General Knowledge
Botanically speaking, the following are classified as berries, except?
Blueberry
Banana
Strawberry
Eggplant
Strawberry
What are the components of Assurance engagement risk?
Inherent risk, materiality risk, and detection risk
Control risk, inherent risk, and detection risk
Materiality, and professional skepticism
Relevance and completeness
Control risk, inherent risk, and detection risk
What university in the Philippines was established by the very first Filipino CPA, Vicente Fabella, in 1919?
Jose Rizal Memorial State Univieristy
Far Eastern University
University of Santo Tomas
Jose Rizal University
Jose Rizal University
Which accounting trend leverages predictive analytics to forecast future financial outcomes based on historical data and other relevant factors?
Historical accounting
Predictive accounting
Managerial accounting
Blockhain accounting
Predictive accounting
The first name recorded in history isn’t of a king, or a warrior, or a poet. It belongs to an accountant. What is the name of this accountant?
Kushim
Attikus
Magnus
Cassius
Kushim
Man-made plants are classified as plants that have been selectively cross-bred in laboratories to form an entirely new plant. This could be done for a variety of reasons; including that they’re easy to take care of, healthier, and more resistant to disease. Which of the following is a man-made plant?
Kale
Strawberries
Blueberries
Broccoli
Broccoli
In a compilation engagement, what level of assurance is provided in the report?
High assurance
Moderate assurance
No assurance
Low assurance
No assurance
It is the Philippines’ national university, as mandated by Republic Act No. 9500, giving it institutional autonomy
University of the Philippines
In September 2022, the Professional Regulatory Board of Accountancy (BOA) issued Board Resolution No. 44 (s. 2022) that contains the approval of renaming the Financial Reporting Standards Council (FRSC) to:
Financial and Sustainability Reporting Board (FSRB)
Financial and Sustainability Reporting Standards Council (FSRSC)
Financial Reporting and Sustainability Standards Council (FRSSC)
Sustainability and Financial Reporting Standards Council (SFRSC)
Financial and Sustainability Reporting Standards Council (FSRSC)
CHED was created on May 18, 1994 through the passage of ______, or the Higher Education Act of 1994
R.A. 7722
R.A. 8292
R.A. 9155
R.A. 10533
R.A. 7722
The flag of ___ is the only national flag that is not rectangular in shape. It is a combination of two pennants, which represent the Himalayas and the two major religions of the country, Hinduism and Buddhism.
Nepal
Statement I: The auditor's understanding of the sources of information used by the entity in monitoring the entity's system of internal control, including whether the information used is relevant and reliable, assists the auditor in evaluating whether the entity’s process to monitor the entity's system of internal control is appropriate.
Statement II: If management assumes that information used for monitoring is relevant and reliable without having a basis for that assumption, errors that may exist in the information could potentially lead management to draw incorrect conclusions from its controlling activities.
Only statement I is correct
Only statement II is correct
Both statements are correct
Both statements are false
Only statement I is correct
It is the Philippine government’s agency in charged with promoting relevant and quality higher education, ensuring access to quality higher education, and guaranteeing and protecting academic freedom for continuing intellectual growth, advancement of learning and research, development of responsible and effective leadership, education of high-level professionals, and enrichment of historical and cultural heritages.
Commission on Higher Education
Which emerging trend in accounting involves the use of blockchain technology to create transparent and tamper-proof transaction records?
Cryptocurrency accounting
Triple-entry accounting
Shadow accounting
Traditional accounting
Triple-entry accounting
In the May 2023 Licensure Examination for Certified Public Accountants, what is the national passing rate?
30.36%
40.05&
29.35%
31.37%
30.36%
This is considered the largest and widest river in the world. At its widest point, it measures an impressive 11 kilometers (7 miles).
Amazon River
Which is one of the qualification for members of the Professional Regulatory Board of Accountancy?
Must have a Ph.D. in Accountancy
Must have at least 5 years of work experience in any scope of practice of accountancy
Must be a natural-born citizen and a resident of the Philippines
Must have been a Certified Public Accountant for at least 2 years
Must be a natural-born citizen and a resident of the Philippines
For tax purposes, educational institutions a re distinguished from one another based on the nature of its structure or the charter that creates the same. The broad classifications include the following, except:
Proprietary educational institution
Non-stock, non-profit educational institution
Government educational institutions
Sectarian educational institutions
Sectarian educational institutions
On April 9, 2024, The International Accounting Standards Board (IASB) completed its work to improve the usefulness of information presented and disclosed in financial statements. This new Standard will give investors more transparent and comparable information about companies’ financial performance, thereby enabling better investment decisions. It will affect all companies using IFRS Accounting Standards.
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Financial Statements Presentation and Disclosure
IAS 18 Presentation and Disclosure in Financial Statements
IAS 18 Financial Statements Presentation and Disclosure
IFRS 18 Presentation and Disclosure in Financial Statements
The first Licensure Examination for Certified Public Accountants (LECPA) this year will be held on
May 19-21, 2024
May 26-28,2024
June 2-4, 2024
May 15-17, 2024
May 26-28,2024
This European country is a country of extreme contrasts. It is home to some of the largest glaciers in Europe and simultaneously hosts some of the world’s most active volcanoes.
The juxtaposition of icy glaciers and fiery volcanic activity creates a dramatic and otherworldly landscape, bagging its name the “Land of Ice and Fire.”
Iceland
This is also known as the Philippine Accountancy Act of 2004
R.A. 9298
On February 20, the United States government, through the United States Agency for International Development (USAID), launched the ____________, a five-year, Php1.6-billion ($30 million) initiative that will help Philippine higher education become more globally competitive by strengthening innovation, workforce development, and entrepreneurship in colleges and universities.
U.S.-Philippines Partnership for Skills, Innovation, and Lifelong Learning Program
Philippine-American Educational Exchange Program for Lifelong Learning
Global Education Development and Advancement Initiative
U.S.-Philippines Academic Collaboration Enhancement Project
U.S.-Philippines Partnership for Skills, Innovation, and Lifelong Learning Program
On August 10, 2023, the Department of Education officially launched the _____ as a recalibrated K to 10 curriculum under the K to 12 program. It aims to decongest the overcrowded curriculum that resulted in compromised fundamental skills among learners, make learning competencies age-appropriate and properly sequenced in terms of progression and strengthen foundational skills like literacy and numeracy, and intensify values formation among learners
Matatag Curriculum
Who is the resource speaker of today’s seminar, Auditing and Assurance: Academic Institutions?
Atty. Sheena Mariel Dagawasan, CPA, MBA