Principles of Accounting Volume 2
19th Edition
ISBN: 9781947172609
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 1, Problem 13MC
The Certified Financial Analyst (CFA) certification:
- only requires a high school diploma
- is administered by the AICPA
- consists of three separate exams that must be taken in succession
- is the most popular certification among accountants in the United States
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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.
____________2. Laurence works for an auditing firm engaged in providing…
The use of the Certified Public Accountant title is regulated by
Select one
a. the Securities and Exchange Commission
D. the American Institute of Certiied Public Accountants through the licensing departments of the tax and auditing committees
c. the federal government
d. state law through a licensing department or agency of each state
What requirements are usually necessary to become licensed as a certified public accountant?a. Successful completion of the Uniform CPA Examination.b. Experience in the accounting field.c. Education.d. All of the above
Chapter 1 Solutions
Principles of Accounting Volume 2
Ch. 1 - The managers of an organization are responsible...Ch. 1 - Management accountants help the management of an...Ch. 1 - Which of the following is a primary aspect of the...Ch. 1 - During the control function, the measurements...Ch. 1 - Which of the following is false regarding...Ch. 1 - Managerial accounting produces information: to...Ch. 1 - Management accounting: emphasizes special-purpose...Ch. 1 - Internal users of accounting information would not...Ch. 1 - External users of accounting information would...Ch. 1 - Which of the following statements is incorrect?...
Ch. 1 - The stockholders of a company are: the owners...Ch. 1 - The controller of a corporation: reports to the...Ch. 1 - The Certified Financial Analyst (CFA)...Ch. 1 - The Certified Management Accountant (CMA)...Ch. 1 - Which of the following terms means the ability to...Ch. 1 - Which of the following terms means knowing how a...Ch. 1 - What is the law that protects investors from...Ch. 1 - What year was the Sarbanes-Oxley Act enacted? 2007...Ch. 1 - When a representative of an organization gives...Ch. 1 - The law that specifically prohibits payments to...Ch. 1 - Which of the following is not a step in the...Ch. 1 - Which of the following is not an objective used in...Ch. 1 - Which of the following is not true regarding...Ch. 1 - A companys attempts to utilize sustainable...Ch. 1 - A process that is often linked to Six Sigma and is...Ch. 1 - An inventory system that organizations use to...Ch. 1 - A quality control program that depends on multiple...Ch. 1 - Carlita believes an important part of the planning...Ch. 1 - What are some activities and tasks a manager might...Ch. 1 - If there are deviations from the stated goals and...Ch. 1 - Explain how managerial accountants help managers...Ch. 1 - How do the subject matter of reports and the...Ch. 1 - What is the purpose of management accounting?Ch. 1 - Who are the primary users of the information...Ch. 1 - What are the key differences between financial...Ch. 1 - Other than accounting skills, what six qualities...Ch. 1 - Explain how having more than one of the accounting...Ch. 1 - Briefly discuss the chain of command for someone...Ch. 1 - According to the information available at...Ch. 1 - According to the information on management...Ch. 1 - What other professional business organizations...Ch. 1 - How can having a bonus system based purely on...Ch. 1 - What led to the United States Congress passing the...Ch. 1 - What is an enterprise resource planning (ERP)...Ch. 1 - Describe what is meant by the term balanced in the...Ch. 1 - What is corporate social responsibility, and who...Ch. 1 - Indicate whether each statement describes...Ch. 1 - Identify the following as True or False:...Ch. 1 - Define each of these users of accounting...Ch. 1 - Discuss what information would be most useful for...Ch. 1 - Taylor Speedy has prepared the following list of...Ch. 1 - Match the term with the description:Ch. 1 - After the passage of the Sarbanes-Oxley Act in...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Match each lean business method to the best...Ch. 1 - For each of the activities listed, choose the...Ch. 1 - Look up the definitions for the following terms:...Ch. 1 - Indicate whether the statement describes reporting...Ch. 1 - Identify the following as true or false: Financial...Ch. 1 - Companies need to report both monetary and...Ch. 1 - Marvin has been thinking about the fields of...Ch. 1 - Match the term with the description.Ch. 1 - The Foreign Corrupt Practices Act (FC PA) was...Ch. 1 - Indicate whether each of the following statements...Ch. 1 - Table 1.3 shows how different areas within the...Ch. 1 - There are individuals who are under the impression...Ch. 1 - Think about the organization chart in Figure 1.7....Ch. 1 - Controversy tends to surround the topic of...
