John is a CPA in charge of auditing his client, McMillen & Co John's duty of care to McMillen will most likely be breached if John
A) gives his client an oral report instead of a written report
B) gives his client incorrect advice based on an honest error in judgment.
C) fails to give tax advice that would save his client money.
D) fails to follow generally accepted auditing standards (GAAS).
D
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Accounting principles require that LIFO inventory be reported at the market value (cost) of replacing inventory when market value is lower than cost.
Answer the following statement true (T) or false (F)
What risks are involved when a lawyer simultaneously represents two clients in a nonlitigation matter, such as when one client sells property to another client?
What will be an ideal response?
One of the major challenges to dealing with nonpoint source water pollution is:
a. the difficulty in finding it b. the difficulty in collecting and treating the water c. the difficulty in enforcing regulations d. the difficulty in identifying its source e. none of the other choices are correct
Donna gives a promissory note to C. J. Which of the following errors would make the note invalid?
a. The instrument was written on a dirty sock. b. The instrument promised to pay 15,000 euros. c. The note stated that Donna owed C. J. "$1,500: One thousand and five dollars.". d. Donna signed the note without reading it. e. The due date was specified as "three months after Donna graduates from college.".