Description : The integrated national professional organization of Certified Public Accountants accredited by the BOA and the PRC per PRC accreditation No. 15 dated October 2, 1975. a. Philippine Institute of Certified ... (AASC) c. Financial Reporting Standards Council (FRSC) d. Education Technical Council (ETC)
Last Answer : Philippine Institute of Certified Public Accountants (PICPA)
Description : Which of the following is the authoritative body designated to promulgate auditing standards? a. BOA b. PICPA c. FRSC d. AASC
Last Answer : AASC
Description : The standard-setting body whose chairman had been or presently a senior accounting practitioner in any scope of accounting practice is a. AASC b. FRSC c. PICPA d. ACPAPP
Last Answer : FRSC
Description : The Chairman and the members of the BOA shall be appointed by the: a. Commissioner of the SEC. b. President of the PICPA. c. President of the Republic of the Philippines. d. Retiring chairman of the Board of Accountancy.
Last Answer : President of the Republic of the Philippines.
Description : This body is created to assist the BOA in the attainment of the objective to continually upgrade accounting education in the Philippines, thus making Filipino CPAs globally competitive. a. PICPA ... b. Education Technical Council c. Accounting Teachers' Conference d. Association of CPAs in Education
Last Answer : Education Technical Council
Description : The BOA vice-chairman shall be a. Appointed by the PRC b. Elected by BOA members c. Appointed by the President of the Philippines d. Appointed by the PRC upon recommendation by the PICPA
Last Answer : Elected by BOA members
Description : The chairman and the members of the AASC and FRSC shall have a term of a. 1 year. b. 3 years. c. 3 years with no renewal. d. 3 years renewable for another term
Last Answer : 3 years renewable for another term
Description : The following are represented both to the Financial Reporting Standards Council (FRSC) and Auditing and Assurance Standards Council (AASC), except: a. Bangko Sentral ng Pilipinas b. Securities and Exchange Commission c. Bureau of Internal Revenue d. Board of Accountancy
Last Answer : Bureau of Internal Revenue
Description : The Chairpersons of the FRSC and the AASC shall be appointed by: a. The Philippine Institute of Certified Public Accountants b. The President of the Republic of the Philippines. c. The Professional Regulatory Board of Accountancy. d. The Professional Regulation Commission
Last Answer : The Professional Regulation Commission
Description : Which of the following is not one of the qualifications of the members of the Board of Accountancy? a. He/She must not be a director or officer of PICPA at the time of his ... conducting review classes in preparation for the licensure examination at the time of his appointment to the Board.
Last Answer : He/She must be a duly Certified Public Accountant with at least ten years of experience in practice of public accountancy
Description : Which of the following is the authoritative body designated to promulgate auditing standards? a. Financial Reporting Standards Council b. PICPA c. Association of CPAs in Public Practice and PICPA d. Auditing and Assurance Standards Council
Last Answer : Auditing and Assurance Standards Council
Description : Auditing standards are a. Statutory in nature. b. Rules imposed by the Securities and Exchange Commission. c. General guidelines to help auditors. d. Rules imposed by the PICPA
Last Answer : General guidelines to help auditors
Description : In which of the following circumstances would a CPA be bound by ethics to refrain from disclosing any confidential information obtained during the course of a professional engagement? a. The CPA is ... the PICPA. d. An inquiry by a disciplinary body of PICPA requests confidential client information
Last Answer : A major stockholder of a client company seeks accounting information from the CPA after management declined to disclose the requested information
Description : A practicing CPA is allowed by the CPA Code of Ethics to do the following except: a. Announce the change in office location in a newspaper. b. List his firm name in the building lobby directory in ... in PICPA on his stationary. d. List his office telephones in the PLDT directory to box or bold type
Last Answer : List his office telephones in the PLDT directory to box or bold type
Description : The PICPA shall renew its Certificate of Accreditation once every how many years after the date of the Resolution granting the petition for re-accreditation and the issuance of the said certificate upon submission of the requirements? a. 2 years b. 3 years c. 4 years d. 6 years
Last Answer : 3 years
Description : The following statements relate to the Board of Accountancy. Which statement is correct? a. The Board consists of a Chairman and six members. b. The chairman and members are appointed by ... Commission may remove from the Board any member whose certificate to practice has been removed or suspended
Last Answer : The Board consists of a Chairman and six members.
