What Is A CPA?

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What Is A CPA?

CPA is the abbreviation for Certified Public Accountant. Although a CPA is essentially an accountant, not all accountants are CPAs. Certified Public Accountants handle a variety of tasks related to money matters, such as income tax preparation; advice for home-based businesses, small-scale businesses, or corporations; basic business record keeping; auditing; and consulting work.

To become a CPA, an accountant must undergo a series of tests governed by the American Institute of Certified Public Accountants (AICPA). This examination is known as the 'Uniform CPA Examination' and gives the license of Certified Public Accountants (CPAs). This examination was first introduced by AICPA in June 1917. The uniform administration of the examination has enhanced the national prestige of the CPA designation and promoted the interstate practice of accounting. Other states also require CPAs to pass exams as well. However, a number of accountants have never taken the CPA exam but still perform a variety of accountancy responsibilities. However, they are not permitted to perform certain tasks that a CPA can execute. To maintain the CPA license, the accountant must take 120 hours of continuing education course in every three years in order to stay aware of the changes in their profession.

Like lawyers, certified public accountants have their code of conduct, and they should practice those principles. They must provide their clients with good, sound, and ethical advice. CPAs can perform a separate practice as consultants. The CPAs have to research, provide varied advice, and save corporations or businesses money, by developing financial plans that allow businesses to project an attractive balance sheet to the investors.

There are many opportunities available for CPAs such as joining The Federal Bureau of Investigation (FBI) generally as an attorney or a CPA. Many other federal and state government agencies also offer positions for CPAs, as controllers, Chief Financial Officer (CFO) and Chief Executive Officer (CEO) of corporations and small businesses.

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Debits and credits.... Double-entry bookkeeping is governed by the accounting equation. At any point in time, the following (basic) equation must be true.

Modern accounting/accountancy.... Accounting is the process of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it.

Single-entry bookkeeping.... The primary bookkeeping record in single-entry bookkeeping is the Revenue and Expense Journal, which is similar to a checking account register but allocates the income and expenses to various income and expense accounts.

Standard Cost Accounting.... In modern cost accounting, the concept of recording historical costs was taken further, by allocating the company's fixed costs over a given period of time to the items produced during that period, and recording the result as the total cost of production.

Double-entry working examples.... The books of prime entry are where transactions are first recorded. They are not part of the Double-entry system.

Services Provided by CPAs.... The primary function CPAs fulfill relates to assurance services, called public accounting. In assurance services, also known as financial audit services, CPAs attest to the reasonableness of disclosures, the freedom from material misstatement, and the adherence to the applicable generally accepted accounting principles (GAAP) in financial statements.


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