...Unit 1 Assignment Kaplan University AC301: Intermediate Accounting II September 23, 2012 Question 1. Relate the following information about your state: a) http://sos.georgia.gov/plb/accountancy/ b) CPA certification allows an accountant to become a partner in a CPA firm. It is also a requirement for career advancement and a requirement for other management positions. Some employers require job applicants to hold a CPA credential before applying for higher-level jobs. Accounting firms typically expect accountants to advance in their career, so a failure to achieve CPA certification after a certain amount of time can be cause for dismissal. CPA licenses provide credibility for accountants in other career paths. CPAs can teach college classes. A CPA can provide other services at a CPA firm such as offering financial advice, investment guidance and retirement planning, and holding this certification provides additional credibility. c) One thing about my state board that I found most interesting was that you can print your license, renew your license and click and verify a license all on the web page if you wanted to. It is very convenient, and if you haven’t received your paper license in the mail yet, your prospective employer can check on the web page and verify in a matter of seconds. d) One years and 2,000 hours in public accounting; five years and 10,000 hours in business, industry, government or college teaching (teaching at a 4 year college or...
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...becoming a CPA is definitely a great way to go to further your career. The CPA certification is state issued and not issued by the federal government. With that being said, the state in which you reside will determine the steps you will need to take to become a CPA and also specify what if any additional or different requirements my state New York has. Generally, there are three requirements for a CPA licensing, the three E’s: 1. Education 2. Exam 3. Experience New York also require you to have good moral character and be 21 years of age. 1. Education According the Aicpa.org website most states require 150 semester hours of schooling, which usually means you have at least a bachelor’s degree. Out of those 150 semester hours each state also requires a certain amount of accounting hours to be completed. This requirement has one exception in certain states- a number of years of verifiable experience in public accounting can be used in lieu of this education requirement. NYS requires a bachelors degree or higher and specifies certain classes that your degree of study must include. As part of your 150 semester hours, 33 semester hours in accounting is needed, along...
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...INTRODUCTION……………………………………………………………………………………………………….……….2 ELIGIBILITY REQUIREMENTS ………………………………………………………………………………….…………2 Education…………………………………………………………………………………………………………….2 Good Moral Character……………………..………………………………………………………………….3 UNIFORM CPA EXAMINATION ………………………………………………………………………………….…….3 Application & Fees…...………………………………………………………………………………………….3 Testing Windows ……..……………………..………………………………………………………………….4 Sections………………………..…………………………………………………………………………………….4 Study Prep Material.…………………………………………………………………………………………….5 OBTAINING THE CERTIFICATE …………………………………………………………………………………….…….5 CONCLUSION………………………………………………………………………………………………………………….…5 EXECUTIVE SUMMARY This report provides information about the steps required to become and maintain a Certified Public Accountant (CPA) license in the state of Texas. A CPA license in Texas is in great demand due to the fact Texas does not have a state income tax and many wealthy people move to Texas who require attention in estate planning and income tax. Under Texas law, an individual may not practice public accountancy unless they hold a certificate issued under Chapter 901 of the Public Accountancy Act. Included in this report are the following subjects: * The requirements and steps to become a Texas CPA. * Information regarding the Texas Uniform CPA Exam. * Preparation material for CPA Exam. Once the CPA exam has been passed, it is important to understand the requirements to become a CPA in Texas. Once the certificate...
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...relative to practice of accounting 2. The Legislature finds and declares that it is the policy of this State, and the purpose of this act, to promote the reliability of information that is used for guidance in financial transactions or for accounting for or assessing the financial status or performance of commercial, noncommercial, and governmental enterprises. The public interest requires that persons preparing financial statements accompanied by reports or professing special competence in accountancy or offering assurance as to the reliability or fairness of presentation of such information shall have demonstrated their qualifications to do so, and that persons who have not demonstrated and maintained those qualifications, including license holders not in public practice, shall not be permitted to hold themselves out as having that special competence or to offer that assurance; that the professional conduct of persons licensed as having special competence in accountancy be regulated in all aspects of the practice of public accountancy; that a public authority competent to prescribe and assess the qualifications and to regulate the professional conduct of practitioners of public accountancy be established; and the use of titles relating to the practice of public accountancy that are likely to mislead the public as to the status or competence of the persons using those titles be prohibited. L.1997,c.259,s.2. 45:2B-44 Definitions relative to the practice of accounting. 3. As used in this...
