QUIZZER to RA 9298

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Terms in this set (75)

Republic Act No. 9298 is also known as ______

a. Accountancy Law of 2004

D
b. Accreditation of Accounting Teachers
c. Philippine Accountancy Act of 2005
d. Philippine Accountancy Act of 2004

Under Section 2 of RA 9298, the State recognizes

the importance of accountants in nation building
and development. Hence, it shall develop and
nurture competent, virtuous, productive and well
rounded professional accountants whose
standards of practice and service shall be
excellent, qualitative, world class and globally
competitive through:
C I. Inviolable, honest, effective and credible
licensure examinations II. Regulatory measures,
programs and activities that foster their
professional growth and development.

a. I only
b. II only
c. I and II
d. Neither I nor II

QUIZZER to RA 9298
 The objectives of the Philippine Accountancy Act
of 2004 are the following, except:

a. Standardization and regulation of accounting

education.
B
b. Integration of accountancy profession
c. Examination for registration of certified public
accountants.
d. Supervision, control and regulation of the
practice of accountancy.

The APO shall submit its nominations with

complete documentation to the Commission not
later than _____ prior to the expiry of the term of an
incumbent chairman or member.
B
a. 30 days
b. 60 days
c. 90 days
d. 120 days

The following statements relate to the Board of

Accountancy and its composition. Which
statement is incorrect?

a. The Board consists of a Chairman and six

members
B b. The Chairman and members are appointed by
PRC upon recommendation of APO
c. The Board shall elect a vice-chairman from
among its members.
d. The four(4) sectors in the practice of
accountancy shall as much as possible be
equitably represented in the Board

QUIZZER to RA 9298
 Which of the following is incorrect regarding the
qualifications of members of the Board of
Accountancy?

a. Must be a natural-born citizen and resident of

the Philippines
b. Must be a duly registered Certified Public
Accountant with at least fifteen (15) years of work
B experience in any scope of practice of
accountancy
c. Must be of good moral character and must not
have been convicted of crimes involving moral
turpitude
d. Must not have any pecuniary interest, directly or
indirectly, in any school, college, university where
review classes in preparation for the licensure
examination are being offered or conducted

Which of the following statements is incorrect

according to Section 7 of the Philippine
Accountancy Act of 2004 (RA 9298)?

a. The Chairman and the members of the

Professional Regulatory Board of Accountancy
(PRBoA) shall hold office for a term of three (3)
years.
D
b. No person who has served two(2) successive
terms shall be eligible for reappointment until the
lapse of one (1) year.
c. Any vacancy occurring within the term of a
member shall be filled up for the unexpired
portion of the term only.
d. Appointment to fill up an unexpired term is
considered as a complete term.

QUIZZER to RA 9298
 No person shall serve the Professional Regulatory
Board of Accountancy for more than ___

D a. 3 years
b. 6 years
c. 9 years
d. 12 years

The following are the powers, functions and

responsibilities of the Board of Accountancy (also
known as the Board)

a. To prescribe and/or adopt a Code of Ethics for

the practice of accountancy
b. To prescribe and adopt the rules and
regulations necessary for carrying out the
D provisions of RA 9298 c. To prepare, adopt, issue
or amend the syllabi of the subjects for
examinations in consultation with the academe,
determine and prepare questions for the licensure
examination which shall strictly be within the
scope of the syllabi of the subjects for
examinations as well as administer, correct and
release the results of the licensure examinations
d. All of the above

QUIZZER to RA 9298
 The Board shall exercise the following specific
powers, functions and responsibilities:
-To supervise the registration, licensure and
practice of accountancy
-To issue, suspend, revoke, or reinstate the
certificate of registration for the practice of
accountancy
-To monitor the conditions affecting the practice
of accountancy
A -To conduct an oversight into the quality of audits
of financial statements
-To ensure that all HEIs including review centers
comply with the requirements of CHED or other
authorized government offices

a. Yes Yes Yes Yes

b. Yes No Yes Yes
c. Yes Yes No Yes
d. Yes No Yes No

The following were created to assist the BOA in

carrying out its powers and functions, except

a. Auditing and Assurance Standards Council

D
b. Financial Reporting Standards Council
c. Education Technical Council
d. Accredited National Professional Organization
of CPAs

QUIZZER to RA 9298
 The creation of FRSC and AASC is intended to
assist the BOA in carrying out its function to

a. To monitor the conditions affecting the practice

of accountancy and adopt such measures, rules
and regulations and best practices as may be
deemed proper for the enhancement and
maintenance of high professional, ethical,
A
accounting and auditing standards.
b. To supervise the registration, licensure and
practice of accountancy in the Philippines.
c. To prescribe and adopt the rules and
regulations necessary for carrying out the
provisions of RA 9298.
d. To prepare, adopt, issue or amend the syllabi of
the subjects for examinations.

