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Accountant Questions and Answers


  • What is the difference between CPA and CMA?
    What is the difference between CPA and CMA?
    These two are accounting certifications that people can get after they have gotten a bachelor’s degree in accounting. It is not enough for aspiring accountants to get a degree; they need to show that they are capable of applying the things that they have learned in whatever job they may get in the long run. CPA means Certified Public Accountant and CMA means Certified Management Accountant. It is evident from their certifications that they may handle different tasks that are related to accounting. The CPA will be in charge of representing companies during IRS audits while the CMA will make business decisions that will be good for the company as a whole.
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  • What is the difference between CPA and Accountant?
    What is the difference between CPA and Accountant?
    A CPA stands for Certified Public Accountant. This is someone who has passed the board exam and is a certified accountant. The accountant is someone who has graduated from the 4-year course but has not taken the certification or has not passed the certification yet. The main difference between the two is that CPAs can create audited financial statements, but accountants will not be allowed to do this because they do not have the certification to prove that they will be able to handle documents like this. Businesses can hire an accountant for their simple accounting needs, but companies would need CPAs, especially if they would need someone to represent them when the IRS is summoning them.
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  • What is the difference between AAT and ACCA?
    What is the difference between AAT and ACCA?
    Both the AAT and the ACCA have many similarities. They both are associated with accounting and they are both associations. However, there are a few differences. The AAT stands for the Association of Accounting Technicians. They have over one hundred thousand members. It seems to have begun around the 1980s. It remains strong today. The ACCA stands for the Association of Chartered Certified Accountants. It was founded in 1904. Therefore, the biggest difference is when they were created and actually the ACCA helped the AAT until it broke away from it. They are two different associations that have accountants join it. One was founded long before the other one and helped the other for a short period of time until it wanted to create another association.
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  • Accounting Application:C. Miller service purchased a microscope for $1,500. It has an expected life of 30 months and no residual value. The adjusting journal entry for the month is:
    Accounting Application:C. Miller service purchased a microscope for $1,500. It has an expected life of 30 months and no residual value. The adjusting journal entry for the month is:
    Debit Depreciation Expense $50, credit Accumulated Depreciation $50.
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  • Basic Accounting Concept:Which of the following is most likely to result in an adjusting entry at the end of the period?
    Basic Accounting Concept:Which of the following is most likely to result in an adjusting entry at the end of the period?
    Payment of two months insurance in advance.
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