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...CPA Requirements a. Identify the education requirements to be eligible to sit for the CPA exam in your state. Include any specific educational content requirements. In Louisiana State, candidate must meet the following educational requirements: • have earned a baccalaureate or higher degree from an academic institution recognized by the Board; • have completed a minimum of 150 semester (225 quarter) hours of postsecondary, graduate or postgraduate education at an institution recognized by the Board ; • have completed 24 semester (36 quarter) hours of business courses other than accounting, including at least 3 semester (4.5 quarter) hours in commercial law as it affects accountancy; and • have completed 24 semester (36 quarter) hours of specific accounting at the undergraduate level OR 21 semester (31.5 quarter) hours on the graduate level in courses distributed as follows: For undergraduate student, the requiring courses are 6 hours Intermediate Accounting, 3 hours Cost Accounting, 3 hours Income Tax Accounting, 3 hours Auditing, 9 hours Accounting Elective. For graduate student, the requiring course are 3 hours Intermediate Accounting, 3 hours Cost Accounting, 3 hours Income Tax Accounting, 3 hours Auditing, 9 hours Accounting Elective. • foreign education documents must be evaluated through FACSUSA.com. b. List the work experience requirements in your state. Is experience in industry as an accountant or an internal auditor sufficient to be eligible to become...
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...Comprehensive Questions: 1-23 1. License individuals to practice as CPAs. State Board of Accountancy 2. Promulgate GAAP. Financial Accounting Standards Board Government Accounting Standards Board Federal Accounting Standards Advisory Board 3. Issue Statements on Auditing Standards. AICPA 4. Regulate the distribution and trading of securities offered for public sale. Securities Exchange commission 5. Establish its own code of professional ethics. State Board of Accountancy American Institute of Certified Public Accountants International Federation of Accountants 6. Issue Statements of Financial Accounting Standards. Financial Accounting Standards Board 7. Impose mandatory continuing education as a requirement for renewal of license to practice as a CPA. State Board of Accountancy 8. Issue disclosure requirements for companies under its jurisdiction that may exceed GAAP. Securities Exchange Commission 9. Issue auditing interpretations. AICPA Auditing Standards Board 10. Cooperate with the AICPA in areas of mutual interest such as continuing professional education and ethics enforcement. State Societies of Certified Public Accountants 11. Take punitive action against an independent auditor. Securities and Exchange Commission Supreme State Audit 12. Establish accounting principles for state and local governmental entities. Governmental Accounting Standards Board American Institute...
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...While pursuing a career in the accounting field, it is almost vital to become a Certified Public Accountant to advance further. Not only do others respect and admire your Accounting education, “CPAs achieve a level of expertise and proficiency beyond that of a “standard” accountant-proudly earning them the designation of CPA” (NASBA). While preparing for the CPA exam, you further your accounting knowledge with extensive studying of vigorous material. In addition to prestige and respect, by becoming a CPA, you stand out to potential employers. Earning your CPA proves you have the commitment to your career and will help your career advancements as well as job security. CPAs have a variety of talents that many businesses look for. Many prospective employers are interested in individuals who have knowledge in Auditing, International Financial Reporting, and Tax Advisory Services, which are all topics that are tested on the CPA exam. The CPA exam tests on IFRS and GAAP which will help enhance your knowledge in international accounting. The U.S. is in motion to prepare to adopt IFRS and this extensive knowledge will help you prepare for growing globalization and a move towards IFRS. Holding the title of CPA, coupled with international accounting knowledge, almost guarantees a higher salary. According to the 2009 Robert Half Salary Guide, a CPA license can mean a different of 10% between them and their non-licensed peers (NASBA). Furthermore, there are many unique privileges and opportunities...
