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Perl is sometimes called the “Practical Extraction and Report Language,” although it has also been called a “Pathologically Eclectic Rubbish Lister,” among other expansions. It’s actually a backronym, not an acronym, since Larry Wall, Perl’s creator, came up with the name first and the expansion later. That’s why “Perl” isn’t in all caps. There’s no point in arguing which expansion is correct: Larry endorses both.
You may also see “perl” with a lowercase p in some writing. In general, “Perl” with a capital P refers to the language and “perl” with a lowercase p refers to the actual interpreter that compiles and runs your programs. In the house style, we write the names of programs like perl.