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Question 1

CPAs generally practice their profession in three main areas, namely:

Answer 1

1.Public Accounting or Public Accountancy
2. Private Accounting
3.Government Accounting

Question 2

The field is composed of individual practitioners, small accounting firms and large multinational organizations that render independent and expert financial services to the public.

Answer 2

Public Accounting or Public Accountancy

Question 3

Public accountants usually offer three kinds of services, namely

Answer 3

Auditing
Taxation
management advisory services

Question 4

verify that you’ve created accurate and reliable financial reports and that no fraudulent activities are happening within the business.

Answer 4

auditing

Question 5

It is the examination of financial statements by the independent certified public accountant to express an opinion as to the fairness with which the financial statements are prepared. Further, it is the attest function of independent CPAs

Answer 5

Primary service

Question 6

(creditors and investors) place considerable reliance on audited FS on making economic decisions, and Other users like Bureau of Internal Revenue (BIR) requires audited FS in the filing of the annual income tax return

Answer 6

primary users

Question 7

service includes the preparation of annual income tax returns and the determination of tax consequences of certain proposed business endeavors. CPAs frequently represents the client in tax investigations. Such service requires thorough familiarity with the tax laws and regulations and updated with changes in taxation law and court cases concerned with interpreting taxation law.

Answer 7

taxation

Question 8

Such service has no precise coverage but is used generally to refer to services to clients on matters of accounting, finance, business policies, organization procedures, product costs, distribution and many other phases of business conduct and operations

Answer 8

Management Advisory Services

Question 9

CPAs who are employed on business entities in various capacity as accounting staff, chief accountant, internal auditor and controller (highest accounting officer). The primary objective of a tut is to assist management in planning and controlling the entity’s operation like maintaining the records, producing the financial reports, preparing budgets and controlling and allocation resources of the entity. It also has the responsibility of determining various taxes the entity is obliged to pay.

Answer 9

Private Accounting