Accountants employed by a business or a not-for-profit entity are said to be engaged in Private Accounting; and due to the fact that they do not offer their services to the public on a fee basis. True False
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- A private accountant is an accountant whose services may be hired on a fee basis by individuals or business firms.; True or FalseAccounting firms may not audit the corporation for which they provide regular accounting services. True or False?While meeting with a CPA, a new business owner finds out that the business is considered a pass-through entity. What does that mean? a) The profits of the business are taxed as income to the owner. b) The profits of the business are taxed as income to the company. c) The owner's personal assets are not at risk even if the business fails. d) The business will only have a few employees.
- 1.What types of people or organizations are interested in financial information about a firm, and why are they interested in this information? 2.Why is it important for business records to be separate from the records of the business’s owner or owners? What is the term accountants use to describe this separation of personal and business records? 3.What are the three types of business entities, and how do they differ? 4.What are the major functions or activities performed by accountants in private industry? 5.What is tax planning? 6.What types of services do public accountants provide?An individual provides accounting services to a corporation in exchange for stock. the shareholder must recognize income and the corporation may deduct or capitalize the expenditure as would be deemed appropriate. A. True B. FalseWhy do S Corporation owner/employees generally prefer to pay themselves a low salary for services rendered to the entity?
- Which of these persons generally does not participate in writing the management letter?a. Client’s outside attorneys.b. Client’s accounting and production managers.c. Public accounting firm’s audit team on the engagement.d. Public accounting firm’s consulting and tax experts.According to the Acts Discreditable Rule for accountants in public practice, which of thefollowing is not a “discreditable act”?a. Withholding a client’s sales records.b. Failing to file or remit tax payments.c. Failing to follow requirements of the PCAOB during the audit of an SEC client.d. Advertising that indicated the firm can reduce IRS penalties.Do you think there are any circumstances when you should go outside the company to report financial wrongdoing? If so, to what person/organization would you go? Why? If not, why would you not take the information outside the company?
- David 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. GovernmentWhen a CPA knows that a tax client has skimmed cash receipts and not reported the incomein the federal income tax return but signs the return as a CPA who prepared the return, theCPA has violated which of the following AICPA rules of conduct?a. The Confidential Client Information Rule.b. The Integrity and Objectivity Rule.c. The Independence Rule.d. The Accounting Principles RuleThe Sarbanes–Oxley Acta. requires the SEC to establish a federaloversight board for the accounting industry.b. requires CEOs to certify periodic financialstatements.c. subjects auditors, accountants, andemployees to imprisonment for destroyingfinancial documents.d. prohibits many types of consulting servicesby accounting firms.e. All of the above are true.