REVIEWER ACC111

1. a situation in which there is no obvious right or wrong decision but rather a

right or right answer. ETHICAL DILEMMA
2. Industrial revolution is the era wherein people use bullae and clay tablets
for recording transactions. FALSE
3. Middle Ages is the era wherein the manual time consuming tasks are done
with speed, consistency, precision and reliability by computers. FALSE
4. Information age is the age that the double-entry bookkeeping was
discovered.FALSE
5. Luca Pacioli is considered the father of double-entry accounting.TRUE
6. Maintenance[ATTAINMENT] 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.FALSE
7. A Professional Accountant is an individual who holds a valid certificate
issued by the Board of Accountancy.TRUE
8. Manuel Villar is the first Filipino CPA.FALSE[ Don Vicente Fabella]
9.
10. Fra Luca Pacioli is the first person to group similar transactions in a
separate record.FALSE [Nicolas Petri]
11. All of the following are the knowledge that the Filipino accountants should
possess to enable them to compete internationally, EXCEPT: DYNAMIC
KNOWLEDGE
12.Title of the law that governs Accountancy profession in the Philippines.
[PHILIPPINE ACCOUNTANCY ACT OF 2004]
13.Primitive accounting is the era wherein keeping accounting records is a
legal requirement for businesses.FALSE
14.Recognized as the accredited professional organization of CPAs in the
Philippines.PHILIPPINE INSTITUTE OF CPAs