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:

Movable Thing

An item of personal property that can be physically relocated from one place to another, as opposed to immovable or real property.

Firearm

A portable weapon that launches one or more projectiles driven by rapidly expanding high-pressure gas produced by combustion.

Restatement of Contracts

A comprehensive summary that clarifies, organizes, and illustrates the principles of contractual law.

Private Organization

An entity operating independently of direct government control, typically established for private, non-commercial purposes.