An Enrolled Agent Is Subject to the AICPA's Code of Professional

question 18

Multiple Choice

An Enrolled Agent is subject to the AICPA's Code of Professional Conduct:

• A) Automatically
• B) Only if she also holds a state CPA license as well
• C) Only if she is granted membership in the AICPA
• D) Only if she performs auditing services as an employee or partner in a CPA firm that is an AICPA member

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Definitions:

Gains and Losses

Financial terms referring to the money made or lost on the sale of assets, separate from the ordinary operations of the business.

Cash Distribution

The payment of earnings or capital to the members, partners, or shareholders of a company or an organization.

Income and Loss Sharing

A method of partnership where profits and losses are distributed among partners according to their agreed-upon percentages or capital contributions.

Noncash Assets

Assets that cannot be easily converted into cash, such as real estate, equipment, and intellectual property.