Professional Accounting Practice exam 2024 with 100% correct answers
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Course
Professional Accounting Practice
Institution
Professional Accounting Practice
A correct answersThe following statements relate to the accounting profession:
I. To merit public trust and confidence, the professional person must convince the public that he will place public service ahead of personal reward.
II. A CPA certificate is evidence of basic competence in the discipl...
A correct answersThe following statements relate to the accounting profession:
I. To merit public trust and confidence, the professional person must convince the public that he will
place public service ahead of personal reward.
II. A CPA certificate is evidence of basic competence in the discipline of accounting at the time the
certificate is granted.
III. A code of professional conduct is one of the most important distinguishing characteristics of a
profession.
State whether the foregoing statements are true or false.
a. All of the statements are true.
b. Only one of the statements is true.
c. Only two of the statements are true.
d. All of the statements are false.
C correct answersWhich of the following is not normally a service rendered by public accountants?
a. Management consultation service
b. Attest function
c. Internal auditing
d. Taxation
A correct answersA CPA firm offers management advisory services to clients. Its primary purpose is to
a. Furnish professional advice and assistance which will enable the client to improve operations.
b. Keep the CPA firm competitive with other firms.
c. Establish the firm as a consultant, thus ensuring its future expansion and growth.
d. Permit the firm's staff members to acquire expertise in other areas of practice.
,A correct answersThe government agency tasked by law of implementing and enforcing the regulatory
policies of the national government with respect to the regulation and licensing of the various
professions and occupations under its jurisdiction is
a. PRC
b. BOA
c. COA
d. SEC
B correct answersWhich of the following mostly describes the function of ASPC?
a. To monitor full compliance by auditors to PSAs.
b. To promulgate auditing standards, practices and procedures that shall be generally
accepted by the accounting profession in the Philippines.
c. To assist the Board of Accountancy in conducting administrative proceedings on erring CPAs in audit
practice.
d. To undertake continuing research on both auditing and financial accounting in order to make them
responsive to the needs of the public.
B correct answersIn the absence of pronouncements issued by the ASPC and the PICPA, published
statements and guidelines issued by other authoritative bodies like AICPA, IAASB and AFA are the bases
of determining generally accepted auditing standards (GAAS). What effect do these pronouncements
provide in determining the GAAS?
a. Authoritative
b. Persuasive
c. Parallel
d. Alternative
D correct answersWhich statement is incorrect regarding the pronouncements of ASPC?
a. The PSAs and Interpretations may also have application, as appropriate, to other related
, activities of auditors.
b. PSAs contain basic principles and essential procedures (identified in bold type black
lettering) together with related guidance in the form of explanatory and other material.
c. PSAs need only be applied to material matters.
d. The Interpretations have the same authority as the PAPSs.
A correct answersThe Philippine Standards on Auditing issued by ASPC
a. Apply to independent examination of financial statements of any entity when such an examination is
conducted for the purpose of expressing an opinion thereon.
b. Must not apply to other related activities of auditors
c. Need to be applied on all audit related matters.
d. Require that in no circumstances would an auditor may judge it necessary to depart from a PSA, even
though such a departure may result to more effective achievement of the objective of an audit
C correct answersThese statements are issued to provide practical assistance to auditors in
implementing the PSAs
a. Interpretations
b. SASP
c. PAPS
d. SPA
A correct answersA body that is created through the Philippine Accountancy Act of 2004 and is intended
to replace the ASPC.
a. Auditing and Assurance Standards Council (AASC)
b. Financial Reporting Standards Council (FRSC)
c. Education Technical Council (ETC)
d. Philippine Institute of Certified Public Accountants (PICPA)
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