The Process by Which a CPA Obtains a Certificate and License

question 103

Multiple Choice

The process by which a CPA obtains a certificate and license in a state other than the state in which the CPA's certificate was originally obtained is referred to as

• A) Substantial equivalency.
• B) Quid pro quo.
• C) Relicensing.
• D) Re-examination

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Definitions:

Acquiring Asset

This term involves obtaining control of another company's asset through purchase or merger, enhancing the buyer's resources and capabilities.

Rate Of Return

A financial metric used to measure the amount of return on an investment relative to the investment's cost.

Total Assets

The sum of all current and non-current assets owned by a company, showing the total value of what a company owns or controls.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear or obsolescence.