Assurance Principles Mt Quiz 1 and 2 Final Copy

1

ASSURANCE PRINCIPLES MIDTERM QUIZ 1 (MULTIPLE CHOICE)

C. Gonzaga

Wri! "! #!!r o$ %o&r '"oi'! in CAPITAL LETTER i"o& an% !ra&r!. 1. Section 5 of of the Accountancy Act of 2004 states that that the Board Board of Accountancy shall be composed composed of a chairman and a. 2 members b. 4 members c. 6 members d. 8 members 2. The members members of the Board Board of Accounta Accountancy ncy shall shall be appoint appointed ed by the the a. hilippine !nstitute of "As #!"A$ b. rofessional %e&ulations "ommission #%"$ c. resident of the hilippines d. Association of "As in ublic ractice #A"A$ '. A member member of the B(A B(A shall shall be) at the time time of his*her appointment) must possess +hich of the the follo+in& ,ualifications,ualificationsa. ust be a natural/born citien of the hilippines b. ust be a ilipino citien c. ust be a ilipino citien and a resident of the hilippines d. ust be a natural/born citien and a resident of the hilippines 4. %epubl %epublic ic Act Act 28 28 is is 3no+n 3no+n as the the a. %eised Accountancy a+ b. %eised Accountancy Act c. hilippine Accountancy Act of 2004 d. hilippine Accountancy a+ of 2004 5. 7hich of of the follo+i follo+in& n& is (T an ob9ecti ob9ectie e of the %epubli %epublic c Act Act 28a. The standardiation and re&ulation of accountin& education. b. The deelopment and improement of accountin& standards that +ill be &enerally accepted in the hilippines. c. The superision) control) and re&ulation of the p ractice of accountancy in the hilippines. d. The e:amination for re&istration of certified public accountants. 6. An applican applicantt for the the "A "A licensure licensure e:amin e:amination ation should should be !. A ilipino citien !! .(f &ood moral character  character  !!!. A holder holder of a de&ree of Bachelor of Science in Accountancy a. ! and !! only b. ! an and !! !!! on only c. !! and !!! onl only d. !) !!) and and !!! !!!. ;. rofession rofessional al s3epticis s3epticism m re,uires re,uires that an auditor auditor assumes assumes that mana&em mana&ement ent is 1.