Which of the following private tax preparers are required to pass an exam administered by the Internal Revenue Service (IRS)?
A. National and local tax services
B. Certified public accountants (CPAs)
C. Enrolled agents (EAs)
D. Tax attorneys
E. Corporate managers
Answer: C
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If the cost of going to the ATM in an economy is $1 and the nominal interest rate is 5 percent, someone who spends $10 each day and has the total cost of holding cash = (365/T) + T, has a ____ probability of having his cash lost or stolen. Assume that the individual visits the ATM once in every T days.
A. 5 percent B. 10 percent C. 15 percent D. 20 percent
Which one of the following is not an advantage of LIFO?
A) In periods of rising prices, less income tax is paid. B) In periods of rising prices, less holding gains are reported in net income. C) Record keeping and financial statement preparation are easier. D) Conservative income statements and balance sheet disclosures result from rising prices.
What is the most likely reason that some salespeople dislike the need-satisfaction sales presentation approach?
A. The approach requires the salesperson to close too quickly. B. The method allows very little prospect participation. C. The salesperson must present unimportant benefits to the buyer. D. The method is impractical for selling highly technical products. E. The salesperson must give the prospect some control of the selling situation.
Describe the complexities of permanent and temporary differences on the financial reporting requirements for income taxes