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...Running head: RECOMMENDATION BRIEF FOR AN INTERNAL ACCOUNTANT Recommendation Brief for an Internal Accountant Claudia I. Hernandez University of Phoenix Recommendation Brief for an Internal Accountant When a company is experiencing difficulty controlling their accounting functions, hiring an internal auditor will alleviate some of the problems. Internal auditing helps companies to look at ways to improve and achieve short-term and long-term objectives. Internal auditors are hired to perform internal audits that look at a company’s operations, investigating fraud, financial reporting, safeguarding assets, and compliance of the laws and regulations set for companies. The internal auditors are employed to improve a company’s internal controls. Effective working internal controls detect and prevent fraud that is tested by internal auditors. A company must evaluate the experience and educational background of a potential internal auditor before making a decision to ensure the auditor is capable of meeting the company’s needs. Justifying the benefits of using an internal auditor Operational auditing is perhaps the most beneficial use of an internal auditor for a company experiencing difficulty controlling accounting functions. Operational auditing focuses on making recommendations on efficient use of resources, achievement of business objectives, and compliance with company policies (Louwers, Ramsay, Sinason, & Strawser, 2007) An operational audit gives you a three dimensional...
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...Montana 24.201.502 ACCOUNTING AND AUDITING EXPERIENCE REQUIREMENTS (1) To be issued an initial permit to practice under 37-50-203, MCA, an applicant must provide evidence of acceptable accounting and auditing experience. (2) Accounting and auditing experience will be considered acceptable by the board if satisfactory evidence is presented of having performed accounting and auditing functions ordinarily required in the practice of public accounting, provided this experience: (a) be attested to by a holder of a permit to practice; and (b) takes place in the three years prior to the date of the application for permit to practice; and (c) includes at least 12 calendar months (2000 hours actual work experience) of private, governmental, academic, or public accounting work acceptable to the board. Washington The experience must: * Be obtained through the practice of public accounting and/or employment in industry or government. In certain situations employment in academia may also provide experience to obtain some or all of the competency requirements. It may also be obtained through one or more employers, with or without compensation, and may consist of a combination of full-time and part-time employment. * The employment experience should demonstrate that it occurred in a work environment and included tasks sufficient to have provided an opportunity to obtain the competencies and: * Total a minimum of 12-months (this time period does not need to be consecutive); ...
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...Finance and Accounting Industry By Cheryl Yeager June 15, 2012 Saint Leo University MBA 525 Dr. Craig Winstead The Finance and Accounting Industry is a very broad and integrated program that prepares individuals to function as accountants and financial managers and various types of analysts. This industry encompasses banking, financial advisors, A few major players: http://www.fins.com/Finance/Articles/SB128448692525537761/Finance-Firms-Top-100-Best-Companies-List “Statistics from official reporting agencies, such as the U.S. Bureau of Labor Statistics and the Institute for Certified Practicing Accountants (ICPA), continue to reveal a robust future for job seekers in finance and accounting and the companies willing to hire them, despite an unemployment rate that's still hovering around 9 percent (White, 2011, para. 1).” There are typically a vast amount of finance and accounting jobs available, but hiring officials find it difficult to match skills with job requirements. The typical educational requirements for finance and accounting vary according to the type of job the applicant is seeking. Ever job does not require continuing educations, but the more specialized the job becomes means having additional education. A great example of this would be the Government sector. The requirements to be hired and promoted within the finance arena did not require a degree for accountants, budget analyst, or financial managers. As jobs have become increasingly...
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...Financial accounting is one of the required courses for CPA exam. Some of you may be getting ready to take the exam or considering it as your future goals. Let's use this forum to research the educational requirements, fees, areas of examination and licensing requirements for CPA exam. A CPA is a certified public account and is licensed by the state. In California, to earn the prestige associated with the CPA license, individuals are required to demonstrate their knowledge and competence by passing the Uniform CPA Exam, meeting high educational standards and completing a specified amount of general accounting experience. Being Californian, I will be required to have a bachelor’s degree, 24 semester units in accounting related subjects, 24 semester units in business related subjects, passing the uniform CPA exam, 2 years of general accounting experience supervised by a CPA with an active license, and passing an ethics course. One of the wisest investments you can make on your path to becoming a CPA is to choose a review course that works for you. Fees depend on provider and course type; self-study courses average $1,300 and live courses average $3,000. According to dca.ca.gov, Fees to be paid to the California Board of Accountancy: Initial Application Fee- $100 (Paid by an applicant who is qualifying to sit for the CPA Exam as a California candidate for the first time.) Reapplication fee- $50 (Paid by an applicant who was previously approved to sit for the CPA Exam as...
