appointment as the new accountant of a client ountant even though he is aware that the exis collected professional fee from said client.
Q: a) Jane cannot find in the statutory books evidence that statutory accounts have been filed with the…
A: a If no accounts are found, then the tax return will be a problem
Q: Employees who have physical custody or assets do not have access to the accounting records
A: Lets understand from basic. In small organization owners generally does all the things. However in…
Q: An employee's filing status never appears on the payroll register. O True O False
A: A payroll register is a tool that records wages paid for each and every employee, payroll registers…
Q: independent 10. A licensed salesperson acting as an contractor affiliated with a licensed broker is
A: Stock broker is the person or a firm which helps a buyer of the security to meet with the seller of…
Q: Employees CIT Payable and Employees SIT Payable are:a. not required to be deposited.b. deposited…
A: Option C is correct. Employees CIT payable and Employee SIT payable are liability account that hold…
Q: a. i, ii and iv
A: The correct answer is (a) i, ii and iv.
Q: What is NOT an example of rationalization as one of the three elements causing a person to commit…
A: Financial fraud in businesses is an unethical, illegal and deceptive activity that leads to monetary…
Q: If an employee pays for a periodic medical checkup required by an employer, can the amount paid be…
A: Any amount given by the employer for a periodic medical check-up to the employee is liable for…
Q: hich of the following statements are true regarding supplies used on the job by an employee that the…
A: Reimbursement is a financial procedure that compensates or reimburses an individual or institution…
Q: Which aspect of internal controls for payroll relates to the Sarbanes-Oxley Act?
A: The Sarbanes-Oxley Act places a strong emphasis on internal controls over financial reporting to…
Q: Emotionally distressed employees who have just been terminated may rely on the payroll administrator…
A: Your issue concerns the responsibilities of a payroll administrator in dealing with the requirements…
Q: Bob is issued with a notice of assessment. What does the Commissioner rely on when issuing a notice…
A: The assessment process takes place to identify whether the taxpayer has understated the income or…
Q: Prohibits practitioners from advertising tax preparation services. Requires practitioners to…
A: Section 10.27- fees specify that the practitioner should not charge any unconscionable fees before…
Q: Question 12: The next-day deposit rule is triggered when taxes owed at the end of a day are greater…
A: * As per Bartleby guidelines, in case of different questions, answer first only. Next day deposit…
Q: What is taxation? Are there any benefits to filing early? And what happens if I file after the…
A: Taxation is defined as the means through which the tax authorities and the government imposes the…
Q: In terms of classification of short-term compensated absences; which of the following is incorrect?…
A: Vesting short term absences entitled to cash payments for unused entitlement and non vesting short…
Q: shall not be reported as compensation for services
A: Option a is wrong because the sum paid to the priest is a compensation for performance of his…
Q: If a CPP amount is missing from a payroll journal entry, it is most likely that - Ono linked account…
A: The most likely explanation for a missing Canada Pension Plan (CPP) amount from a payroll journal…
Q: A sole trader business owner: A sole trader business owner: is personally liable for all debts…
A: A sole proprietorship is a nature of business where an individual, known as the sole proprietor,…
Q: The Internal Revenue Service levies a small service fee for employers who utilizes the Electronic…
A: Internal revenue service is also referred to as IRS. It is an agency in the US which is responsible…
Q: Amounts that come from accounts of unvested employees that can be directed/contributed to the…
A: Unvested stocks are those stocks that are set aside for the employees which has not been vested due…
Q: When is a tax preparer required to complete and submit Form 8867, Paid Preparer's Due Diligence…
A: Form 8867 is a tax form used by tax preparers to ensure compliance with the due diligence…
Q: The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because…
A:
Q: Why do S Corporation owner/employees generally prefer to pay themselves a low salary for services…
A: S corporation is a type of corporation which pays lower corporate taxes in comparison to other…
Q: TRUE OR FALSE Interest on loan to purchase office equipment may be deducted as an expenses or…
A: solution : correct answer is TRUE Interest on loan to purchase office equipment may be deducted as…
Q: What is a key best practice for recordkeeping for tax purposes in accounting? a) Keeping physical…
A: Effective recordkeeping is essential for tax purposes in accounting. It ensures compliance with tax…
Q: Which of the following is true about employee pay methods? (You may select more than one answer.…
A: Employee’s pay disbursements includes the compensation which he will receive in consideration for…
Q: The AICPA has issued standards for CPAs in tax practice, called Statements on Standards for Tax…
A: A variety of professional conduct have been established by the American Institute of Certified…
Q: When two or more people get together for the pur Select one: O A. a division of duties. OB. bonding…
A: It seems like there might be a part of the question missing, but based on the provided options, the…
Q: Before hiring someone for a position involving access to cash, checks or inventory, a company should…
A: The answer for above question is given below:
Q: Which is FALSE? S1 – A Notice of Discrepancy needs to be settled within 30 days from receipt of…
A: Notice of discrepancy refers to the written notice which is issued through BIR informing the…
Q: CPAs act as, among other things, paid tax return preparers for their clients. What does SSTS No. 1…
A: Standards for tax services are the standards that describe the responsibilities that CPA’s have…
Q: true or false In most situations, the total Social Security taxes levied on employers will exceed…
A: The Social Security tax rate for both employees and employers is 6.2% of employee compensation (for…
Q: All expenses incurred while traveling away from a tax home during a business trip are deductible…
A: Expenses incurred in relation to business will be allowed as deductible.
