S1: Failure to comply with the CPD program under RA 10912 will automatically revoke the license of the CPA. S2: Hyperinflation will affect the measurement process in accounting. S3: When Philippine Airlines filed for bankruptcy, it affected its going concern assumption. S4: The Generally Accepted Accounting Principles should constantly evolve as financial transactions become more complex. A. All statements are correct. B. All statements are incorrect. C. Only two statements are correct. D. Only one statement is correct. E. Only one statement is incorrect.
S1: Failure to comply with the CPD program under RA 10912 will automatically revoke the license of the CPA. S2: Hyperinflation will affect the measurement process in accounting. S3: When Philippine Airlines filed for bankruptcy, it affected its going concern assumption. S4: The Generally Accepted Accounting Principles should constantly evolve as financial transactions become more complex. A. All statements are correct. B. All statements are incorrect. C. Only two statements are correct. D. Only one statement is correct. E. Only one statement is incorrect.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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S1: Failure to comply with the CPD program under RA 10912 will automatically revoke the license of the CPA. S2: Hyperinflation will affect the measurement process in accounting. S3: When Philippine Airlines filed for bankruptcy, it affected its going concern assumption. S4: The Generally Accepted Accounting Principles should constantly evolve as financial transactions become more complex.
A. All statements are correct.
B. All statements are incorrect.
C. Only two statements are correct.
D. Only one statement is correct.
E. Only one statement is incorrect.
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