An Accountant Who Is Not a CPA

question 7

Multiple Choice

An accountant who is not a CPA:

• A) Will never be considered a fiduciary
• B) Always is considered a fiduciary during the course of providing professional services
• C) Will likely be considered to be a fiduciary during the course of preparing monthly adjusting entries for small, unsophisticated business owners
• D) Will likely be considered to be a fiduciary if the accountant provides financial planning services to clients and sells them sophisticated tax-sheltered insurance policies

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Definitions:

Power Distance

A cultural dimension that describes the extent to which individuals in a society accept and expect that power is distributed unequally.

Future Orientation

The extent to which individuals or cultures prioritize and value actions or decisions that pertain to future outcomes and goals.

Polychronic Time

A perception of time that values multi-tasking and flexible scheduling, common in cultures that prioritize relationships over strict adherence to schedules.

Monochronic Time

A cultural approach to time management that emphasizes doing one task at a time.