Ask Joey ™ a Question

What is the AICPA?

AICPA stands for “American Institute of Certified Public Accountants”. The American Institute of Certified Public Accountants is the national professional organization of Certified Public Accountants in the United States. According to the AICPA website, there are more than 418,000 members in 143 countries.

The AICPA develops standards for audits of private companies and other services by CPAs; provides educational guidance materials to its members; develops and grades the Uniform CPA Examination; and monitors and enforces compliance with the profession’s technical and ethical standards.

Visit the official website at https://www.aicpa.org.


You might also be interested in...

  • When can a PSC deduct payments made to owner-employees?

    The general rule is that personal service corporations (PSC’s) will be able to deduct owner-employee payments made in the same year that it is includible in their gross income for individual tax purposes. 

  • What do accountants mean when they say revenue can be recognized under the accrual basis of accounting?

    Under U.S. GAAP, which requires the use of accrual basis accounting, a company cannot recognize revenue until their performance obligation is satisfied. The visual below illustrates that key steps to revenue recognition:

  • What is the relationship between volume and variable cost per unit?

    If the variable cost per unit remains fixed, then any increase or decrease in unit volume will result in an increase or decrease in total variable costs for a business. For example, if variable cost per unit was steady at $5, then if unit volume were to increase from 100 to 200 units, then total […]