Scope of Examination.
Section 11
SEC. 11. Scope of Examination. - The examinations shall be in writing and shall cover the following subjects with the corresponding weight in units unless otherwise modified by the Board upon approval of the Professional Regulation Commission. Subject Weight in Units Minimum Hours Theory of Accounts 2 3 Business Law and Taxation 2 3 Management Services 2 3 Auditing Theory 2 3 Auditing Problems 2 3 Practical Accounting Problems 2 3 ___ ___ T O T A L 14 21 The contents and coverage of these subjects shall be in accordance with the outline or syllabus prepared and issued by the Board of Accountancy containing the following: Theory of Accounts - Accounting terminology, accounting principles and procedures, classification of accounts, valuation of assets and liabilities, income determination, developments in the science of accountancy, etc. Business Law and Taxation - One-Half on the subject of business law covering obligation and contracts, partnerships and corporations, negotiable instruments and other phases of the legal framework of business, and the other half on taxation dealing on income tax, business taxes, transfer taxes, and other taxes affecting accounting practice. Management Services - Principles and procedures, methods and techniques involved in management consulting services that may be rendered by Certified Public Accountants in areas such as managerial accounting, planning and control operations, design and appraisal of accounting systems, and financial-management related services. Auditing Theory - Auditing concepts, auditing standards, internal control, auditing procedures and techniques, and the short-form audit report. Auditing Problems - Problems on the application of auditing standards, techniques and procedures, preparation of working papers, completion of the audit, and preparation of audit report. Practical Accounting I - Problems concerning financial statements and accounting for assets, liabilities and stockholder's equity. Practical Accounting II - Problems pertaining to partnership, joint ventures, fire insurance on the insured's books, consignments, installment sales, agencies and branches, business combinations, cost accounting, financial analysis, and government accounting.