According to the AICPA's Statements on Standards for Tax Services, what duties does the tax practitioner owe the client?
What will be an ideal response?
The tax practitioner owes the client the following duties: (1) to inform the client of (a) the potential adverse consequences of a tax return position, (b) how the client can avoid a penalty through disclosure, (c) errors in a previously filed tax return, and (d) corrective measures to be taken; (2) to inquire of the client (a) when the client must satisfy conditions to take a deduction and (b) when information provided by him or her appears incorrect, incomplete, or inconsistent on its face, and (3) not to disclose tax-related errors without the client's consent.
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________ reflects the cash value of the job plus bonuses paid to incumbents; it excludes stock options.
A. Incentive B. Total cash C. Total compensation D. Base cash E. Benefit
The __________________________________________ Act grants labor unions immunity from lawsuits charging breach of contract or for striking.
Fill in the blank(s) with the appropriate word(s).
If the best operating level of a piece of equipment is at a rate of 400 units per hour and the actual output during an hour is 300 units, what is the capacity utilization rate?
Fill in the blank(s) with the appropriate word(s).
Ratchet Manufacturing anticipates total sales for August, September, and October of $200,000, $210,000, and $220,500 respectively. Cash sales are normally 25% of total sales and the remaining sales are on credit. All credit sales are collected in the first month after the sale. Compute the amount of accounts receivable to be reported on the company's budgeted balance sheet for August.
A. $150,000. B. $52,500. C. $50,000. D. $200,000. E. $157,500.