CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS
Problem 1-2 MCQ (ACP)
1. What is law regulating the practice of accountancy in the Philippines?
a. R.A. No. 9298
b. R.A. No. 9198
c. R.A. No. 9928
d. R.A. No. 9892
2. What is the body authorized by law to promulgate rules and regulations
affecting the practice of the accountancy profession in the Philippines?
a. Board of Accountancy
b. Philippine Institute of Certified Public Accountants
c. Securities and Exchange Commission
d. Financial Reporting Standards Council
3. What are the three main areas in the practice of the accountancy profession?
a. Public accounting, private accounting and managerial accounting.
b. Auditing taxation and managerial accounting.
c. Financial accounting, managerial accounting and corporate accounting.
d. Public accounting, private accounting and government accounting.
4. Which statement is incorrect in relation to the practice of public accountancy?
a. Single practitioners for the practice of public accountancy shall be registered CPAs
in the Philippines.
b. Partners of partnership formed for the practice of public accountancy shall be
registered CPAs in the Philippines
c. The Securities and Exchange Commission can register any corporation organized
for the practice of public accountancy.
d. All of these statements are incorrect.
5. CPAs are licensed by
a. The PICPA
b. The SEC
c. The city government
d. State government