Applications for examination, examination

questions, answer sheets, and other records and
documents pertaining to the CPA licensure
examinations shall be under the custody of the
_____
A

a. PRC
b. BOA
c. PICPA
d. National Library

Which of the following is not a ground for

suspension or removal of members of BOA?

A. Neglect of duty or incompetence

B
b. Intolerance of any violation of RA 9298
c. Final judgment of crimes, involving moral
turpitude d. Rigging of the certified public
accountant's licensure examination results

QUIZZER to RA 9298
 Which of the following is not a requisite in
applying for the CPA licensure examinations?

a. Natural-born citizen of the Philippines.

A b. Good moral character.
c. Holder of the degree of Bachelor of Science in
Accountancy.
d. Has not been convicted of any criminal offense
involving moral turpitude.

The Board, subject to the approval of the

Commission, may revise or exclude any of the
subjects and their syllabi, and add new ones as the
need arises. Provided that the change shall not be
more often than every ______
B

a. 2 years
b. 3 years
c. 4 years
d. 5 year

The following statements relate to CPA

examination ratings. Which statement is incorrect?
a. To pass the examination, candidates should
obtain a general weighted average of 75% and
above, with no rating in any subject less than 65%.
b. Candidates who obtain a rating of 75% and
above in at least four subjects shall receive a
C conditional credit for the subjects passed.
c. Conditioned candidates shall take an
examination in the remaining subject(s) within
three years from the preceding examination.
d. Candidates who fail in two (2) complete CPA
examinations may be allowed to take examinations
a third time provided he or she will comply with
Sec. 18 of RA 9298.

QUIZZER to RA 9298
 Any candidate who fails in two (2) complete
Certified Public Accountant Board Examinations
shall be disqualified from taking another set of
examinations unless he/she submits evidence to
the satisfaction of the Board that he/she enrolled
in and completed at least ____ of subject given in
C
the licensure examination.

a. 12 units
b. 21 units
c. 24 units
d. 60 units

The Board shall submit to the Commission the

ratings obtained by each candidate within ____
calendar days after the examination, unless
extended for just cause.
A
a. 10
b. 15
c. 20
d. 30

According to Section 20 of RA 9298, a

Professional Identification Card bearing the
registration number, date of issuance, expiry date,
duly signed by the chairperson of the PRC, shall
likewise be issued to every registrant renewable
C every ______

a. One (1) year

b. Two (2) years
c. Three (3) years
d. Five (5) years

QUIZZER to RA 9298
 The BOA shall refuse the registration of any
person who successfully passed the CPA
examinations if ____

D a. Convicted by a court of competent jurisdiction

of a criminal offense involving moral turpitude
b. Having an unsound mind
c. Guilty of immoral and dishonorable conduct
d. All of the above

No person shall practice accountancy in the

Philippines or use the abbreviated title "CPA"
unless such person shall received from the Board
a Certificate of Registration and be issued a
professional identification card or a valid
temporary/special permit duly issued to him/her
by the Board and the Commission

A person who is not a citizen of the Philippines

shall not be allowed to practice accountancy in
B the Philippines unless he/she can prove, in the
manner provided by the Rules of Court that, by
specific provisions of law, the country of which
he/she is a citizen, subject or national admits
citizens of the Philippines to the practice of the
same profession without restriction.

a. True, False
b. True, True
c. False, False
d. False, True

QUIZZER to RA 9298
 The Board shall have the power, upon due notice
and hearing, to suspend or revoke the
practitioner's certificate of registration and
professional identification card or suspend
him/her from the practice of his/her profession or
cancel his/her special permit for any of the causes
or grounds

I. Convicted by a court of competent jurisdiction

of a criminal offense involving moral turpitude
II. Having an unsound mind
III. Guilty of immoral and dishonorable conduct
D
IV. Unprofessional or unethical conduct,
malpractice
V. Violation of any of the provisions of this Act,
and its implementing rules and regulations, the
Certified Public Accountant's Code of Ethics and
the technical and professional standards of
practice for certified public accountants.

