Public Accounting as profession

In Season 4 episode 12 of FRIENDS, it was mentioned that Monica categorizes her towels. How many categories are there?

• 7

• 5

• 13

• 11

Republic Act 9298, the law specifically governing the accounting profession in the Philippines, is known as the

• Philippine Accountancy Act of 2002

• Accountancy Act of Philippine 2002

• Accountancy Act of Philippine 2004

• Philippine Accountancy Act of 2004

Minimum paid-up capital and/or annual revenue where the FS shall be audited by a duly registered CPA

• Paid-up: P5 million; Monthly revenue: P10 million

• Paid-up: P10 million; Annual revenue: P5 million

• Paid-up: P5 million; Annual revenue: P10 million

• Paid-up: P6 million; Annual revenue: P15 million

An organization established by RA9298 to adopt the rules and regulations for carrying out the provisions of the Act

• BOA

• COA

• AASC

• FRSC

For appointment of members of BOA, who submits nominations; who screen the nominations; and who officially appoint members?

• APO/PICPA; President; PRC

• PRC; APO/PICPA; President

• APO/PICPA; PRC; President

• President; APO/PIPCPA; PRC

The chairman and members of the Board of Accountancy shall hold office for a term of two (2) years and no persons shall serve in the board for more than six (6) years

• True

• False

Its mission is the promulgation of auditing standards, practices and procedures which will be generally accepted in PH

• ETC

• AASC

• FRSC

• QRC

The FRSC shall be composed of 15 members, 8 of which shall come from APO of CPAs

• True

• False

The AASC has the authority to revise or exclude any of the seven subjects from the CPA Board Licensure Examinations

• True

• False

To pass the CPALE, the candidate must obtain general average of __ and no grades lower than __ in any subject

• 85%; 65%

• 65%; 75%

• 65%; 85%

• 75%; 65%