A CPA Practice That Is Incorporated Earns 40% of Its

question 6

True/False

A CPA practice that is incorporated earns 40% of its annual revenues in the months of March and April. Although the CPA practice is a professional services corporation (PSC), it may use a fiscal year ending April 30th.

---

Definitions:

Specific Situations

Particular instances or events that are distinct and defined by unique circumstances.

Procedures

Precisely describe actions that are to be taken in specific situations. They define the recommended sequence of events needed to accomplish a task or a set of tasks.

Rules

Prescribed guidelines or instructions that govern actions or behavior within a specific context, often established to maintain order, safety, or fairness.

Long-range Planning

The process of setting long-term goals and determining the strategies to achieve them, typically looking several years into the future.