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CPA Exam Preparation: Accounting and Business

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CPA Exam Preparation: Accounting and Business

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Questions and Answers

What is the professional organization that accountants in the Philippines are members of?

Board of Accountancy (BOA)

Philippine Institute of Certified Public Accountants (PICPA) (correct)

Professional Regulation Commission (PRC)

International Federation of Accountants (IFAC)

What is the code of ethics that was adopted by the Philippine Institute of Certified Public Accountants (PICPA)?

Code of Professional Ethics for CRAs in the Philippines (correct)

Board of Accountancy (BOA) Code of Ethics

International Federation of Accountants (IFAC) Code of Ethics

Code of Ethics for Professional Accountants

What is the purpose of the Code of Professional Ethics for CRAs in the Philippines?

To establish a relationship among business, government, the investing public, and other users of financial information (correct)

To regulate the practice of accounting in the Philippines

To certify public accountants in the Philippines

To promote entrepreneurship among accountants

What is the international body that represents all major accounting bodies across the world?

International Federation of Accountants (IFAC) (D) Signup and view all the answers

What is the effective date of the revised Code of Ethics for Professional Accountants developed by the International Federation of Accountants (IFAC)?

June 30, 2004 (B) Signup and view all the answers

What is the term used to describe certified public accountants who manage their own businesses?

Entrepreneurs (A) Signup and view all the answers

What is the primary mission of the organization mentioned in the passage?

To implement international standards and guidance (B) Signup and view all the answers

What is implied by the concept of 'Integrity' in the context of professional accounting?

Fair dealing and truthfulness in all relationships (A) Signup and view all the answers

What is a professional accountant expected to do when they encounter reports with misleading information?

Not associate with such reports or communications (B) Signup and view all the answers

What is the essence of 'Objectivity' in professional accounting?

Avoiding bias and conflict of interest (B) Signup and view all the answers

What is a professional accountant's continuing duty in terms of professional competence?

To maintain professional knowledge and skills (B) Signup and view all the answers

Which of the following is NOT a principle mentioned in the passage?

Professional Conduct (B) Signup and view all the answers