Description : Which of the following is the accredited national professional organization of CPAs? a. IFAC b. ASC c. AASB d. PICPA
Last Answer : PICPA
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To disclose to BIR fraudulent scheme committed by the client on payment ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax
Description : A professional accountant has a professional duty or right to disclose confidential information in each of the following, except: a. To comply with technical standards and ethics requirements. b. To disclose ... body d. To respond to an inquiry or investigation by a member body or regulatory body
Last Answer : To disclose to BIR fraudulent scheme committed by the client on payment of income tax.
Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. If the accreditation of Velasco and Co., CPAs, was renewed on September 30, ... . September 30, 2010 b. September 30, 2011 c. December 31, 2010 d. December 31, 2011
Last Answer : September 30, 2011
Description : Individual CPAs, Firms or Partnerships of CPAs, including partners and staff members thereof shall register with the BOA and the PRC. Assuming that the application for registration of Sisip and Co., CPAs was ... on Dec. 31, 2007 which is also the last day of renewal of certificate of registration.
Last Answer : The registration will expire on Dec. 31, 2007.
Description : The following are modifications made to the IFAC Code to consider Philippine regulatory requirements and circumstances, except a. The period for rotation of the lead engagement partner was changed from ... , were included. d. Payment and receipt of commissions were not permitted in the Philippines
Last Answer : The period for rotation of the lead engagement partner was changed from five to seven years.
Description : Which of the following is not an objective of requiring registration of individual CPAs and Firms of partnership of CPAs engaged in public accounting practice? a. The required registration will ... will help PRC and BOA to identify and impose corresponding sanctions and penalties on individual CPAs
Last Answer : The required registration will give equal opportunities to CPAs in the practice of their profession.
Description : The primary duty to enforce the provisions of RA 9298 and its IRR rests with a. The PRC b. The BOA c. The AASC d. The PRC and BOA
Last Answer : The PRC and BOA
Description : The BOA shall submit to the PRC the ratings obtained by each candidate within how many calendar days after the examination? a. 5 days b. 10 days c. 15 days d. 30 days
Last Answer : 10 days
Description : Which statement is incorrect regarding the term of office of the chairman and the members of the Board of Accountancy (BOA)? a. The Chairman and members of the Board shall hold office for a term ... two (2) successive complete terms shall be eligible for reappointment until the lapse of one (1) year
Last Answer : A member of the BOA may continuously serve office for more than nine years.
Description : A member of the BOA shall, at the time of his/her appointment, possess the following qualifications, except a. Must be a natural-born citizen and resident of the Philippines. b. Must not be a ... registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.
Last Answer : Must be a duly registered CPA with more than ten (10) years of work experience in any scope of practice of accountancy.
Description : A certificate under seal, bearing a registration number, issued to an individual, by the PRC, upon recommendation by the BOA, signifying that the individual has complied with all the ... accreditation b. Certificate of registration c. Certificate of quality review d. Certificate of identification
Last Answer : Certificate of registration
Description : The death, or disability of an individual CPA and/or the dissolution and liquidation of a firm or partnership of CPAs shall be reported to the BOA not later than ___ days from the date of such death, dissolution or liquidation. a. 15 b. 30 c. 60 d. 90
Last Answer : 30
Description : The term of BOA vice-chairman is a. One year. b. Three years subject to renewal. c. At the discretion of BOA members. d. Same with the term of BOA chairman
Last Answer : One year
Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results
Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria
Description : Which of the following has the primary responsibility for the fairness of the representations made in the financial statements? a. Audit committee b. Client's management c. Independent auditor d. Board of Accountancy
Last Answer : Client's management
Description : Which of the following is not included in an audit engagement letter? a. Objectives of the engagement b. Representations that the financial statements were prepared in accordance with PFRS c. Management's responsibilities d. A clear explanation of the services to be performed on the engagement
Last Answer : Representations that the financial statements were prepared in accordance with PFRS
Description : The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent ... c. Equally with management and the auditor. d. With the internal audit department.
