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Importance of Accounting in Daily Life

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Questions and Answers

What is the common misconception about accounting?

It is only for architecture professionals
It is only for engineers
It is only for business professionals (correct)
It is only for medical professionals

What is accounting often referred to as?

The language of business (correct)
The language of medicine
The language of law
The language of architecture

Why is accounting considered a universal existence?

Because it is only used in architecture
Because it is only used in engineering
Because it is only used in business
Because it is used in almost every aspect of life (correct)

What is the importance of learning accounting in today's business world?

It is a survival skill (D) Signup and view all the answers

What is the role of accounting in decision-making?

It provides a way to make informed decisions (C) Signup and view all the answers

What is the purpose of accounting in business?

To set goals, measure results and evaluate performance (C) Signup and view all the answers

What is the primary reason why the accountancy profession is least known and unpopular?

It is handled with much needed confidentiality. (B) Signup and view all the answers

What is the approximate number of registered Certified Public Accountants in the Philippines as of October 2015?

Approximately 162,000 (B) Signup and view all the answers

What is the main reason why accountancy is considered the most feared and dreaded profession?

It has the highest mortality rate among courses that require board examinations. (B) Signup and view all the answers

Who is the holder of the first CPA Certificate or PRC-CPA Certificate No. 001?

Mr. Armand Fabella (C) Signup and view all the answers

What is the significance of the year 1923 in the accountancy profession?

It is the year when the accountancy profession emerged. (C) Signup and view all the answers

What is the current trend in the accountancy profession in the Philippines?

It is experiencing tremendous growth and development. (C) Signup and view all the answers

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