be cancelled or suspended
by the PRC upon the recommendation by the BOA after due hearing under
any of the following grounds or causes, except:
a. It has cease to possesses any of the qualifications for accreditation
b. It no longer serves the best interest of CPAs
c. Two years have passed and it has not yet enlisted into active
membership the majority of CPAs in the practice of accountancy
d. It has committed acts inimical to its members and to the profession
18. This is the standard setting body that replaces the Accounting
Standards Council and is tasked to develop and issue standards which will
represent GAAP in the Philippines
a. ASB
b. FRSC
c. FASB
d. AASC
19. This standard setting body replaces the Auditing Standards and
Practices Council (ASPC) and is tasked to develop and issue Philippine
Standards on Auditing and related Interpretations:
a. ASB
b. FRSC
c. FASB
d. AASC
20. According to the IRR, this council is tasked to assist the BOA in
continuously upgrading accountancy education in the Philippines to make the
Filipino CPAs globally competitive
a. Quality Review Committee
b. Education Technical Council
c. CPE Council
d. Commission on Higher Education

21. The Education Technical Council shall be composed of

a. Six members
b. Seven members with a chairman
c. Seven members with a chairman and a vice-chairman
d. Eight members with a chairman, a vice chairman, and a secretary
22. CPE stands for
a. Continuing Practice Evaluation
b. Continuing Physical Education
c. Certified Public Examinations
d. Continuing Professional Education
23. The CPE programs shall have these objectives:
 a. To raise and maintain the professional’s capability for delivering
professional services
b. To attain and maintain the highest standards and quality in the
practice of his profession
c. To make the profession globally competitive
d. All of the answers
24. A registered professional shall be permanently exempted from CPE
requirements upon reaching the age of:
a. 60 years old
b. 65 years old
c. 70 years old
d. 75 years old
25. The PRC CPE Council shall be composed of:
a. A chairperson and three members
b. A chairperson, vice-chairperson, and two members
c. A chairperson and two members
d. A chairperson, vice-chairperson, and three members
26. Should the need arises the PRC CPE Council may delegate to the PICPA
the processing of the applications, keeping all records for CPE providers, and
their respective programs and credit units earned by each CPA who avail of
the CPE programs and related functions. For this purpose, the PICPA may
create a counterpart CPE Council to be known as:
a. counterpart CPE Council
b. PICPA CPE Committee
c. Support CPE Council
d. PICPA CPE Council

27. A study, appraisal, or review by the Board or its duly authorized

representatives, of the quality of audit of financial statements through a
review of the quality control measures instituted by any CPAs engaged in the
practice of public accountancy to ascertain his/her/its compliance with
prescribed professional, ethical and technical standards of public practice.
a. CPA Review
b. Peer Review
c. Quality Review
d. Professional Review
28. This committee is created to conduct an oversight into the quality of
audits of financial statements through a review of the quality control
measures instituted by individual CPAs Firms or Partnerships
a. Quality review council
b. Quality control committee
c. Quality review committee
d. Engagement quality control review
29. The quality Review Committee shall be composed of
a. Seven members with a chairman
 b. Six members with a chairman
c. Five embers with a chairman
d. Four members with a chairman
30. The chairman and members of the QRC shall have a term of
a. Two years, renewable
b. Two years, non-renewable
c. Three years, renewable
d. Three years, non-renewable
31. The QRC should have the following functions
a. Conduct quality control review on applicants for registration to practice
public accountancy and render report on such quality review
b. Revoke the certificate of registration and professional ID of an
individual CPA, firm, or partnership of CPAs who have not observed
quality control measures
c. All of the answers
d. None of the answers
32. The Constitution of the Philippines requires this Office to “keep the
general accounts of the Government and for such period as may be provided
by law, preserve the vouchers pertaining thereto.”
a. National accounting office
b. Ministry of finance
c. Commission on audit
d. Accounting units
33. The following are the functions of the Commission on Audit, except
a. Define the scope of audit and examination
b. Promulgate the accounting rules and regulations
c. Keep the general accounts of the Government
d. Assume fiscal responsibility for the Government and its
instrumentalities
34. Auditors of the Commission in Audit perform the role of
a. Internal auditors
b. Independent auditors
c. Management accountants
d. Financial consultants
35. The chairman and the commissioners of the Commission on Audit shall
be
a. All CPAs
b. All lawyers
c. One or two lawyers and one or two CPAs for a total of three
d. Two lawyers and one CPA
36. Who appoints the members of the COA?
a. The commissioner of the PRC
b. The chairman of the Professional Regulatory Board of Accountancy
c. The president, with the concurrence of the Commission on
Appointments
d. The chairman of the Auditing and Assurance Standards Council
37. Which of the following is a correct qualification of the chairman and
two commissioners of the COA?
a. A naturalized citizen of the Philippines
b. At least 40 years of age upon appointment
c. CPAs with no less than 5 tears od auditing experience or members of
the Philippine Bar who have been engaged in law practice for at least 5
years
d. Must not have been candidates for any elective position preceding
appointment
38. How long will each member of the COA serve their respective terms?
a. 3 years , with no reappointment
b. 3 years, subject to reappointment
c. 5 years, with no reappointment
d. 7 years, with no reappointment