Which of the Following Is True of CICPA and CACPA

question 18

Multiple Choice

Which of the following is true of CICPA and CACPA in the People's Republic of China (PRC) ?

• A)These are two translations of a single Chinese professional association from Mandarin to English.
• B)The CICPA was the professional association for accountants and the CACPA is the professional association for auditors.
• C)The CICPA was the professional association for CPAs in private practice and the CACPA is the professional association for accountants in public practice in the PRC.
• D)None of the statements above is true.

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Definitions:

Fees Earned

Income generated from providing services, regarded as a revenue for the entity performing the service.

Rent Revenue

Earnings from property that is leased to others for use.

Revenue Accounts

Accounts that track the income earned from a company's primary operations and other activities.

Closing Entries

Journal entries made at the end of an accounting period to transfer balances from temporary accounts to permanent accounts.