a.
b.
c.
d.
a)
b)
c)
d)
a)
b)
c)
d)
1. Which of the following statements is incorrect?
Single practitioners and partnerships for the practice of public accountancy shall be registered
certified public accountants in the Philippines
A certificate of accreditation shall be issued to certified public accountants in public practice
only upon showing, that such registrant has acquired a maximum of three (3) years meaningful
experience in any areas of public practice including taxation.
Meaningful experience, as mentioned by RA 9298 are explained in detail under Section 28A of
the implementing Rules and Regulations
The SEC shall not register any corporation organized for the practice of public accountancy
2. Which of the following names illustrates a firm name, as contrasted to the name of an
individual CPA and a partnership name?
Henly S. Pahilagao, CPA
Henly S. Pahilagao and Associates, CPAs
Pahilagao & Sison, CPAs
Pahilagao, Sison & Co., CPAs
3. All licensed CPAs shall obtain and use a seal of a design prescribed by the
AASC
BOA
PICPA
PRC
4. 1. S-1 A BSA graduate is allowed to practice public accountancy under his or her own name
immediately upon passing the CPA board exams.
S-2 The certificate of accreditation to practice public accountancy is granted only one and
remains in effect until withdrawn, suspended, or revoked in accordance with R.A. No 9298.
a. True, True
b. True, False
c. False, True
d. False, False
5. The following is the specific duties of a partner in an auditing firm, except:
a) To plan and review all phases of an audit engagement
b) To discuss with the client problems that may arise in the course of the audit
c) To determine office operating polices
d) To approve/establish contracts with clients
6. CPAs may practice public accountancy under the following forms of organization, except:
a) Sole Proprietorship
b) General Partnerships
c) Limited Liability Partnerships
d) Corporation
7. The Code of Ethics would be violated if a CPA accepted a fee for services and the fee was
a) Fixed by a public authority
b) Based on a price quotation submitted in competitive bidding
c) Based on the results of judicial proceedings in a tax matter
d) Payable after a specified finding was attained in a review of financial statements
8. Which of the following functions would usually be performed by a senior associate?
a.
b.
c.
d.
Signs the audit report.
Assumes overall responsibility for the audit
Performs detailed audit procedures
Tasked with liaison work between partners and other team members
9. In determining estimates of fees, an auditor may take account each of the following, except
the
a.
b.
c.
d.
Value of the service to the client
Degree of responsibility assumed by undertaking the engagement
Skills required to perform the service
Attainment of specific findings
10. The CPA shall be required to indicate which of the following numbers on the documents
he/she signs, uses or issues in connection with the practice of the profession:
a) CPA certificate of Registration number
b) Professional Identification Card
c) Professional Tax Receipt
d) All these are required to be indicated
11. Under this method of billing a client, the external charges on the basis of actual time spent
by principals/partners, supervisors, seniors and juniors at predetermined rates agreed upon
with the client
a) Per diem basis
b) Retainer basis
c) Flat fee or Flat sum basis
d) Maximum fee basis
12. Which of the following partner profile information may be posted in a firm’s website
a) Name
b) Educational attainment and brief listing of service
c) Postal address, telephone, fax and small address
d) All of these may be posed in a firm’s website
13. The following are the specific duties of a in-charge auditor, except
a) To prepare the audit program guide for an engagement subject to review by the partner,
principal or supervisor
b) To perform certain audit procedures requiring skill and experience
c) To take up with the cline or with the partner or principal, problems or questions that arise in
the course of the audit
d) To review working papers and drafts of audit report.
14.
a)
b)
c)
d)
The amount of audit fees depend largely on the
Size and capitalization of the company under audit.
Amount of profit for the year.
Availability of cash
Volume of audit work and degree of competence and responsibilities involved
15.
a)
b)
c)
The following are the specific tasks of a manager of supervisor, except:
To act as a liaison officer between partners and other members of the staff
To exercise direct supervision on seniors in charge of specific audit engagements
To assign particular phases of the audit work to staff and to exercise direct supervision over
them
d) To take direct charge of training programs
16.
a)
b)
c)
d)
Which of the following would be considered a contingent fee? A fee based upon
Percentage of the acquisition price of another company
Amount of taxes saved
Percentage of the total amount of bond issue
All of the above