Wood is very porous. Just as we (generally) prepare the canvas with gesso you might want to research how your wood might or might not need to be prepared. Wood houses are painted all the time though I don't know what kind of prep they need, and of course, they are painted with a different kind of paint (latex, yes, is acrylic but again, just as you have latex for your walls, you also have latex for external use).
 
Good luck!