Circular 230 was issued by:
A. IRS.
B. American Bar Association.
C. State boards of accountancy.
D. AICPA.
E. None of the choices are correct.
Answer: A
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Which assertions may be tested for the "transactions and events" category of management assertions?
A. Existence, rights and obligations, accuracy, authorization, and completeness. B. Occurrence, completeness, rights and obligations, accuracy, cutoff, and classification. C. Existence, completeness, rights and obligations, accuracy, cutoff, classification, and presentation. D. Occurrence, completeness, authorization, accuracy, cutoff, classification, and presentation.
Which of the following is an example of a brick-and-click company?
A) IFB Industries, a company that sells products using various channels such as Internet, retailers, direct outlets, and franchisees. B) Opera, a Web browser and Internet suite developed by Opera Software, performs common tasks such as displaying Web sites and sending and receiving e-mail messages. C) Atrutron, a company that offers its customers access to the Internet using data transmission technology. D) eBay Inc., an American company, facilitates online auctions and shopping to people and businesses across the globe to buy and sell a broad variety of goods and services. E) Yahoo! Inc., an American corporation, provides services via the Internet such as directories, e-mail, news, advertising, online mapping, and so on.
The interest cost component for other postretirement benefits is determined using
a. the settlement rate of interest. b. the rate of return on high quality fixed-income investments with cash flows matching the timing and amounts of expected benefit payments. c. both of these. d. neither of these.
Many firms provide similar types of airline services with similar types of assets. They each received unqualified opinions from their independent auditors. Yet, Flash Airlines appears to apply its accounting principles more aggressively in income-enhancing ways relative to its competitors. The choices for Flash Airlines in applying generally accepted accounting principles under the accrual basis
of accounting include(s): a. depreciable lives for buildings and equipment. b. estimated uncollectibles for accounts receivable. c. estimated warranty costs. d. all of the above. e. none of the above.