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- The Certified Management Accountant (CMA) certification: signifies someone specializing in tax accounting requires an associates degree and four years of work experience includes a two-part exam, education requirements, and a work experience requirement is offered to managers who take special courses in accountingarrow_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_forwardReview the imanet.org website to research more information about the Certified Management Accountant (CMA) certification. Choose one of the following questions to discuss: Discuss what you think the benefits of having the CMA certification are and what value a CMA brings to companies. Using the internet or other resources to research other accounting certifications, pick two other accounting certifications and compare them to the CMA. Do you think a certification only allows a professional to work in one field of accounting or another, or do the certifications cross subfields of accounting? Are there benefits to professionals pursuing more than one certification? Why or why not? Which certification do you personally find most interesting and valuable? Discuss what you think the benefits of having the CMA certification are and what value a CMA brings to companiesarrow_forward
- What professional conduct is outlined by the American Institute of Certified Public Accountants (AICPA) Professional Code of Conduct?arrow_forwardThe Certified Public Accountant (CPA) exam is a uniform exam that is administered by a national organization. Licenses, however, are issued by individual states. A. Explain why you think each state is responsible for issuing CPA licenses. B. Choose two to three states, and compare and contrast the requirements to become a CPA. Are they fairly consistent or drastically different from each other? A helpful resource is https://www.thiswaytocpa.com/. You may also find it helpful to search the board of accountancy for each state. C. Tax preparation is a large part of what many CPAs do. Students may be interested to know that a CPA (or any other licensing) is not required to prepare tax returns. Assume you know two friends who prepare tax returns for others, one is a CPA and one is not. Assume that both friends intend to move next year and will, therefore, prepare taxes in another state. Analyze this situation.arrow_forwardWhich of the following is a requirement for becoming a CPA Select one: a. pass examination offered which consisting of 4 parts b. graduate degree with a major in accounting c. All of the above are requirement d. pass examination of 4 parts is enough to become a CPA e. experience to 2 years, including auditingarrow_forward
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- Degreed accountants have the opportunity to obtain specialized certifications in various accounting career fields. Research and discuss certifications related to accounting information systems (AIS). Include a discussion of requirements to earn the certifications and any additional information regarding maintaining the certifications. Also, visit a job board, such as Indeed, to research advertised positions that may be of interest to you. Share your thoughts on the requirements for the advertised position(s) as it relates to your preparation.arrow_forwardSUMMATIVE TEST IN FUNDAMENTALS OF ABM1 Encircle the best answer that corresponds to each item 21. To become a CPA one must pass the CPA Licensure Exam by the government through the___? a. Professional Regulatory Commission c. Board of Accountancy b. Philippine Institute of Certified Public Accountant d. Commission on Audit 22. The present law governing practice of accounting in the philippines which is also known as the Accountancy Act of 2004? a. Republic Act 8424 b. Republic Act 9298 c. Republic Act 9892 d. Republic Act 3104 23. It mainly focuses on the proper custody of government funds and their purposes? a. Cost of Accounting c. Management Accounting b. Government Accounting d. Financial Accounting 24.Accounting is the process of identifying, measuring, & communicating economic information to permit informed judgments & decision by users of the information. a. American Accounting Association c. Financial Reporting Standards Council b.American Institute…arrow_forward16 AICPA is a professional accounting body offering a CPA qualification. What is the abbreviation of the term AICPA? a. American Institute of Certified Public Accountant b. Associated Chartered Accountant c. Association of Internal Certified Private Accountant d. Association of International Certified Public Accountant Clear my choicearrow_forward
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