Describe the difference between public accountants and private accountants.
What will be an ideal response?
Certified public accountants are licensed by the state in which they practice. CPAs must meet certain educational requirements and pass a rigorous, four-part examination. In most states, two years of accounting experience are required. A public accountant typically works for a firm that provides accounting services to other companies, organizations, and the general public on a fee-for-service basis. Public accounting firms vary in size from the very largest, to sole-practitioner firms. Public accounting firms typically provide three areas of service: auditing, tax consulting, and management consulting. An increasingly common area of practice for major public accounting firms is tax consulting and preparation.
The title private accountant includes all positions not in public accounting. Private accounting can be divided into management accounting, government accounting, and academia. The private accountant is employed by a single business, whereas a public accountant may have many clients. Government accounting positions can be at the federal, state, or local level. Accountants in academia teach and conduct research at the college and university level.
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Which of the following is a potential limitation of financial statement analysis?
A. The impact of having more than one acceptable alternative accounting principle for accounting for a given transaction or economic event B. Lack of comparability of firms in different industries C. The impact of changing economic conditions D. All of these answers are correct.
________ bonds have an option exercisable by the issuer to retire them at a stated dollar amount prior to maturity.
Fill in the blank(s) with the appropriate word(s).
A potential customer watches a TV ad for the new BMW 7-series sedan during the highly-rated Academy Awards program. In the traditional communication model, the potential customer is the
A. encoder. B. source. C. receiver. D. message channel.
There may be some formal, pompous people on the board at Mayweather Dairies, but the chairman and chief executive officer-Mr. Mayweather himself-is not one of them. He is as comfortable talking to dairy farmers or truck drivers as he is corporate executives. Mr. Mayweather's behavior illustrates the dimension of political skill known as
A. organizational politics. B. networking ability. C. interpersonal influence. D. apparent sincerity. E. social astuteness.