Which of the Following Is True About CPAs

question 186

Multiple Choice

Which of the following is true about CPAs?

• A) Almost everyone who does accounting work is a CPA.
• B) CPA standards are the same in every state.
• C) CPAs must participate in continuing education programs.
• D) Once an individual has become a CPA, no further work is necessary to retain the certification.
• E) The portions of the CPA examination are costing, taxing, budgeting, and billing.

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Definitions:

Short-Term Assets

Assets expected to be converted into cash, sold, or consumed within one year or within the operating cycle of a business, whichever is longer.

Pro Forma Assets

Projected assets of a business, listed in a financial statement prepared in anticipation of future events or transactions.

Owner's Equity

The residual interest in the assets of an enterprise after deducting its liabilities, often referred to as net assets.

Long-Term Assets

Assets that are expected to provide economic value to a business for more than one year, such as property, plant, and equipment.