Ethics gives outline to the ____
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A: The answer is a. requires the management accountant to mitigate actual conflicts of interest.
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- Is it possible to be used partly for public purpose and partly private purpose without violating the limitation that a tax must be for public purpose?A. No, the purpose shall either be private or public. It cannot be bothB. Yes, The purpose is not important as long as the tax of the property can be accounted forC. No, the purpose to be accomplished by taxation need not be exclusively public. To benefit private individuals will be tantamount to deprivation of property of those who paid the tax without due processD. Yes, The purpose to be accomplished by taxation need not be exclusively public. Although private individuals are directly benefited such as the victims of flood victims, the tax will be valid provided such benefit is only incidentalETHICS Pete, an accountant, recommended that several of his clients invest in Competition Aircraft. These clients passed this recommendation on to Arlene, who did invest. Unfortunately, Competition was a fraudulent company that pretended to sell airplanes. After the company went bankrupt, she sought to recover from Pete. Is Pete liable to Arlene? Whether or not Pete faces legal liability, is it a good idea for accountants to recommend investments to clients? Does that practice create any potential conflicts of interest?TRUE OR FALSE. Write True if the statement is true. Otherwise, write false.1. Business advertisement is a valid offer.2. Deaf-mutes have no capacity to give consent.3. Fraud voids a contract.4. If B gives his consent due to A’s threat of exposing his marital affairs, there will be nocontract because consent is vitiated.5 Exaggerations in trade are not fraudulent
- 1. A invested P100,000 in a corporation. How much is the income? Group of answer choices P100,000 P25,000 P30,000 None 2. What is the jurisdiction of the Commissioner of Internal Revenue as regards the interpretation of Tax Laws? Group of answer choices Concurrent Original Concurrent Appellate Exclusive Appellate Exclusive Original 3. It includes any gain from the sale or exchange of property which is not a capital assets. Group of answer choices Ordinary Income Gross Income Gain on Sale of Assets Net Income 4. Shares of stocks traded in stock exchanges are not taxable Group of answer choices True FalseWhich of the following premortem actions can increase the liquidity of a decedent's estate? Making certain that a client's will is executed with all of the required legal formalities Stating reasons in a client's will why a close family member is not receiving any part of the client's estate Urging a client to keep written current records of payments made by the client on debts owed to third parties Urging a client to require written security for a promissory note given to the client for assets purchased from the client A) I, II, and IV B) I and II C) I, II, III, and IV D) III and IV66) As a governance mechanism the “threat of takeover” refers to: a) The risk that the government might acquire the firm b) The danger that the firm might be acquired by others who offer the stockholders better management of the firm. c) Both A and B d) Neither A nor B
- If the decedent owned property in other states, a separate, __________ probate might have to be opened-and a personal representative appointed—in each of those states. Multiple Choice leasehold contemporaneous statutory ancillary Sandy incurred a massive debt in medical expenses owed to a local hospital. She simply did not have the assets or income to pay the bill. Therefore, she contacted the hospital and requested a reduction in the bill, a payment plan and the opportunity to work off part of the bill by working at the hospital cafeteria. The hospital agreed. This is an example of a(n) Multiple Choice Judicial levy Workout Credit hearing Mediation A workout method that generates revenue with new innovations and modifying the company’s image or mission is Multiple Choice Renewal Replacement Retrenchment Repositioningtrue or false 1. Captive insurer may be used to insure loss exposures that the parent firm finds it difficult to insure with private insurers. 2. Ali incorporated his business so that he has unlimited liability to shield him against personal liability claim by the creditors 3. For the safety of the residents of the apartment, a barrier is installed at the entrance of the apartment. Only the vehicles belong to the residents are allowed to pass through. This physical barrier system is a risk management technique called loss prevention 4. Applying first-aids to an injured worker while waiting for an ambulance to send him to hospital is a risk management technique called salvage.The “Compliance with Standards Rule” requires that a member who performs professional services, including consulting services, comply with standards promulgated by bodies designated by Council, regardless of whether the member is holding out as a CPA. The standards applicable to members performing consulting services are set forth in the Statements on Standards for Consulting Services (SSCSs) and specifically state that such standards apply to members holding out as a CPA while providing consulting services. Would a member who does not hold out as a CPA be in compliance with “Compliance with Standards Rule” if the member did not comply with the SSCSs while performing consulting services for a client? Yes or No
- In a self-funded health plan for a commercial company, which entity bears the risk for the medical costs: A. Health Plan B. Federal Government C. Member D. The company purchasing the insurance 2. Under the essential benefits of the affordable care act, which benefit requires no cost sharing for the member (i.e., first dollar coverage): A. Emergency services B. Maternity services C. Laboratory services D. Preventive and wellness services 3. Language in provider contracts that automatically renew the agreement for additional term(s) would be found under which of the following contract clauses in a managed care agreement: A. For cause termination B. Indemnification C. Evergreen D. Utilization management 4. Payment by a health plan to a provider in a fee for service arrangement represents what to a provider: A. Cost B. Revenue C. Investment D. Reimbursement 5. Which of the following is not true of a self-funded plan: A. Health plan bears the risk for the medical cost B. Not regulated by…1a. What are the general principles of consumer protection? 1b. Discuss the nature of and parties in a consumer protection suit. Who can bring a suit and why? 1c. Who is held accountable under the consumer protection laws?True or false with explanation 6) Assume now that Gill lands a job at another college, which schedules him to teach Partnership Tax, Individual Income Tax, and Wills & Trusts. Gill is now ecstatic because he can finally teach law. Two weeks into his first semester, he asks when payday is. The president of the college notifies him that since this college is a nonprofit institution, NOBODY gets paid. The college has violated its duty of compensation. 7) Myron is a bouncer for the Keg Club and must forcibly eject unruly patrons on a nightly basis. The owners of the club cannot be held liable for any civil wrongs Myron may have committed while acting as a bouncer. 8) Myron is a teller at Wells Fargo Bank. On his way to work, he is stopped at the door by his evil boss, Skinflint, the bank president, who refuses to let Myron in the building. Skinflint has violated his duty of cooperation. 9) Assume that Glen is the latest phenom to come out of college to sign a professional baseball…