a. I, II and III only

b. I, II, IV and V only
c. I, II, III and IV only
d. I, II, III, IV and V

A CPA whose certificate have been revoked may

be reinstated if he has acted in exemplary manner
and has not committed any illegal, immoral or
dishonorable conduct for a period not less than
____
B
a. One year
b. Two years
c. Five years
d. The period depends on the seriousness of his
offense

QUIZZER to RA 9298
 The Continuing Professional Education (CPE)
program mentioned in the IRR shall have the
following objectives, except:

a. To promote the general welfare of the public

b. To provide and ensure the continuous
education of accountancy students with the latest
B
trends in the profession brought about by
modernization and scientific and technological
advancement
c. To raise and maintain the professionals
capability for delivering professional services
d. To attain and maintain the highest standards and
quality in the practice of the profession

QUIZZER to RA 9298
 Which statement is(are) correct regarding CPE
requirements for renewal of professional license?

I. The total CPE credit units required for CPAs shall

be sixty (60) units for three (3) years, provided
that a minimum of fifteen (15) credit units shall be
earned in each year.
II. Any excess credit units in one year may be
carried over to the succeeding years within the
three-year period.
III. Excess credit units earned shall not be carried
over to the next three-year period without
exception.
C IV. A registered professional who is working
abroad shall be temporarily exempted from
compliance with CPE requirement during his/her
stay abroad, provided that he/she has been out of
the country for at least two years immediately
prior to the date of renewal.
V. A registered professional shall be permanently
exempted from CPE requirements upon reaching
the age of 60 years old.

a. I, II and III only

b. I and IV only
c. I, II and IV only
d. I, II, and V only

How many credit units per hour is (are) earned by

a CPA who serves as a resource speaker at a CPE
seminar?

B
a. 1 CU per hour
b. 5 CU per hour
c. 3 CU per hour
d. 2 CU per hour

QUIZZER to RA 9298
 A CPA must earn at least 60 credit units for 3
years, with a minimum of 15 credit units earned per
year. Excess credit units shall not be carried over
to the next three-year period except:

a. credit units earned for servicing as a

D professorial chair
b. credit units earned for authoring an article of
national significance
c. credit units earned for an invention of
significance of the profession
d. credit units earned for doctoral or masteral
degrees

The PRC-CPE Council shall be composed of a

chairperson and three (3) members.

Those who failed to renew professional licenses

for a period of five (5) continuous years from
initial registration, or from last renewal shall be
D
declared delinquent.

a. True, False
b. True, True
c. False, False
d. False. True

QUIZZER to RA 9298
 Special/temporary permit may be issued by the
Board of Accountancy subject to the approval of
PRC and payment of the fees the latter has
prescribed and charged thereof to the following
persons

a. A foreign CPA called for consultation or for a

specific purpose which, in the judgment of BOA is
essential for the development of the country
D b. A foreign CPA engaged as professor, lecturer or
critic in fields essential to the accountancy
education in the Philippines and his/her
engagement is confined to teaching only.
c. A foreign CPA who is an internationally
recognized expert or with specialization in any
branch of accountancy and his/her service is
essential for the advancement of accountancy in
the Philippines.
d. All of the above

QUIZZER to RA 9298
 According to the Philippine Accountancy Act of
2004 (RA 9298), any person who shall violate RA
9298 or any of its implementing rules and
regulations as promulgated by the Board of
Accountancy subject to the approval of the PRC,
shall, upon conviction, be punished by a fine

a. not less than fifty thousand pesos (P50,000), or

by imprisonment for a period not exceeding three
C (3) years, or both
b. not less than one hundred thousand pesos
(P100,000), or by imprisonment for a period not
exceeding two (2) years, or both
c. not less than fifty thousand pesos (P50,000), or
by imprisonment for a period not exceeding twoh
(2) years, or both
d. not less than one hundred fifty thousand pesos
(P150,000), or by imprisonment for a period not
exceeding three (3) years, or both

