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Questions and Answers
True or false: Accounting was not used in ancient China's public finance system.
True or false: Accounting was not used in ancient China's public finance system.
False (B)
True or false: The Grand Treasury was not involved in imperial financial operations in ancient China.
True or false: The Grand Treasury was not involved in imperial financial operations in ancient China.
False (B)
True or false: The Philippine government recognized the accounting profession in 1823.
True or false: The Philippine government recognized the accounting profession in 1823.
False (B)
True or false: To become a CPA board examinee in the Philippines, one must have a criminal record involving moral turpitude.
True or false: To become a CPA board examinee in the Philippines, one must have a criminal record involving moral turpitude.
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True or false: The demand for accountants in the Philippines is decreasing.
True or false: The demand for accountants in the Philippines is decreasing.
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Study Notes
- Accounting was used in ancient China's public finance system to assess government initiatives and staff productivity.
- The Grand Treasury served as the hub of imperial financial operations.
- A complex network of funds was created, including a general revenue fund and specific revenue funds.
- The Office of the Comptroller General audited government agencies and produced an annual report.
- Government accounting aided the transition from absolute power to a representative form of government.
- Parliament used government accounting to limit the king's ability to spend public money.
- The Philippine government fully recognized the accounting profession in 1923.
- The Board of Accountancy was established and given the power to grant certificates.
- The current requirements to become a CPA board examinee include being a Filipino citizen, having a Bachelor of Science in Accounting, and having no criminal record involving moral turpitude.
- The demand for accountants in the Philippines is rising, and the legislation acknowledges their significance in the country's development.
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