Last Answer : With the management
Description : As used in auditing, which of the following statements best describes "assertions ? a. Assertions are the auditor's findings to be communicated in his audit report. b. Assertions are ... Assertions are the representations of management as to the fairness of presentation of the financial statements
Last Answer : Assertions are the representations of management as to the fairness of presentation of the financial statements
Description : Which of the following is not included in the engagement letter? a. Objectives of the engagement b. Management's responsibilities c. A clear explanation of the services to ... d. Representations that the financial statements were prepared in accordance with generally accepted accounting principles
Last Answer : Representations that the financial statements were prepared in accordance with generally accepted accounting principles
Description : The independent auditor lends credibility to client financial statements by a. Stating in the auditor's management letter that the examination was made in accordance with PSAs b. ... statements. d. Maintaining clear-cut distinctions between management representations and auditor's representations.
Last Answer : Attaching an auditor’s opinion to the client’s financial statements.
Description : The auditor would ordinarily expect to find evidence to support management representations and not assume that they are necessarily correct". This is an example of: a. Due diligence. b. Unprofessional behavior. c. An attitude of professional skepticism. d. A rule in the code of Professional Conduct.
Last Answer : An attitude of professional skepticism.
Last Answer : FRCS words Full Form Being Fellowship Off The Royal College Off Surgeons (Fellowship of the Royal College of Surgeons)
Description : What ideas did Phan Boi chau & Phan chau Thing share in common? What did they differ on? -SST 10th
Last Answer : Phan Boi Chau and Phan Chu Trinh's were great nationalist of Vietnam. Both have same visions of Vietnam's independence, but they differed in thinking to achieve those visions. Both pursued the same goal ... and industries (iv) He opposed the idea of resisting the French with the help of the court
Description : What ideas did Phan Boi chau & Phan chau Trinh share in common? What did they differ on? -SST 10th
Last Answer : 1)Both are nationalist 2)Both have same goal 3)Both want Vietnamese independence
Description : Who was Phan Boi Chau ? Explain his role in arousing anti-imperialist sentiments. -SST 10th
Last Answer : Phan Boi Chau was one of the leading figure in the anti-colonial movement in early 20th century Vietnam. (i) Vietnamese Nationalist : Phan Boi Chau was a Vietnamese nationalist and a freedom ... started the Go - East Movement with an aim to provide western education to the young Vietnamese.
Description : Who was Phan Boi Chau ? -SST 10th
Last Answer : He was a Vietnamese nationalist who formed the Revolutionary Society. He also wrote a book named ‘.The History of the Loss of Vietnam.
Description : What ideas did Phan Boi Chau and Phan Chau Trinh share in common ? What did they differ on ? -SST 10th
Last Answer : Phan Bol Chau Accepted monarchy and wanted to make use of it to achieve the goal. He did not want any popular uprising against monarchy. Advocated for the help of the court to resist ... Wanted the French to set up legal and educational institutions, and develop agriculture and industries.
Description : What ideas did Phan Boi Chau and Phan Chu Trinh share in common and what did they disagreed on? -SST 10th
Last Answer : Both Phan Boi Chau and Phan Chu Trinh were nationalists. Both of them wanted to free Vietnam from colonial occupation. Difference: (i) Phan Boi Chau: He was a Confucian scholar. He ... . He demanded that the French set up legal and educational institutions and developed agriculture and industries.
Description : What was Phan Chu Trinh's objective for Vietnam ? How were his ideas different from those of Phan Boi Chanu ? -SST 10th
Last Answer : Phan Boi Chau and Phan Chu Trinh's were great nationalist of Vietnam. Both have same visions of Vietnam's independence, but they differed in thinking to achieve those visions. Both pursued the same goal ... and industries (iv) He opposed the idea of resisting the French with the help of the court.
Description : Phan Boi Chan’s The History of the Loss of Vietnam focused on two connected themes. What are they? -SST 10th
Last Answer : (i) The loss of sovereignty of Vietnam. (ii) The severing of ties with China.
Description : Name the most influential book of Phan Boi Chan. -SST 10th
Last Answer : Phan’s most influential book is The History of the Loss of Vietnam. The book focuses on two connected themes: (i) The loss of sovereignty, and (ii) The severing of ties with China — ties that bound the elites of the two countries within a shared culture.
Description : Which book was written by Phan Boi Chau? -SST 10th
Last Answer : History of the Loss of Vietnam.