Within __(I)___ days after the effectivity of RA 9298,

the Board subject to the approval of PRC and in
coordination with APO, shall adopt and
promulgate such rules and regulations to carry
out the provisions of RA 9298 and which shall take
effect __(II)____ days following its publication in the
C Official Gazette or in any major daily newspapers
of general circulation? I II are:

a. 90 30
b. 60 15
c. 90 15
d. 30 45

QUIZZER to RA 9298
 The primary duty to enforce the provisions of RA
9298 and its IRR rests with

C a. The PRC
b. The BOA
c. The PRC and BOA
d. The AASC

When involved in decision making requiring

professional knowledge in the science of
accounting, as well as the accounting aspects of
finance and taxation or when he/she represents
his/her employer before government agencies on
A tax and other matters relating to accounting

a. Practice in Commerce and Industry

b. Practice in Education
c. Practice in Government
d. Practice of Public Accountancy

QUIZZER to RA 9298
 Any position in any business or company in the
private sector which requires supervising the
recording of financial transactions, preparation of
financial statements, coordinating with the
external auditors for the audit of such financial
statements and other related functions shall be
occupied only by a duly registered CPA. Provided
:

I. That the business or company where the above

position exists has a paid-up capital of at least
P5,000,000 and/or annual revenue of at least
A
P10,000,000
II. The above provision shall apply only to persons
to be employed after the effectivity of the
Implementing Rules and Regulations of RA 9298
III. The above provision shall not result to
deprivation of the employment of incumbents to
the position

a. I, II and III
b. I and II
c. II and III
d. I and III

When he or she is involved in teaching of

accounting, auditing, management advisory
services, accounting aspect of finance, business
law, taxation and other technically related
subjects.
B

a. Practice in Commerce and Industry

b. Practice in Education
c. Practice in Government
d. Practice of Public Accountancy

QUIZZER to RA 9298
 A body that is created to assist the BOA in the
attainment of the objective of continuously
upgrading the accountancy education in the
Philippines to make the Filipino CPAs globally
competitive
B
a. PICPA
b. Education Technical Council (ETC)
c. Quality Assurance Review Department (QARD)
d. Auditing and Assurance Standards Council
(AASC)

ETC is composed of

a. 6 members including the chairman

B
b. 7 members including the chairman
c. 10 members including the chairman
d. 15 members including the chairman

When he/she is appointed in an accounting

professional group in government or in a
government-owned and/or controlled
corporation, including those performing
proprietary functions, where decision-making
requires professional knowledge in the science of
C
accounting

a. Practice in Commerce and Industry

b. Practice in Education
c. Practice in Government
d. Practice of Public Accountancy

QUIZZER to RA 9298
 Practice of Public Accountancy shall constitute in
a person:

a. When involved in decision making requiring

professional knowledge in the science of
accounting, as well as the accounting aspects of
finance and taxation or when he/she represents
his/her employer before government agencies on
tax and other matters relating to accounting.
b. When he/she is appointed in an accounting
professional group in government or in a
government-owned and/or controlled
D corporation, including those performing
proprietary functions, where decision-making
requires professional knowledge in the science of
accounting
c. When he or she is involved in teaching of
accounting, auditing, management advisory
services, accounting aspect of finance, business
law, taxation and other technically related
subjects.
d. When a person is skilled in the knowledge,
science and practice of accounting and as a
qualified person to render professional services as
a CPA

Who is not permitted by law to practice public

accountancy?

A a. A corporation whose stockholders are all CPAs

b. A partnership of CPAs
c. A solo practitioner
d. A partnership of CPAs, with some non-CPA staff

QUIZZER to RA 9298
 All registered CPAs whose names appear in the
roster of CPAs shall be united and integrated
through their membership in a one and only
registered and accredited national professional
organization of registered and licensed CPAs,
which shall be registered with the SEC as a
nonprofit corporation and recognized by the
Board subject to the approval of the commission.
D CPAs, firms and partnerships of CPAs engaged in
the practice of public accountancy, including
partners and staff members thereof, shall register
with the Commission and the Board.

a. True, False
b. False, False
c. False, True
d. True, True

A CPA shall not practice under a firm name that

includes or indicates the following except

a. Fictitious name
D
b. Specialization
c. Misleading as to the type of the organization
d. Name(s) of past partner(s) in the firm name of
successor partnership

Under the IRR of RA 9298, if a partner in a two

member partnership dies, the surviving partner
may continue to practice as an individual under
the existing firm title which includes the deceased
partner's name
B
a. For a period of time not to exceed five years.
b. For a period of time not to exceed two years.
c. Indefinitely.
d. Until the partnership payout to the deceased

