The accountant-client privilege is recognized:
A) only in federal court proceedings.
B) by virtue of the common law in most states.
C) only in those states that have enacted statutes creating such a privilege.
D) in most states by reason of court decisions.
C
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An "integrated audit" as stated in Section 404 of the Sarbanes-Oxley Act means:
A. the auditor must integrate the same objectives whether auditing internal control or auditing the financial statements. B. the auditor must consider the integrated thoughts and ideas of everyone on the audit staff. C. the auditor must conduct two audits, one on the effectiveness of internal control and one on the financial statements, in an integrated way. D. two independent CPA firms must work together on the audit.
Plagiarism can be avoided by mentioning your authoritative sources during the delivery of your speech
Indicate whether this statement is true or false.
The journal entry to record the completion of goods includes:
A. a debit to Work in Process Inventory. B. a debit to Finished Goods Inventory. C. a debit to Conversion Costs. D. a debit to Cost of Goods Sold.
The provisions of U.S. GAAP require firms to classify marketable securities into which categories?
a. Debt securities held to maturity for which a firm has both the intent and the ability to hold to maturity—shown on the balance sheet at an amount based on acquisition cost, but subject to impairment. b. Debt and equity securities held as trading securities shown on the balance sheet at fair value, with changes in fair value of securities held at the end of the accounting period reported each period in net income. c. Debt and equity securities held as securities available-for-sale shown on the balance sheet at fair value, with unrealized changes in fair value of securities held at the end of the accounting period included in other comprehensive income, and realized changes in fair value included in net income when a firm sells the securities. d. all of the above e. choices a and b, only.