Which of the Following Statements Is True of Accountants

question 59

Multiple Choice

Which of the following statements is true of accountants?

• A)Accountants who pass the CPA examination are called private noncertified accountants.
• B)Accountants cannot be held liable by provisions of common law.
• C)Accountants cannot be held liable to clients and third parties.
• D)Accountants who lack CPA certification are called public accountants.

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Definitions:

Assembly Department

A specialized department within a manufacturing facility where components are assembled into final products.

Equivalent Units

A measure used in the costing of products in process, which converts partially completed goods into an equivalent number of fully completed units.

Weighted-average

A mathematical calculation that takes into account the varying degrees of importance of the numbers in a data set, assigning more weight to some numbers than others.

Conversion

The process of changing or converting resources into finished goods or services.