Scope of Examination.
Section 13
SEC. 13. Scope of Examination.—The examination shall be in writing and shall cover the following subjects with the corresponding weight in units: Subjects Weight in Minimum Units Hours Theory of Accounts 23 Business Law 1 112 Taxation 1 l12 Management Services 1 112 Auditing Theory 1 112 Auditing Problems 2 3 Practical Accounting Problems I 2 3 Practical Accounting Problems II 2 3 Total 12 18 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—Obligations and contracts, partnerships and corporations, negotiable instruments and other phases of the legal framework of business. Taxation—Income tax, business taxes, transfer taxes, and other taxes affecting accounting practice. Management services—Principles and procedures involved in management consulting services that may be rendered by Certified Public Accountants such as systems installations, preparation of budgets and forecasts, project studies, and controllership. Auditing Theory and Problems—Theory and problems involved in the independent examination of accounts, auditing standards and procedures, audit programs and work papers and preparation of audit reports, and internal audits. Practical Accounting Problems I and II—Problems on transactions and situations usually encountered in the field of accounting practice both in internal and public accounting.