QUIZZER to RA 9298 partner's estate is terminated

 A meaningful experience shall be considered as
satisfactory compliance with the requirements of
Section 28 if it is earned in academe/education
and shall include teaching for at least three(3)
trimesters or two(2) semesters subjects in either
financial accounting, business law and tax,
auditing problems, auditing theory, financial
management and management services. Provided
the accumulated teaching experience on these
subjects shall not be less than three (3) school
years.
D A meaningful experience shall be considered as
satisfactory compliance with the requirements of
Section 28 if it is earned in Public Practice and
shall include at least one year as audit assistant
and at least two years as auditor in charge of the
audit engagement covering full audit functions of
significant clients.

a. True, False
b. False, True
c. False, False
d. True, True

Individual CPAs, Firms or Partnerships of CPAs,

including partners and staff members thereof shall
register with the BOA and the PRC. If the
application for registration of AB and Co., CPAs
was approved on August 30, 2011, it shall file for
A renewal on or before

a. September 30, 2013

b. September 30, 2014
c. December 31, 2013
d. August 30, 2014

QUIZZER to RA 9298
 Individual CPAs, Firms or Partnerships of CPAs,
including partners and staff members thereof shall
register with the BOA and the PRC. If the
application for registration of AB and Co., CPAs
was approved on August 30, 2011, the registration
C will expire on

a. Sept. 30, 2013

b. Dec. 31, 2014
c. Dec. 31, 2013
d. Aug. 30, 2014

Individual CPAs, Firms or Partnerships of CPAs,

including partners and staff members thereof shall
register with the BOA and the PRC. If Emong and
Bobads, CPAs renewed its accreditation on
August 30, 2011, it shall file for renewal on or
B before

a. September 30, 2013

b. September 30, 2014
c. December 31, 2013
d. August 30, 20

The "CPA Registration Number" shall be engraved

in what part of the CPA's seal?

a. Upper portion of the space between the bigger

and smaller circle.
B b. Lower portion of the space between the bigger
and smaller circle.
c. Left and right portion of the space between the
bigger and smaller circle and in the middle of the
smaller circle.
d. Middle of the smaller circle.

QUIZZER to RA 9298
 Affixing the CPA's seal and signature is an
indication of CPA's

a. Compliance with the requisite accounting and

auditing standards and rules
A
b. Independence with respect to the entity being
audited.
c. Basic competence at the time of signing the
document.
d. Collection of the audit fees from the client

Which of the following is required for a

partnership for public accountancy practice?

C a. At least one of the partners must be a CPA.

b. All partners must be PICPA members.
c. All partners must be CPAs.
d. Firm name must contain names of partners only.

The following should be occupied only by a duly

registered CPA, except

a. Any position in any business or company in the

private sector which requires supervising the
recording of financial transactions.
b. Any position in any business or company in the
C private sector which requires preparation of
financial statements.
c. Any position in any business or company in the
private sector which requires coordinating with
the internal auditors for the audit of financial
statements.
d. The position of the dean that supervises the
BSA program of an educational institution.

QUIZZER to RA 9298
 The Board of Accountancy is responsible for the
preparation of the contents of the CPA Licensure
Examination.
The Board of Accountancy is responsible for
investigating violations of RA 9298
B

a. False, True
b. True, True
c. True, False
d. False, False

A member of the Board of Accountancy should

not be connected to any accounting firm.

A member of the Board of Accountancy should

not be connected to any CPA Review school or
university offering courses leading to admission
B for the CPA Board Examinations, whether directly
or indirectly.

a. False, False
b. False, True
c. True, True
d. True, False

QUIZZER to RA 9298
 The following statements relate to the Board of
Accountancy. Which statement is incorrect?

a. The Board consists of a Chairman and six

members
b. The Chairman and members are appointed by
the President of the Philippines upon
recommendation of PRC
D
c. No person shall be appointed a member of the
Board unless he is a natural-born citizen of the
Philippines, a duly registered CPA and has been in
the practice of accountancy for at least ten years
d. The Professional Regulation Commission may
remove from the Board any member whose
certificate to practice has been removed or
suspended

The following statements relate to CPA

examinations. Which of the following is correct?

a. To pass the examination, candidates should

obtain a general weighted average of at least 75%,
with no grade in any subject lower than 60%.
b. A person may be admitted in the practice of
accountancy without examination.
B
c. Candidates who failed in two complete
examinations shall be disqualified from taking
another set of examinations unless he/she
enrolled in and completed at least 21 units of
subjects given in the licensure examinations.
d. Conditioned candidates shall take an
examination in the remaining subjects within three
years from the preceding examination.

