5.What is tax planning 6.What types of services do public accountants provide 7.What are the three major areas of accounting
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A: Hi student Since there are multiple questions, we will answer only first question.
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5.What is tax planning
6.What types of services do public accountants provide
7.What are the three major areas of accounting
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- Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accountingIdentify the area of accounting that is most involved in each of the following responsibilities. Enforcing tax lawsGenerally accepted accounting principles (GA P) has been developed to: Select one: A. interprets and enforces the tax laws that specify the rules for determining taxable income B. issues accounting standards for state and local governments C. provide guidelines for financial accounting D. to set and enforce accounting practices for companies.Which of the following users of accounting verifies accounting information to check the Tax compliance by the companies? a. Tax authority b. Regulatory agencies c. Management d. Creditors
- What type of organization primarily offers tax compliance auditing and consulting service A. Corporation B. Public accounting firms C. Government entities D. Universities4. Management accounting is primarily concerned with?a) Providing statutory information for external useb) Providing internal information for use by managementc) Providing tax advice for internal used) Providing financial information only for use by managementThis branch involves the preparation of tax returns and the rendering of tax advice to clients, such as determination and verification of tax consequences, the effect of taxes in the business operations, tax minimization through legal means, and the like. Select one: a. Financial accounting b. Auditing c. Fiduciary accounting d. Tax accounting Which of the following would be classified as external users of financial statements? Select one: a. The creditors and stockholders of the company b. The company marketing managers c. The controller of the company and a company's stockholders d. Stockholders and management of the company Accounting involves communication. Select one: a. False b. True
- Task 1. Think of situations or scenarios where the services of each brank of private accounting can be stated or explained. SCENARIO 1 (focus on Financial Accounting) _______________________________________________________________________ SCENARIO 2 (focus on Cost Accounting) ________________________________________________________________________ SCENARIO 3 (focus on budgeting) ________________________________________________________________________ SCENARIO 4 (focus on Accounting Information System) ________________________________________________________________________ SCENARIO 5 (focus on Tax Accounting) _________________________________________________________________________.Explain breifely about the theories of accounting regulation – public interest theory, capture theory, economic interest, group theory.Tax accounting is a service offered by public accounting firms that involves both tax planning and which of the following? Multiple Choice A.)tax compliance B.)tax avoidance C.)tax elimination D.)tax payment. Please explain incorrect and correct option without plagiarism
- Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accountingIdentify the area of accounting that is most involved in each of the following responsibilities. Planning transactions to minimize taxesDavid is represents his employer before government agencies on tax and other matters related to accounting. David is therefore in the practice of Group of answer choices a. Public Accountancy b. Commerce and Industry c. Education/Academe d. GovernmentWhich among the following is an external user of accounting information? a. Government authorities b. Operations Manager c. Finance Manager d. Accountant