Which of the following is among the three most common complaints against small or mid-sized CPA firms, according to the Journal of Accountancy?
a. failure to exercise due professional care
b. misappropriation of funds
c. collusion with client for the purposes of tax fraud
d. general sloppiness of work for client
a. failure to exercise due professional care
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Audiophile is a record store. It specializes in a particular genre of music. It includes a distinctive sound in its advertisement campaigns. It wishes to protect this sound from being copied
Under which of the following intellectual properties should Audiophile register its distinctive sound? A) patent B) copyright C) trade dress D) trademark
Answer the following statements true (T) or false (F)
1. In community property states, income is generally taxed to the spouse who earned it. 2. FALSE Explanation: In community property states, the income from the personal efforts of either spouse is considered to belong equally to the spouses. 3. If a taxpayer's method of accounting does not clearly reflect income, the IRS may specify a different accounting method which must be used by the taxpayer. 4. A consulting firm, organized as partnership and owned by 20 individual partners, reports about $40 million of gross receipts per year. The partnership must use the accrual method. 5. The cash receipts and disbursements method of accounting is used by most individual taxpayers and most noncorporate businesses that do not have inventories.
__ refers to the process of establishing common routines and procedures that apply uniformly to everyone.
Fill in the blank(s) with the appropriate word(s).
According to the text DFL stands for
A) Degree of Financial Leverage B) Detrimental Financial Liability C) Differential Finance Learning D) Departmental Finance League E) Derivative Finance Law