CH01 - Accountancy Profession

Questions and Answers

Which of the following is not one of the specified objectives of the Accountancy Act of 2004?

The examination for registration of certified public accountants

Integration of the practice of accountancy

The supervision, control, and regulation of the practice of accountancy in the Philippines (correct)

The standardization and regulation of accounting education

What statement about the practice of public accountancy is correct?

An employee in a non-accounting firm is considered to be in the practice of public accountancy.

An individual can practice public accountancy without any formal authorization.

The right to practice as a CPA is granted by the Board of Accountancy. (correct)

Only members of the Auditing and Assurance Standards Council can practice public accountancy.

Which of the following statements is true regarding the role of the Board of Accountancy?

It grants permission to practice accounting without any evaluation.

It has no role in the regulation of the accountancy profession.

It does not oversee the examination for public accountancy registration.

It must approve all candidate applications for public accountancy. (correct)

Which statement about the qualifications to be a member of the Board of Accountancy is incorrect?

<p>Must have a master's degree related to accountancy.</p> Signup and view all the answers

Which of the following best describes the practice of accountancy?

<p>It includes providing accounting services for any business or organization.</p> Signup and view all the answers

Study Notes

Standard-Setting Bodies

Financial Reporting and Sustainability Standards Council (FRSC) plays a crucial role in establishing financial reporting standards and promoting sustainability in financial practices.
Auditing and Assurance Standards Council (AASC) focuses on developing and regulating auditing standards to ensure the reliability of financial reporting.

Illustrative Quizzers - Part 1

Objectives of the Accountancy Act of 2004 include standardizing accounting education, ensuring certified public accountants (CPAs) are properly examined, and integrating accountancy practices.
The supervision, control, and regulation of the accountancy practice in the Philippines is not included as one of the specified objectives of the Accountancy Act of 2004.
The right to practice as a CPA is authorized by the Board of Accountancy, affirming its regulatory role in the profession.
An employee working in an accounting or auditing firm is deemed to be engaging in public accountancy practices, highlighting the broad definition of accountancy work within the industry.

Description

Test your knowledge on the Standard-Setting Bodies in accounting, including key councils like the Financial Reporting and Sustainability Standards Council and the Auditing and Assurance Standards Council. This quiz is designed for those preparing for the CPA Examination and related fields.