traditional role of an accountant. The CPA's role has been quickly expanding, and one leading CPA proposed that the term CPA more appropriately stand for Certified Professional Advisor. (www.picpa.org) A CPA is much more than its definition of Certified Public Accountant. The term certified refers to the licensing to carry on business as a CPA and meeting the standards as promulgated by the American Institute of CPAs and the various state societies. The term public accountant refers to the role
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To: Outside CPAs From: CPA Date: November 12, 2012 Subject: Professional responsibilities as a Certified Public Accountant (CPA), difference between a review and an audit; explanations regarding deferred tax methods, accounting changes and error corrections, and establishing a subsidiary as a corporation. CC: manager It has come to my attention that my expertise is warranted for the explanations on the following
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Introduction to Accounting Information Systems Business Processes and Accounting Information Systems • Business Process: sequence of activities performed by a business for acquiring, producing, and selling goods and services o Used by accountants and others • Transaction Cycles: group related events that typically occur in a particular sequence o Acquisition (purchasing) cycle = purchasing and paying for goods or services o Conversion cycle = transforming resources
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The purpose of the balance sheet is to reveal the economic/financial position of the company at a set point in time. The balance sheet follows the basic accounting equation, assets = liabilities + owner’s equity. The income statement is what an accountant uses to determine the operation of a business. You would take the revenues minus the expenses to determine the net income for the business. The statement of cash flow is useful in determining a business’s capability to pay its bills. It represents
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allow two years for the entities to execute the FRF so they can then evaluate the implementation and determine whether it would need to be amended after. The board defined SME’s as entities that have no public accountability. In other words, the company does not trade stocks or bonds in the public market or are in the process of doing so. They also may not hold assets in a fiduciary capacity for outsiders as one of its primary businesses; i.e. banks. Essentially, the framework is designed for privately
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accounting field, there are many options. According to AccountingEDU.org there are four primary fields in the arena of accounting. Public accounting, Management accounting, Governmental accounting, and internal auditing are the primary fields with many sub-fields that can be entered into. Accounting, of all types, is a constant demand field. A brief search with the term “accountant” yielded over 500 results on USAJobs.gov alone. Two of the accounting fields that interest me most are Forensic Accounting
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Inventory methods go back to the times of the first recorded businesses, First in First out method or FIFO, is commonly accepted over all accounting standards; however, the antithesis of FIFO is not as easily agreed upon. Last in First Out method, was ruled as not an acceptable accounting method for valuation of inventories in 1930 by the Supreme Court. This was after issues with many companies seeing LIFO as the most accurate way to valuate their inventories, which caused many law suites and lead
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International Journal of Business and Management December, 2009 Auditor Independence: Malaysian Accountants’ Perceptions Nur Barizah Abu Bakar (Corresponding author) Department of Accounting, Faculty of Economics and Management Sciences International Islamic University Malaysia PO Box, 10, 50728, Kuala Lumpur, Malaysia Tel: 60-19-288-4540 E-mail: nur.barizah@gmail.com Maslina Ahmad Department of Accounting, Faculty of Economics and Management Sciences International Islamic University Malaysia
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analyzes three different services provided by Certified Public Accountants (CPAs), namely: auditing, attestation, and assurance services. Surprisingly, assurance service is the broadest term among three. It includes auditing and attestation services. The most commonly heard service, auditing, is the narrowest service that a CPA firm provides. The attestation service lies in between auditing and assurance. Each of these services is valuable to the public and the clients requesting these services. For
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CHAPTER 1 The Problem Introduction Small-scale business, small-scale industry and small-scale entrepreneurship are used interchangeably to mean a small-scale industry firm. Its deliberation was to refer to the operational definition. Therefore, small businesses are common in many countries, depending on the economic system in operation. A reasonable number of business establishments for instance, small-scale enterprise of different sizes and nature in Nigeria at large and Benue State in particular
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