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...CONSERVATIVE RECOGNITION OR COOKIE JAR RESERVES Robin Turner Summary Two months after graduating from college Nick O'Brien started to work in the accounting department at his aunt's software company. While going over some financial statements Nick notices what he believes are revenue recognition issues. Since Nick believes that Lee Marchetti the Chief Financial Officer (CFO) of O'Brien Software is an honest man, he decides to have a discussion with him about what he believes are revenue recognition issues. Mr. Marchetti explains to Nick that accounting is not an exact science and that it involves a lot of judgment calls and that O'Brien Software's "deferrals and estimates are well documented and in accordance with the Securities and Exchange Commission (SEC) rules" (Conservative Recognition or Cookie Jar Reserves, Carpenter p. 3). After speaking with Mr. Marchetti, Nick decided to still speak with his aunt Amelia about his concerns. Amelia expressed to Nick that she was not very good when it came to accounting matters but she was educated when it came to recognizing revenue and that she believed being conservative was better than overstating. However, she asked Nick if he thought she should mention what he found to the audit committee. Issues/Questions One question that should be addressed surrounds why the CEO Amelia is not aware of certain financial aspects of her business. The Sarbanes-Oxley Act requires the chief executive officer (CEO) and the chief financial...
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...University of Phoenix ACC/561PR Prof Rafael Marrero Diaz November 26, 2014 Accounting Laws Memo To: Rafael Rodriguez From Carlos Carrion Pastrana – Business Consultant Re: Process and Laws that apply in Puerto Rico to establish a business corporation. It is a pleasure to help and guide you through the process of regulations and steps in establishing a community pharmacy in Puerto Rico. This type of business is very regulated and includes both state and federal laws. -The first thing that must be done is to get incorporated in the Department of State in accordance with the corporations law 164 of 2009 with a company name that is not registered yet and offering a physical address into which municipality will be the headquarters. Then a business social security issued by the Department of Treasury Internal Revenue Services must be obtained. This number will identify the corporation when doing business among other business and when paying taxes to the state and municipality. -A merchant registry number (registro de comerciante) must be obtained also by the department of treasury, here you will specify the exact mailing and physical address and what type of business will be conducted under that corporation. Additional documents are needed: * Lease Contract * Use Permit (Obtained in the municipality if it is autonomous, if not in OGP offices) and is granted by ARPE * Fire Department endorsement (Extinguishers and emergency exits) *...
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...December 2011 Subtopic 985-605, Software—Revenue Recognition, from the FASB Accounting Standards Codification®, is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission. SOP 97-2: Copyright 1997–2009 by American Institute of Certified Public Accountants, Inc. Used with permission. This publication contains general information only and Deloitte is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this publication. As used in this document, “Deloitte” means Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Tax LLP, and Deloitte Financial Advisory Services LLP, which are subsidiaries of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2011 Deloitte Development LLC. All rights reserved. Contents ...
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...other jurisdictions. The CPA license is renewed if the individuals continue to follow the state's requirements, including professional education credits. Following the process, knowing the salary difference, and understanding what CPAs do from day-to-day are all important factors. Many changes are being made to the CPA Exam in the near future, so individuals who are planning to take the exam should be aware of the changes that will be incorporated into the upcoming versions. Keywords: CPA, process, advantages and disadvantages, exam, license, salary. CPA Process Anyone who has known a CPA has probably heard how much he/ she had to study and how difficult it was to obtain a CPA license. However, even though it takes additional college education and studying to pass the CPA Exam, it is worth the effort because of the promotions, increased pay, and more credibility that are given to individuals with a CPA license. The CPA Exam is not like any other exam, and the profession does have its pros and cons, just like any other business. What is the CPA Process? Becoming a CPA requires the individual to follow four steps in a sequence. First, the person must graduate from high school. Having a General Education Development (GED) is acceptable as well; however, the SAT or ACT is required for college admission. Second, the person must earn a bachelor’s degree. Most states require at least a bachelor’s degree; some may require a master’s degree in accounting or finance (How to become...
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