Which of the following is correct with regard to an accountant's contractual liability?
a. An accountant is bound to perform all the duties she explicitly agrees to perform.
b. An accountant implicitly agrees to perform a contract in a competent and professional manner.
c. An accountant who breaches his contract with a client may also be liable to a third party intended beneficiary.
d. All of these are correct.
d
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Which of the following actions is a way to reduce the delivery gap?
A. Empowering employees at the firm's lowest level B. Adopting an antagonistic approach toward customers C. Assuming what the customer is about complain D. Reducing instrumental support E. Interrupting customers when they explain their problem
Applying the direct method, the gain or loss from retirement of debt is reported under cash flows from operating activities on the statement of cash flows.
Answer the following statement true (T) or false (F)
Which of the following is not an acceptable method of determining the required annual payment of federal income tax for corporations?
A. 100 percent of the estimated current-year tax liability using the annualized income method. B. 100 percent of the current year's tax liability. C. 100 percent of the prior year's tax liability (with a few exceptions). D. All of the choices are acceptable methods of determining the required annual payment of federal income tax for corporations.
Significant sunk costs are relevant to decisions about the future.
Answer the following statement true (T) or false (F)