True or False: 1. Tips received by waiters in restaurants are not subject to income tax because they are actually donations coming from customers.

Q: Ethics are a key quality for any accounting practitioner. Tax professionals face a unique set of…

A: The ethical duties of a tax professional : Being confidential about the privacy of client.…

Q: An advantage of a corporation is that A-They have little government regulation. B-Owners have…

A: An advantage of a corporation is that C-Owners have limited liability for debt. This means that the…

Q: Per Philippine Accountancy Act of 2004, a non-CPA is prohibited to engage in professional management…

A: 1) True 2) False. To maintain his independence, a CPA limit his services to that of recommending and…

Q: Deli Llama operates in a state with a sales tax. What will be the effect if it records a cash sale…

A: The journal entry for recording a cash sale is Cash A/C Dr........To Sales A/C.......(Being goods…

Q: MA Training (MAT) is a national organisation which provides private tuition courses in accounting.…

A: Return on Investment tells divisional profit as a percentage of the assets employed in the division.…

Q: A limited liability company's profits are “passed through” to its members.  Those members pay Group…

A: Limited Liability Company: It is a legal entity where the members of the company are legal indebted…

Q: Internal auditors O a. are employees of the taxing authority who evaluate the internal controls of…

A: Internal Auditor : The Internal auditor is the employee of the company/entity, it means Internal…

Q: Which of the following is / are true? I: The board of directors has the power to act on behalf of…

A: I. True: In most corporations, the board of directors is elected by the shareholders and holds the…

Q: Which one of the following statements is TRUE? O a. An example of an agency relationship is when a…

A: When a principal appoints an agent to carry out duties with the assumption that the agent will work…

Q: Accountants employed by a business or a not-for-profit entity are said to be engaged in Private…

A: An accountant is a professional who possesses expertise in accounts, tax, auditing, corporate lows,…

Q: Deciding to trade in financial products because of access to non-material non-public information.…

A: Since you have posted multiple questions, we will provide the solution only to the first question as…

Q: Challenges Faced: While XYZ Corporation strives for accuracy and compliance, challenges arise in…

A: Business expenses are the expenses incurred during business operations whereas personal expenses are…

Q: Business income can be earned by all taxpayers (individuals, corporations, and trusts)…

A: Every person work for their living. A person can have income from Business, profession , salary etc.…

Q: You have just been hired as a consultant to Gilbert Industries, a newly formed company. The company…

A: LIFO: Under this inventory method, the units that are purchased last, are sold first. Thus, it…

Q: Identify accountor, accountee, and account in each of the following accountability instances

A: Accountability refers to the concept where an individual or a department is answerable for the…

Q: While meeting with a CPA, a new business owner finds out that the business is considered a…

A: A business entity is a set-up for doing business activities and every business has some goal vision…

Q: QUESTION 8 Which of the following statements about the accounting profession is true? O Accountants…

A: Accountants cannot legally offer management consultancy services. Private accountants serve…

Q: Not-for-profit entities and state and local government organizations are small in comparison to the…

A: Custodial fund or account refers to the financial account which is set up for the beneficiary…

Q: Consider the following statements: 1. Sole proprietorship businesses are required to provide a copy…

A: Sole proprietorship is business having one owner, this form of business is not incorporated and…

Q: Franklin, John, Henry, and Harry have decided to pool their financial resources and business skills…

A: Business entity: A business organization which is created by one or more persons and governed by…

Q: A proposal to eliminate the tax deduction for charitable contributions would cause a negative impact…

A: Public finance studies the role of the government in the economy, and tax policy is a significant…

Q: Sun packaging is a profit-making manufacturing company established during 1998. The company is not…

A: Answer 1: Stakeholders are the owner's of the company which is represented by the number of equity…

Q: The major category within the Financial Accounting Equation (FAE) which tracks the owner's rights or…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The main objective of most for-profit businesses is to maximize:

A: Profit is the extra income over expenses. The main objective of for-profit businesses is to earn…

Q: 13. At the close of an interview, ask a question about:   A. All of these B. A current company event…

A: The objective of these questions is to understand the best practices during an interview process.

Q: The disadvantages are: (Select all the choices that apply.) A. Income to a corporation is subject to…

A: Disadvantages of organizing a firm as a corporation:A. Income to a corporation is subject to double…

Q: Which of the following statements regarding the corporate form of business is correct? Multiple…

A: Several forms of business organisation can be used in business. These may be sole proprietorship,…

Q: What a qualified, business income, QBR, deduction, business owners, may receive a deduction of what…

A: Qualified Business Income (QBI) is a term used in the context of the U.S. tax law, specifically…

Q: When operating as a proprietary business, which of the following is true? Select one: a. All debt…

A: Option “D” is true.

Q: A – F: Your client is a public company in which you maintain a small financial interest. How is your…

A: Auditor independence seems to be fundamental to the auditing profession. An audit that is…

Q: Select one: When the person managing the business for an owner, acts in accordance with the owner's…

A: The principal agent relationship is a type of relationship between the agent will be acting on…

Q: Which of the following is true of financial accounting, but not true of managerial accounting?…

A: The accounting is a process to identify the business transactions, record the transactions and…

Q: Which statement is true? Beauty and barber shops are cash-intensive businesses. Where the…

A: Introduction: A cash intensive business is one that receives a large number of cash payments. A…

Q: 3.3) You work for the Chartered Accountancy firm Bevan&Bevan Ltd, which has, for many years, been…

A: A code of conduct is a collection of ethical norms and principles that explain the anticipated…

Q: The following describe several different business organizations. Determine whether each description…

A: For given descriptions, we have to identify the correct business form