ACClll CHAPTER1

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31 Terms

1
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1.Middle Ages is the era wherein the manual time consuming tasks are done with speed, consistency, precision and reliability by computers.

2
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Answer: FALSE

3
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  1. Primitive accounting is the era wherein keeping accounting records is a legal requirement for businesses.
4
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Answer: FALSE

5
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  1. Industrial revolution is the era wherein people use bullae and clay tablets for recording transactions.
6
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Answer: FALSE

7
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  1. Information age is the age that the double-entry bookkeeping was discovered.
8
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Answer: FALSE

9
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  1. Luca Pacioli is considered the father of double-entry accounting.
10
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Answer: TRUE

11
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  1. Maintenance of professional competence is the normal pattern of development starts on general education, followed by specific education, training, and examination in professionally relevant subjects and period of work experience.
12
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Answer: FALSE

13
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  1. Based on ASEAN Mutual Recognition Agreement (MRA), a Filipino CPA is eligible to apply to be registered as an ASEAN Chartered Professional Accountant (ACPA).
14
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Answer: TRUE

15
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  1. A Professional Accountant is an individual who holds a valid certificate issued by the Board of Accountancy.
16
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Answer: TRUE

17
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  1. Manuel Villar is the first Filipino CPA.
18
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Answer: FALSE

19
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  1. Fra Luca Pacioli is the first person to group similar transactions in a separate record.
20
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Answer: FALSE

21
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  1. All of the following are the knowledge that the Filipino accountants should possess to enable them to compete internationally, EXCEPT:
22
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Answer: DYNAMIC KNOWLEDGE

23
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  1. Title of the law that governs Accountancy profession in the Philippines.
24
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Answer: PHILIPPINE ACCOUNTANCY ACT OF 2004

25
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  1. Recognized as the accredited professional organization of CPAs in the Philippines.
26
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Answer: PHILIPPINES INSTITUTE OF CPAs

27
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  1. The main function is to establish and improve accounting standards that will be generally accepted in the Philippines.
28
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Answer: FINANCIAL REPORTING STANDARD COUNCIL

29
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30
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  1. A situation in which there is no obvious right or wrong decision but rather a right or right answer.
31
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Answer: ETHICAL DILEMMA