DISCUSSION QUESTIONS

1. Why is accounting often refered to as the language of business?

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2. What is Globalization? To your mind, what benefits will it bring you?
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3. To your mind, why is business ethics important? Cite some ethical dilemmas.
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4. What are the three forms of business organization? Define each briefly.
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5. What are MSMEs? What purpose does it serve for economic development?
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6. What are the types of business? Distinguish them.
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7. Give the three definitions of accounting.
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8. Enumerate and distinguish the four phases of accounting
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9. Why has a recording system, the double-entry, devised in medieval times lasted for so long?
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10. Discuss the criteria for general acceptance of an accounting principle.
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11. What does the term generally accepted aacounting principles mean?
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12. What is meant by the concept of stable monetary unit? Is this assumption realistic? Why is it used in accounting?
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13. What is the periodicity concept? Why is it important for business entities to provide periodic information?
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14. What is materiality?
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15. Trace the development of accountancy in the Philippines.
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16. What constitutes the practice of accountancy in the Philippines
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17. State the qualifications of members of the Professional Regulatory Board.
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18. State the qualifications of applicants for the CPA examinations.
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19. What are the distinguish characteristics of a profesion?
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20. What is the essence of a compentency-based approach to education? What are the core competencies for accountants?
Expound?
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