The 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.
Trending nowThis is a popular solution!
Chapter 1 Solutions
Principles of Accounting Volume 1
Additional Business Textbook Solutions
Principles of Management
Construction Accounting And Financial Management (4th Edition)
Horngren's Accounting (12th Edition)
Principles of Accounting Volume 2
Cost Accounting (15th Edition)
Financial Accounting (12th Edition) (What's New in Accounting)
- The GIFMIS interfaces with a number of systems and sub-systems. A number of these systems and sub-systems are listed below. Provide in full the meaning of these abbreviations and tell briefly how they interface with the GIFMIS. i E-Monitor (Non-Tax Revenue-MoF) ii PIMS (PID-MoF) iii TRIPS & GCMS (GRA) iv T-24& SWIFT (BoG) v E-Procurement (Public Procurement Authority)arrow_forwardwhy you think each state is responsible for issuing CPA licenses.arrow_forwardi need the answer quicklyarrow_forward
- Which of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountantsarrow_forwardI need the answer as soon as possiblearrow_forwardCreate a hypothetical ethics case then describe the guidance that applies to the issue. The simplest was to complete this assignment is to use any ethical dilemma that you may have encountered in professional practice or review the AICPA Code of Conduct or the IRS Circular 230 then inventing an ethical situation based on one of these sources. Also, you can use news stories, any disciplinary actions on state CPA websites. After you describe the situation in a case format, then search and locate the ethics guidance that addresses the issue. Use this format: 1. What inspired this case idea? 2. Describe the situation in case format 3. Outline the applicable guidance and how it should be applied to this issuearrow_forward
- Separate accounting standards exist for the U.S. federal government in contrast to state and local governments; discuss why this is necessary Does the FASAB have to submit for review a proposed standard to anyone for approval? Explain.arrow_forwardIn a 3-4 page outline, create an outline of audit requirements that a nonprofit in your state would need to prepare for in conducting their annual audit. • Include the title of the requirement, the related statute, and the actions the organization would need to take to address the requirement. ■ At least one page of this outline should focus on requirements related to the board.arrow_forwardVarious organizations develop standards for audits and regulate CPA firms. Compare and contrast the roles of the AICPA, the PCAOB, and the state boards of accountancy along the following dimensions: a. Standard setting. b. Regulation of CPA firms. c. Source of authority.arrow_forward
- Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards Boardarrow_forwardYour country has recently adopted IPSAS 1. This concept is new to the Accountant at the Ministry of Finance. She, therefore, request that you provide a summary of IPSAS 1 and explain using practical examples of information/data that should be included in each statement.arrow_forward(Students should visit the SEC website, www.sec.gov, for supplemental resources.) What is incorporation by reference?arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College