If a CPA and non-CPA form a partnership to practice public accounting, which of the following arrangements would be permitted or required by the AICPA for such a partnership? I. A non-CPA banker who will be an owner will not be actively engaged in the practice. The banker is providing the financing to get the partnership formed and operating. II. Non-CPA owners (other than the banker) who are actively engaged as members of the firm would have to complete the same number of work-related CPE requirements as the CPA members. III. Non-CPA owners could have the title "partner." IV. None of these partnerships are permitted or required by the AICPA. I only II and III O Ill only OIV only

If a CPA and non-CPA form a partnership to practice public accounting, which of the following arrangements would be permitted or required by the AICPA for such a partnership? I. A non-CPA banker who will be an owner will not be actively engaged in the practice. The banker is providing the financing to get the partnership formed and operating. II. Non-CPA owners (other than the banker) who are actively engaged as members of the firm would have to complete the same number of work-related CPE requirements as the CPA members. III. Non-CPA owners could have the title "partner." IV. None of these partnerships are permitted or required by the AICPA. I only II and III O Ill only OIV only

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

If a CPA and non-CPA form a partnership to practice public accounting, which of the following arrangements would be permitted or
required by the AICPA for such a partnership?
I. A non-CPA banker who will be an owner will not be actively engaged in the practice. The banker is providing the financing to get the
partnership formed and operating.
II. Non-CPA owners (other than the banker) who are actively engaged as members of the firm would have to complete the same
number of work-related CPE requirements as the CPA members.
III. Non-CPA owners could have the title "partner."
IV. None of these partnerships are permitted or required by the AICPA.
‣ I only
II and III
O III only
→ IV only

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