Feder prepares federal corporate income tax returns for Giant Stores, Inc., and other firms. Under the Internal Revenue Code, with respect to an understatement of a client's tax liability, Feder may be liable for
A. negligent or willful misconduct.
B. no misconduct.
C. only negligent misconduct.
D. only willful misconduct.
Answer: A
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Answer the following statement true (T) or false (F)
Haley Inc had the following information related to last year's purchases: Cost of goods purchased $85,000 Accounts payable - beginning 3,000 Accounts payable - ending 5,000 What amount would be reported as "cash outflows for purchases" on the statement of cash flows using the direct method?
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