QUIZZER to RA 9298
 The following statements relate to CPA
examination ratings. Which statement is correct?

a. To pass the examination, candidates should

obtain a general weighted average of 75% and
above, with no rating in any subject less than 65%.
b. Candidates who obtain a rating of 75% and
A above in at least three subjects shall receive a
conditional credit for the subjects passed.
c. Conditioned candidates shall take an
examination in the remaining subject within three
years from the preceding examination.
d. Candidates who fail in four (4) complete CPA
examinations will not be allowed to take
examinations a fifth time

A CPA certificate is evidence of

a. Independence as a professional.
B b. Basic competence at the time of certification.
c. Membership in the accredited association.
d. Completion of continuing professional
education program.

Are the following CPAs required to comply with

the requirements on continuing professional
education? -CPAs in Public Accountancy
-CPAs in Commerce and Industry
-CPAs in Education/Academe
A -CPAs in Government

a Yes Yes Yes Yes

b Yes Yes No No
c Yes Yes Yes No
d Yes No Yes No

QUIZZER to RA 9298
 Which statement is incorrect regarding CPE
requirements for renewal of professional license?

a. The total CPE credit units required for CPAs

shall be sixty (60) units for three (3) years,
provided that a minimum of fifteen (15) credit units
shall be earned in each year.
b. A registered professional shall be permanently
exempted from CPE requirements upon reaching
the age of 65 years old.
C
c. A registered professional who is working
abroad shall be temporarily exempted from
compliance with CPE requirement during his/her
stay abroad, provided that he/she is has been out
of the country for at least one year immediately
prior to the date of renewal.
d. Those who failed to renew professional licenses
for a period of five (5) continuous years from
initial registration, or from last renewal shall be
declared delinquent.

Emong, CPA is applying for renewal of his

professional license. He is exempted from the CPE
requirements

a. If he is at least 65 years old.

C
b. If he is working abroad and he has been out of
the country for at least two years immediately
prior to the date of renewal.
c. Either a or b.
d. Under no circumstances.

QUIZZER to RA 9298
 How many credit units per hour is (are) earned by
a CPA who serves as a facilitator at a CPE
seminar?

D
a. 1 CU per hour
b. 5 CU per hour
c. 3 CU per hour
d. 2 CU per hour

A person whose CPA certificate has been revoked

a. can no longer be reinstated as a CPA.

b. is automatically reinstated as a CPA by the PRC
after two years if he has acted in an exemplary
D manner.
c. may be reinstated as a CPA by the PRC after
two years if he has acted in an exemplary manner
d. may be reinstated as a CPA by the Board of
Accountancy after two years if he has acted in an
exemplary manner.

The following statements relate to the Philippine

Accountancy Act of 2004 (RA 9298). Which of the
statement is true?

a. The PRC has no authority to remove any

member of the Board of Accountancy for
negligence, incompetence or other just cause
b. Insanity is not a ground for proceeding against
A
a CPA
c. An applicant is prohibited from taking the Phil.
CPA Board Exam if he (she) is below 21 years of
age
d. After one year, subject to certain limitations, the
Board of Accountancy may order the
reinstatement of a CPA whose certificate of
registration has been revoked

QUIZZER to RA 9298
 The following statements relate to RA 9298 and its
IRRs. Which statement(s) is (are) true?

I. According to RA 9298 and its IRRS, a

Professional Identification Card bearing the
registration number, date of issuance, expiry date,
duly signed by the chairperson of the PRC, shall
likewise be issued to every registrant renewable
every three years.
II. Practice in Education shall constitute in a
C
person when he or she is involved in teaching of
accounting, auditing, management advisory
services, accounting aspect of finance, business
law, taxation and other technically related
subjects.

a. I only
b. II only
c. I and II
d. Neither I nor II

A CPA whose certificate have been revoked may

be reinstated if he has acted in exemplary manner
and has not committed any illegal, immoral or
dishonorable conduct for a period not less than

B
a. One year
b. Two years
c. Five years
d. The period depends on the seriousness of his
offense

QUIZZER to RA 9298
 Which of the following is not one of the specified
objectives of the Philippine Accountancy Act of
2004?

a. Examination for registration of CPAs

B b. Promulgation of auditing and accounting
standards
c. Supervision, control and regulation of
accounting practice
d. Standardization and regulation of accounting
education

Which statement is(are) correct regarding CPE

requirements for renewal of professional license?

