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Questions and Answers
Qual é o principal propósito da contabilidade financeira?
Qual é o principal propósito da contabilidade financeira?
Qual é o papel do relatório de auditoria das demonstrações financeiras?
Qual é o papel do relatório de auditoria das demonstrações financeiras?
O que são as Normas Internacionais de Auditoria (ISAs)?
O que são as Normas Internacionais de Auditoria (ISAs)?
Qual é o papel dos princípios contábeis geralmente aceitos (GAAP) na contabilidade financeira?
Qual é o papel dos princípios contábeis geralmente aceitos (GAAP) na contabilidade financeira?
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Qual é o principal objetivo da regulação da profissão contábil?
Qual é o principal objetivo da regulação da profissão contábil?
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Qual é a principal função das entidades reguladoras na contabilidade?
Qual é a principal função das entidades reguladoras na contabilidade?
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Qual das seguintes afirmações sobre o FASB (Financial Accounting Standards Board) está correta?
Qual das seguintes afirmações sobre o FASB (Financial Accounting Standards Board) está correta?
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Qual organização é reconhecida pela FASB como a entidade responsável por estabelecer padrões contábeis para empresas públicas?
Qual organização é reconhecida pela FASB como a entidade responsável por estabelecer padrões contábeis para empresas públicas?
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Qual das seguintes afirmações NÃO está correta em relação aos serviços de compilação e revisão?
Qual das seguintes afirmações NÃO está correta em relação aos serviços de compilação e revisão?
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Qual das seguintes organizações NÃO faz parte do arcabouço regulatório para contadores públicos certificados nos EUA?
Qual das seguintes organizações NÃO faz parte do arcabouço regulatório para contadores públicos certificados nos EUA?
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Study Notes
Introduction
CPA 20 refers to a specific professional designation within the accounting profession. However, without additional context, it is difficult to provide an accurate definition of what exactly this term means. For the purpose of this article, we will focus on the broader aspects of the certification program, incorporating the concepts of financial accounting and regulation within the framework of Certified Public Accountants (CPAs).
Financial Accounting
Financial accounting is the process of recording, summarizing, analyzing, verifying, and reporting financial information that describes an entity's economic activities over a specified period of time. It involves documenting transactions into accounts, preparing financial statements such as balance sheets and income statements, and maintaining accounting records to ensure compliance with GAAP (Generally Accepted Accounting Principles).
The financial statement audit report, which is prepared by external auditors, plays a crucial role in ensuring financial accountability and accuracy for public companies listed on stock exchanges. The audit profession follows internationally recognized standards known as International Standards on Auditing (ISAs) to guide its practices. These standards are designed to provide reasonable assurance about whether the financial statements correctly reflect the operations, financial position, and cash flows of the company being audited.
For private entities, compilation and review services are often utilized. These services involve the verification of accounting records and documentation to prepare financial statements in accordance with Generally Accepted Accounting Principles (GAAP).
Regulations
Regulations play a vital role in guiding the practices of certified public accountants. In the United States, the regulatory framework consists of several key organizations:
- Securities and Exchange Commission (SEC): Recognized by the FASB as the accounting standard setter for public companies.
- American Institute of Certified Public Accountants (AICPA): Known for its series on financial accounting standards, which covers various areas of the profession.
- Financial Accounting Standards Board (FASB): An independent non-profit organization responsible for setting accounting rules for companies and non-profits in the U.S. under the GAAP framework.
- State Accounting Boards: They also recognize the FASB as the accounting standard setter for public companies in the U.S..
These organizations work together to mandate the application of correct accounting practices, ensuring transparency and reliability in financial reporting. They also regularly update their guidance to accommodate changes in business environments and emerging trends.
In summary, understanding the principles of financial accounting and familiarity with regulatory frameworks are essential components for any aspiring CPA professional seeking certification. This knowledge allows practicing CPAs to maintain their expertise while providing valuable insights to clients regarding current accounting practices and relevant regulations.
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Description
Learn about financial accounting processes including recording, summarizing, and reporting financial information. Explore the regulatory framework for CPAs in the US, involving organizations like SEC, AICPA, FASB, and State Accounting Boards. Enhance your understanding of key concepts essential for aspiring CPA professionals.