A CPA sole practitioner purchased stock in a client corporation and placed it in a trust as an educational fund for the CPA's minor child. The trust securities were not material to the CPA but were material to the child's personal net worth. Would the
independence of the CPA be considered to be impaired with respect to the client?
A. Yes, because the stock would be considered a direct financial interest and, consequently, materiality is not a factor.
B. Yes, because the stock would be considered an indirect financial interest that is material to the CPA's child.
C. No, because the CPA would not be considered to have a direct financial interest in the client.
D. No, because the CPA would not be considered to have a material indirect financial interest in the client.
A. Yes, because the stock would be considered a direct financial interest and, consequently, materiality is not a factor.
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Which piece of legislation first established the U.S. federal minimum wage?
A. Wagner Act B. Social Security Act C. Fair Labor Standards Act D. Occupational Safety and Health Act E. Civil Rights Act
The ________ of 1886 provided that in order to deposit or discharge "refuse" into a navigable waterway, a discharge permit had to be obtained from the Army Corps of Engineers.
A. Federal Water Pollution Control Act B. Clean Water Act C. National Pollution Discharge Elimination Act D. River and Harbor Act
Cost of goods sold is equal to
a. the cost of inventory on hand at the end of a period plus net purchases minus the cost of inventory on hand at the beginning of a period. b. the cost of inventory on hand at the beginning of a period minus net purchases plus the cost of inventory on hand at the end of a period. c. the cost of inventory on hand at the beginning of a period plus net sales minus the cost of inventory on hand at the end of a period. d. the cost of inventory on hand at the beginning of a period plus net purchases minus the cost of inventory on hand at the end of a period.
The writing process is usually the same for everyone
Indicate whether the statement is true or false