I. The total CPE credit units required for CPAs shall

be sixty (60) units for three (3) years, provided
that a minimum of fifteen (15) credit units shall be
earned in each year.
II. A registered professional shall be temporarily
exempted from CPE requirements upon reaching
the age of 65 years old.
III. A registered professional who is working
abroad shall be temporarily exempted from
B compliance with CPE requirement during his/her
stay abroad, provided that he/she is has been out
of the country for at least three years immediately
prior to the date of renewal.
IV. Those who failed to renew professional
licenses for a period of five (5) continuous years
from initial registration, or from last renewal shall
be declared delinquent.

a. I and II only
b. I and IV only
c. I, II and IV only
d. II and III only

QUIZZER to RA 9298
 The following statements relate to RA 9298 and its
IRRs. Which statement(s) is (are) true? I. The PRC-
CPE Council shall be composed of a chairperson
and three (3) members. II. Any candidate who fails
in two (2) complete Certified Public Accountant
Board Examination shall be disqualified from
taking another set of examinations unless he/she
submits 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
C
licensure examination. III. Within ninety (90) days
after the effectivity of RA 9298, the Board subject
to the approval of PRC and in coordination with
APO, shall adopt and promulgate such rules and
regulations to carry out the provisions of RA 9298
and which shall take effect fifteen (15) days
following its publication in the Official Gazette or
in any major daily newspapers of general
circulation. a. I and II b. I and III c. II and III d. I, II
and III

Which of the following is not one of the function

of the Board of Accountancy as specifically
provided under RA 9298?

a. To determine and prescribe minimum

requirements leading to the admission of
candidates to the CPA examination.
b. To investigate violations of the Accountancy
C Law and the rules and regulations promulgated
thereunder.
c. To perform visitorial powers or review
professional work of accounting practitioners in a
general or random basis.
d. After due process, to suspend, revoke, or
reissue certificates of registration for causes
provided for by law by the rules and regulations
promulgated therefore
QUIZZER to RA 9298
 The Accountancy Law provided that a CPA
certificate may be suspended or revoked on
grounds except

a. Immoral or dishonorable conduct.

C b. Gross negligence or incompetence in the
practice of profession.
c. Refusal to accept an audit engagement with a
government corporation.
d. Conduct discreditable to the accounting
profession

A and C, CPAs, organized a partnership for the

practice of public accounting. Which of the
following is the best name of the firm?

A
a. A and C, CPAs
b. A and C, Inc.
c. A and C, Auditors and Tax Consultants
d. A and C, Members, PICPA

Individual CPAs, Firms or Partnerships of CPAs,

including partners and staff members thereof shall
register with the BOA and the PRC. If the
application for registration of AB and Co., CPAs
was approved on August 30, 2012, the registration
C will expire on

a. Sept. 30, 2014

b. Dec. 31, 2015
c. Dec. 31, 2014
d. Aug. 30, 2014

QUIZZER to RA 9298
 The letters "CPA" shall be engraved in what part of
the CPA's seal?

a. Upper portion of the space between the bigger

D and smaller circle. b. Lower portion of the space
between the bigger and smaller circle. c. Left and
right portion of the space between the bigger and
smaller circle and in the middle of the smaller
circle. d. Middle of the smaller circle.

Below are names of four CPA firms and pertinent

facts relating to them. Unless otherwise indicated,
the individuals named are CPAs and partners, and
there are no other partners. Which firm name and
related facts indicate a violation of RA 9298 and
its IRR?

a. Dee, Lim and Sy, CPAs (Dee died about five

C years ago; Lim and Sy are continuing the firm).
b. Cruz and Reyes, CPAs (The name of V. Valdes,
CPA, a third partner, is omitted from the firm
name).
c. Gomez and Castro, CPAs (Gomez died about
three years ago; Castro is continuing the firm as a
sole proprietorship).
d. P. Reyes and Co., CPAs (The firm has ten other
partners who are all CPAs).