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?

    <p>International Federation of Accountants (IFAC)</p> 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)?

    <p>June 30, 2004</p> Signup and view all the answers

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

    <p>Entrepreneurs</p> Signup and view all the answers

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

    <p>To implement international standards and guidance</p> Signup and view all the answers

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

    <p>Fair dealing and truthfulness in all relationships</p> Signup and view all the answers

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

    <p>Not associate with such reports or communications</p> Signup and view all the answers

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

    <p>Avoiding bias and conflict of interest</p> Signup and view all the answers

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

    <p>To maintain professional knowledge and skills</p> Signup and view all the answers

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

    <p>Professional Conduct</p> Signup and view all the answers

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