Question & AnswerQ&A (PRC BOARD OF ACCOUNTANCY Resolution NO. 121, S. 2005)
Republic Act No. 9298, known as the Philippine Accountancy Act of 2004, provides the basis for the scope of the CPA licensure examination.
The CPA licensure examination shall cover the following subjects: Theory of Accounts, Business Law and Taxation, Management Services, Auditing Theory, Auditing Problems, Practical Accounting Problems I, and Practical Accounting Problems II.
The CPA licensure examination tests the basic minimum professional competence of examinees, including adequate technical knowledge in accounting, the ability to apply that knowledge skillfully and with good judgment, and an appreciation of ethical responsibilities and professional attitude.
Questions should emphasize technical knowledge relevant to the profession, avoid trivial, outdated, or controversial matters, and measure technical competence appropriate for new entrants to the profession with a suitable mix of easy, moderate, and difficult questions.
The examination tests higher cognitive abilities such as comprehension, interpretation, application, analysis, problem-solving, and other higher-order thinking skills beyond mere memorization.
Questions shall be multiple-choice with four items and one correct answer. Yes/No, True/False, matching, or similar objective-type questions are not allowed. Choices may not include phrases like 'none of the above' or 'all of the above.'
The examination covers the topics enumerated in the syllabi, ensuring broad coverage so that no topic receives undue weight and all subject areas are included in each exam with a well-balanced scope.
No, programmable calculators are prohibited. Only electronic calculators without programming capability may be used.
Syllabi are subject to automatic revisions based on pronouncements, standards, updates from recognized Philippine standard-setting bodies, new laws, executive orders, and circulars, with changes adopted not earlier than six months from their effectivity date.