LooseLeaf for College Accounting: A Contemporary Approach
4th Edition
ISBN: 9781259995057
Author: M. David Haddock Jr. Professor, John Ellis Price, Michael Farina
Publisher: McGraw-Hill Education
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Question
Chapter 1, Problem 1.5SRE
To determine
Identify the requirement to become a CPA.
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List four circumstances where a CPA licensee from another state would require approval from the California board of Accountancy before practicing public accounting in California. In cases where prior approval is not necessary, what are the requirements for the out of state licensee to practice public accounting. Express your opinions on these requirements.
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Under what circumstances can a CPA be paid on a commission basis? Why do you think the regulation impose these restrictions?
Which section of the regulations require a CPA to comply with Generally Accepted Accounting Principles and Generally Accepted Auditing Standards? If compliance is required by other organizations (PCAOB, AICPA, etc.) why do you think this requirement is also included in the regulations?
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By joining the AICPA, members must adhere to six major principles of Professional conduct. Discuss the six principles and how they might relate to your actions in the accounting profession?
CASE (A): A group of recent passers of the licensure examination for Certified Public Accountants are registering for the Philippine Institute of Certified Public Accountants (PICPA). The registration officer asks each of them which sub-organization under the umbrella of PICPA they would also like to be registered to. The registration officer provided them with the following choices:
A. Association of Certified Public Accountants in Public Practice (ACPAPP)
B. Association of Certified Public Accountants in Commerce and Industry (ACPACI)
C. Government Association of Certified Public Accountants (GACPA)
D. National Association of Certified Public Accountants in Education (NACPAE)
For each of the certified public accountants listed below, determine which organization they would fit into considering their job profile.
____________1. Joseph is hired as an internal auditor for a fastmoving consumer goods manufacturer.
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Chapter 1 Solutions
LooseLeaf for College Accounting: A Contemporary Approach
Ch. 1 - What are the names of three accounting job...Ch. 1 - Prob. 1.2SRQCh. 1 - What are financial statements?Ch. 1 - Prob. 1.4SRECh. 1 - Prob. 1.5SRECh. 1 - As the owner of a small business, you have decided...Ch. 1 - Prob. 2.1SRQCh. 1 - Prob. 2.2SRQCh. 1 - Prob. 2.3SRQCh. 1 - Prob. 2.4SRE
Ch. 1 - Prob. 2.5SRECh. 1 - Prob. 2.6SRECh. 1 - What is the purpose of accounting?Ch. 1 - What does the accounting process involve?Ch. 1 - Prob. 3CSRCh. 1 - Prob. 4CSRCh. 1 - Prob. 5CSRCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - What is tax planning?Ch. 1 - Prob. 6DQCh. 1 - What are the three major areas of accounting?Ch. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 12DQCh. 1 - Which Type of Business Entity? Since graduating...Ch. 1 - Prob. 1MFCh. 1 - Prob. 2MFCh. 1 - Prob. 3MFCh. 1 - Prob. 4MFCh. 1 - Prob. 5MFCh. 1 - Prob. 6MFCh. 1 - Prob. 7MFCh. 1 - Prob. 8MFCh. 1 - Prob. 1EDCh. 1 - Prob. 1IC
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- What are the ethical and professional expectations for CPA's by the accounting prefession?arrow_forwardWhich of the following qualifications is NOT a prerequisite for becoming a licensed agent? a. being at least eighteen years of age b. being competent and trustworthy c. passing any required examination d. having a high school diplomaarrow_forwardWrite a literature review on the impact of covid-19 on accounting professions.arrow_forward
- According to the Code of Professional Conduct of the AICPA, for which type of service may a CPA receive a contingent fee? O Performing an audit of a financial statement. O Performing a review of a financial statement. O Performing an examination of a prospective financial statement. O Seeking a private letter ruling.arrow_forwardUnder what circumstances is a CPA required to notify a client that a CPA is licensed by the California Board of Accountancy? What are the permissible means of making this notification? Why do you think this is a requirement?arrow_forwardWhat is the most important written document/s in CPA (Certified Public Accountant) Profession? Why?arrow_forward
- The Institute of Management Accountants issues which certification? O A. CFE B. CMA OC. CIA O D. CPAarrow_forwardWhat must an accountant have under the AICPA Code of Professional Conduct?arrow_forwardIdentify the relevance of “Professional Competence and Due Care” with one of the following options. a. Duty of Auditor b. Powers of auditor c. Code of Ethics for professional accountants d. Role of Regulatory and professional bodiesarrow_forward
- Identify the different entities that makeethics rules for CPAs and public accountingfirms.arrow_forwardWhich of the following is typically required for entry-level positions in the accounting profession? A. bachelors degree B. masters degree C. Certified Public Accountant (CPA) D. Certified Management Accountant (CMA) E. only a high school diplomaarrow_forwardA Certified Management AccountantA. is licensed by a state to perform management accounting functions for business and not-for-profit organizations.B. has passed a standardized examination and has certain experience requirements.C. performs the same functions as a CPA but of the internal audit staff of a business.D. both a and b are correct.arrow_forward
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