Discuss the rules allowing members to practice in any form of organization.
What will be an ideal response?
The rules allow members to practice in any form of organization permitted by provincial laws and
regulations-proprietorships, partnerships, professional corporations, limited liability partnerships, limited
liability corporations, and ordinary corporations. Most provincial accountancy laws prohibit the general
corporate form of organization for public accountants (PAs), but, because of increased legal risk, there has
been a recent push for the limited liability partnership structure. In the traditional form of partnership, all
partners' personal assets are at risk. Under the limited liability partnership (LLP) form of organization, the
only partners with personal assets at risk are those involved in the litigated engagement, while the others
risk only their investment in the partnership. Thus, the limited liability partnership is a great improvement
at a time of increased litigation, and many PA firms are now LLPs.
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In a statement of cash flows (indirect method), depreciation expense should be presented as:
a. a cash flow from financing activities. b. a cash flow from investing activities. c. a deduction from net income. d. an addition to net income. e. a financial activity.
A store might use slow-paced music to encourage shoppers to spend more time in the store and make more purchases
Indicate whether the statement is true or false
On November 1, Orpheum Company accepted a $11,200, 90-day, 9% note from a customer to settle an account. What entry should be made on November 1 to record the acceptance of the note?
A. Debit Sales $11,200; credit Accounts Receivable $11,200. B. Debit Note Receivable $11,200; credit Cash $11,200. C. Debit Note Receivable $11,200; credit Accounts Receivable $11,200. D. Debit Note Receivable $11,200; credit Sales $11,200. E. Debit Note Receivable $11,452; credit Accounts Receivable $11,200; credit Interest Revenue $252.
The trend analysis report of Doppler, Inc is given below (in millions)
2018 2017 2016 2015 2014 Net income $700 $607 $456 $403 $401 Trend percentages 175% 151% 114% 100% 100% Which of the following is a correct conclusion from the above analysis? A) Net income for 2018 is 175% of that for 2014. B) Net income for 2017 is 151% of the previous year. C) Net income for 2017 decreased by 151% from 2016. D) Net income for 2018 increased by 175% from 2017.