Q: Failure to furnish a completed copy of a prepared tax return no later than the time such return is…
A: Every Tax return filer has to submit a copy of the tax return after certification with signature to…
Q: during a client interview, a tax preparer should: A)Not discuss different types of entities since…
A: When there is discussion about the different business entity and its operation there are many…
Q: David is represents his employer before government agencies on tax and other matters related to…
A: The answer is given given below :
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- ethics question based on AICPA standards: Assume that the CPA firm of Packers and Vikings audits Chai Bears Systems. The controller of Chai, a CPA, happens to be a tax expert. During the current tax season, Packers and Vikings get far behind in reviewing processed tax returns. It does not want to approach clients and ask permission to file for an extension to the April 15 deadline so the firm approaches the controller of Chai and offers him a temporary position as a consultant for the tax season. Was it ethical for the firm to make the offer? Would it be ethically acceptable for the controller to accept the position?8. The amounts charged to income for bad debts on accounts receivable will generally be the same for both tax and accounting purposes True or False? 9 A self employed individual cannot deduct CCA on a home office in his principal residence unless it is used exclavely for income producing purposes. True or False?I am really struggling with this accounting homework. The possible accounts you can use for both entries: Accounts Receivable, Canada Pension Plan Expense, Canada Pension Plan Payable, Cash, Employee Benefits Expense, Employee Income Tax Payable, Employment Insurance Expense, Employment Insurance Payable, Salaries Expense. The possible explanations you can use for both entries: To record emplyer portion of CPP and EI withholdings payable, To record payroll costs, To record salaries and employee withholdings payable Thank you for the help. I appreciate it!
- Which of the following may not result to a short period filing or tax return? Death of a taxpayer Dissolution of a business Newly commenced business Change from calendar to fiscal year of an individualA tax preparer has a client tht recently asked him about the probability ofthe IRS detecting cash transactions not reported on tax return. What are some of the issues the tax preparer should discuss with this client?Some employers will pay out employees for any unused sick-leave entitlements if they leave the organisation, whereas in other organisations employees forfeit this entitlement when they leave. Explain how these different types of sick-leave entitlements are treated for accounting purposes.
- 3. Which one of the following are valid deductible educational expenses? A. Professional development courses required by an employer for retaining a position. B. A tax seminar attended for reasons unrelated to one’s present job. C. A college or vocational course necessary to be considered for a job. D. A professional continuing education program that qualified the taxpayer for a new job.Which of the following factors does the IRS consider irrelevant when determining reasonable compensation for a shareholder-employee of an S corporation? Timing and manner of paying bonuses to key people. Dividend history. Consistent amount of compensation year after year. Compensation agreements.The salaries of the Chief Justice and associate justice of the Supreme Court are tax-exempt because they are employees of the government. TRUE OR FALSE?
- When a client postpones invoices for the office rental expenses to the next financial year, which of the following accounts and its assertions are most likely at risk? accounts payable, completeness. rental expenses, existence. rental expenses, occurrence. accounts payable, accuracy.Mike and his supervisor Claire are having a conversation one morning about one of their current audit clients internal controls over the payroll. Mike mentions to Claire that he has considered conducting a walkthrough of the client's payroll system but isn't exactly sure what documentation he might collect to support his walk through. Which of the following represent appropriate recommendations by Claire with respect to documentation Mike could collect? Select all that apply: 1. Mike should consider collecting source documents to support payroll transactions such as bills of lading 2. Mike should consider selecting and reviewing a sample of employee time cards for hourly employees, to verify hours worked 3. Mike could think about selecting a sample of payroll authorizations to ensure only authorized new employees are added to the payroll 4. Mike could examine payroll tax retums for the client, to ensure that employees are currently remitting federal, state, and local taxes to the…Self-employed individuals (including a partner in a partnership) and employees with other income sources are required to submit a return of income and estimated income on gazette forms as required by the Income Tax Act. Select one: True False