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Questions and Answers
Who is authorized to administer the oath of profession to successful candidates?
Who is authorized to administer the oath of profession to successful candidates?
- Persons authorized by law
- Both A and C (correct)
- Only members of the board
- Any government official
A Certificate of Registration (COR) is permanent and does not require renewal.
A Certificate of Registration (COR) is permanent and does not require renewal.
False (B)
What is the duration of validity for a professional identification card before it needs to be renewed?
What is the duration of validity for a professional identification card before it needs to be renewed?
3 years
The ______ shows names and places of business of all registered CPAs.
The ______ shows names and places of business of all registered CPAs.
Match the following terms with their descriptions:
Match the following terms with their descriptions:
Which of the following courses focuses specifically on the legal aspects of business?
Which of the following courses focuses specifically on the legal aspects of business?
Core accounting education courses aim to integrate ethical values and professional attitudes.
Core accounting education courses aim to integrate ethical values and professional attitudes.
What is one of the objectives of cognate or major professional courses in accounting?
What is one of the objectives of cognate or major professional courses in accounting?
___ is a course that provides hands-on experience in the accounting field.
___ is a course that provides hands-on experience in the accounting field.
Match the following core accounting education courses with their main focus:
Match the following core accounting education courses with their main focus:
Which course focuses on the ethical regulations in business operations?
Which course focuses on the ethical regulations in business operations?
Strategic Management is categorized as a core accounting education course.
Strategic Management is categorized as a core accounting education course.
What is required under IFAC's latest international education standards?
What is required under IFAC's latest international education standards?
What is the minimum number of units required to complete the accounting curriculum?
What is the minimum number of units required to complete the accounting curriculum?
A holder of a degree in Business Administration is eligible to take the CPALE.
A holder of a degree in Business Administration is eligible to take the CPALE.
What is one requirement to become a CPA?
What is one requirement to become a CPA?
In the accounting curriculum, _____ units must come from General Education Courses.
In the accounting curriculum, _____ units must come from General Education Courses.
Which of the following are key learning outcomes strengthened by General Education?
Which of the following are key learning outcomes strengthened by General Education?
Match the courses with their categories in the accounting curriculum:
Match the courses with their categories in the accounting curriculum:
A CPA must satisfy all legal and regulatory requirements before taking on the professional role.
A CPA must satisfy all legal and regulatory requirements before taking on the professional role.
Name one area covered by Common Business and Management Education Courses.
Name one area covered by Common Business and Management Education Courses.
Which of the following is NOT a cognate/major course in accounting?
Which of the following is NOT a cognate/major course in accounting?
An applicant must be a Filipino citizen to qualify for the CPALE.
An applicant must be a Filipino citizen to qualify for the CPALE.
What is the primary focus of the course 'Operations Auditing'?
What is the primary focus of the course 'Operations Auditing'?
The course that covers the principles of fair presentation in financial statements is __________.
The course that covers the principles of fair presentation in financial statements is __________.
Match the following courses with their descriptions:
Match the following courses with their descriptions:
Which of these courses focuses on taxation?
Which of these courses focuses on taxation?
Applicants for the CPALE must have completed a degree in Business Administration.
Applicants for the CPALE must have completed a degree in Business Administration.
What is the minimum general average required to pass the licensure examination?
What is the minimum general average required to pass the licensure examination?
What is the purpose of the course 'Auditing in CIS Environment'?
What is the purpose of the course 'Auditing in CIS Environment'?
A candidate can be granted a conditional rating if any subject is below 65%.
A candidate can be granted a conditional rating if any subject is below 65%.
How long does a candidate have to take the remaining subjects for a conditional rating?
How long does a candidate have to take the remaining subjects for a conditional rating?
The BOA submits ratings to the PRC within _____ calendar days after the examination.
The BOA submits ratings to the PRC within _____ calendar days after the examination.
Which of the following grades would result in a failure?
Which of the following grades would result in a failure?
Match the case number with its result based on the given grades:
Match the case number with its result based on the given grades:
What document is required for married female applicants?
What document is required for married female applicants?
Candidates must pay the Professional Tax Receipt before obtaining their Professional Identification Card.
Candidates must pay the Professional Tax Receipt before obtaining their Professional Identification Card.
Study Notes
Oath and Requirements for CPAs
- Successful candidates must take an oath before a board member or authorized official prior to practicing.
- Certificate of Registration (COR) is issued upon passing the licensure exam, contingent on payment of fees.
- The COR signifies entitlement to practice the profession and remains valid until revoked or suspended.
Professional Identification Card (PIC)
- The PIC includes registration number, issuance date, expiry date, and is signed by the commission's chairperson.
- Renewable every three years.
Roster of CPAs
- The Board of Accountancy (BOA) maintains a roster of registered CPAs, accessible online via PICPA.
Practice in the Government
- CPAs are required for accounting positions in government or government-owned corporations, emphasizing professional decision-making.
Becoming a CPA
- Requires a Bachelor of Science in Accountancy (BSA) from a recognized institution.
- Must pass the CPA Licensure Exam (CPALE) administered by the Professional Regulation Commission (PRC).
- Compliance with all legal and regulatory requirements is necessary for professional practice.
Accounting Curriculum
- Minimum of 173 units mandated, categorized into:
- General Education Courses: 36 units
- National Service Training Program: 6 units
- Physical Education: 8 units
- Common Business and Management Education: 6 units
- Core Accounting Education Courses: 81 units
- Cognates/Major/Professional Courses: 36 units
General Education Objectives
- Strengthen communication skills, logical thinking, and quantitative/computer literacy.
- Broaden educational foundation to enhance professional accounting studies.
Core Accounting Education Courses
- Essential for a career in accountancy, integrating technical knowledge and professional ethics.
- Subjects include:
- Financial Accounting and Reporting
- Intermediate Accounting I, II, III
- Taxation
- Auditing Principles
Cognate/Major/Professional Courses
- Complement technical competencies in accounting and business management.
- Required for IFAC international standards compliance for global certification.
Qualification for CPA Licensure Exam
- Must be a Filipino citizen, of good moral character, and hold a BSA degree.
- No prior convictions for criminal offenses, including moral turpitude.
Examination Scope and Ratings
- Exam covers a range of topics including Auditing, Business Law, and Financial Accounting.
- Passing criteria: Minimum average of 75% with no subject below 65%.
Conditional Ratings and Exam Results
- Candidates with conditions must retake relevant subjects within two years, maintaining a minimum score of 75% in all remaining subjects.
- The BOA submits ratings within ten days of exams, with results communicated via mail or during mass oath-taking.
Additional Legal and Regulatory Requirements
- Documentation includes:
- Oath
- COR
- PIC
- PSA-certified birth certificate
- Marriage contract (if applicable)
- College diploma and Transcript of Records (TOR)
- NBI clearance
- Compliance with board-requested documents is mandatory.
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Description
This quiz covers the requirements for candidates to take an oath before practicing their profession and the process for obtaining a Certificate of Registration (COR) after passing the licensure exam. It highlights the roles of authorized officials and the necessary fees. Test your understanding of these essential procedures!
