What Is a Requirement for Accountants Who Have a CPA,(CA,CMA,or

question 5

Multiple Choice

What is a requirement for accountants who have a CPA,(CA,CMA,or CGA) designation?

• A)They are not the only people permitted to serve as external auditors.
• B)They must pass a national examination and be licensed by the province or territory in which they practice.
• C)They are not held responsible for providing assurance concerning the reliability of a firm's financial statements.
• D)They can only work at public accounting firms.

---

Definitions:

Oligopoly

A market structure characterized by a small number of firms controlling the majority of market share, leading to limited competition.

Price Competition

A market strategy where businesses attempt to attract customers by undercutting competitors' prices.

Pure Competition

A market structure characterized by a large number of small firms, all producing homogeneous products, with no single company able to influence the market price.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power.