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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?
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
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.
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Match the following terms with their descriptions:
Match the following terms with their descriptions:
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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?
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Core accounting education courses aim to integrate ethical values and professional attitudes.
Core accounting education courses aim to integrate ethical values and professional attitudes.
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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?
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___ is a course that provides hands-on experience in the accounting field.
___ is a course that provides hands-on experience in the accounting field.
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Match the following core accounting education courses with their main focus:
Match the following core accounting education courses with their main focus:
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Which course focuses on the ethical regulations in business operations?
Which course focuses on the ethical regulations in business operations?
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Strategic Management is categorized as a core accounting education course.
Strategic Management is categorized as a core accounting education course.
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What is required under IFAC's latest international education standards?
What is required under IFAC's latest international education standards?
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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?
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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.
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What is one requirement to become a CPA?
What is one requirement to become a CPA?
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In the accounting curriculum, _____ units must come from General Education Courses.
In the accounting curriculum, _____ units must come from General Education Courses.
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Which of the following are key learning outcomes strengthened by General Education?
Which of the following are key learning outcomes strengthened by General Education?
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Match the courses with their categories in the accounting curriculum:
Match the courses with their categories in the accounting curriculum:
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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.
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Name one area covered by Common Business and Management Education Courses.
Name one area covered by Common Business and Management Education Courses.
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Which of the following is NOT a cognate/major course in accounting?
Which of the following is NOT a cognate/major course in accounting?
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An applicant must be a Filipino citizen to qualify for the CPALE.
An applicant must be a Filipino citizen to qualify for the CPALE.
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What is the primary focus of the course 'Operations Auditing'?
What is the primary focus of the course 'Operations Auditing'?
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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 __________.
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Match the following courses with their descriptions:
Match the following courses with their descriptions:
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Which of these courses focuses on taxation?
Which of these courses focuses on taxation?
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Applicants for the CPALE must have completed a degree in Business Administration.
Applicants for the CPALE must have completed a degree in Business Administration.
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What is the minimum general average required to pass the licensure examination?
What is the minimum general average required to pass the licensure examination?
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What is the purpose of the course 'Auditing in CIS Environment'?
What is the purpose of the course 'Auditing in CIS Environment'?
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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%.
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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?
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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.
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Which of the following grades would result in a failure?
Which of the following grades would result in a failure?
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Match the case number with its result based on the given grades:
Match the case number with its result based on the given grades:
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What document is required for married female applicants?
What document is required for married female applicants?
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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.
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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!
