The Name of a CPA Firm May

question 27

Multiple Choice

The name of a CPA firm may:

• A) Include the name of a founder who is retired, as long as he or she remains an active member of the AICPA
• B) Include the name of a founder who is deceased
• C) Not include the name of a CPA unless that CPA is a member in good standing of the AICPA
• D) May include the name of a non-CPA without needing to identify the non-CPA as being, in fact, a non-CPA

---

Definitions:

Due Diligence Fees

Costs associated with the research and analysis conducted before entering into an agreement or transaction.

Fair Value

The financial gain on unloading an asset or the financial duty to convey a liability in a coordinated market activity at the established valuation date.

Costs of Issuing

Expenses associated with the issuance of stocks or bonds, including underwriting, legal, and registration fees.

Goodwill

An intangible asset that arises when a company is purchased for more than the fair value of its net identifiable assets, representing aspects like reputation, brand, and customer relationships.