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What the Heck is Gaap?

So you've passed the CPA Exam. Congratulations! You are now a professional accountant. But, along with the honor and distinction, what are the things that are expected from you?

Guide:http://www.big4accountingfirms.org/gaap-accounting/

As bearer of the title: "Certified Public Accountant", you are expected to:

- Be unbiased and impartial in reporting financial statements

- Follow a strict personal and professional code of ethics

- Renew your CPA license as dictated in the rules and regulations

- Not practice CPA-related designations in other states unless your title and license is recognized by said state

- Complete a certain number of hours for retraining and take a required number of courses as part of the Continuing Professional Education requirement

Not being able to abide by these requirements may result in suspension or termination of your license to practice. Thus, take caution and always be at your best. Being called a CPA is not only a privilege, being a CPA is a responsibility, as well.

A professional CPA is someone who has passed the CPA exam, as mandated by U.S. Law. 

Professional CPAs are mostly employed as financial accounts or as company auditors, responsible for recording, monitoring, and correcting accounts and investigating any problems that may be seen in a company's financial records.

Much like doctors, lawyers, and other professionals, professional CPAs should abide by certain codes and ethics. They must be impartial and unbiased in their analysis. Any violation otherwise may result in either suspension or termination of their license to practice accountancy. Thus, CPAs must always make it a point to take care of both their professional and personal reputation as it would greatly affect their careers.

Professional CPAs make so much more than simple accountancy graduates. Hence, it is important for graduates to pursue their CPA exams and become professional CPAs as well, in order to earn more, and have more opportunities to further advance their respective careers.

Don't be the product, buy the product!

Schweinderl