Which statement best describes the "Acts Discreditable Rule"? The rule applies to all AICPAmembers and relates to conduct that diminishes the accounting profession's reputation.Violation of the rule must be disclosed to all of the member's future clients and employers. Therule applies primarily to members in public practice who embezzle their client's money. Amember is not in violation of this rule if the conduct was the result of an overly heavyworkload.

The Acts Discreditable Rule is a part of the AICPA (American Institute of Certified Public…

Answered: Which statement best describes the…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Of the following statements related to liability for Canadian income tax, which statement is NOT correct? D (A) Corporations must use the calendar year as their taxation year. B Part I tax is assessed on residents of Canada. Part I tax is assessed on Canadian employment income earned by a non-resident. As used in the ITA, the term person refers to individuals, trusts, and corporations. Conti
Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law A) I and II B) II and III C) I, II, III, and IV D) III and IV
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alculator Under a Commercial General Liability policy, which of the following actions is an obligation of the insures? O A To inspect the insured premises for safety To renew the policy period from the date of loss To pay claims only when there has been a judgment against the insured To pay a claim for which the insured has been found legally responsible OB. O. C. OD.
There is no federal statute of frauds. True False
Harris is retained by legal counsel to provide an opinion involving specialized knowledge in the accounting field for a jury trial. Which of the following best describes his role? A. A fact witness. B. A consulting expert. C. A non-adversarial witness. D. An expert witness.
Should the public have taken more of a stance against his actions? If so, what action(s) could the public have taken? If not, give reasons why the public should not involve itself in such situations. Should the government have taken any action in this situation, given that the CEO was making a point against legislation it had introduced? If so, explain the action that you believe the government should have taken. If not, explain why you do not believe any government action is justified.
In US Supreme Court case O'Hagan v. United States (1997), O'Hagan was a lawyer working for Grand Met, a company that was secretly planning to make a tender offer for the stock of Pillsbury, the 'target' firm. O'Hagan bought call options on that stock before Grand Met offer went public. The misappropriation theory articulated by the Court's majority in this case is also called the theory of 'outsider' (rather than 'insider') trading. That is because 0'Hagan was not an insider of Pillsbury, the target. He was an outsider who did not owe a fiduciary duty to the shareholders of Pillsbury. The Court's majority held that he did, however, owe a fiduciary duty to Grand Met, the outside firm holding private material information releyant to the future value of Pillsbury stock.(T/F/U and Why?)
During an embezzlement trial, the plaintiff’s attorney is performing a direct examination of a witness. The attorney asks the witness, “What happened when you asked your supervisor what they knew about the incident?” The witness replies, “my supervisor said that Mr. Smith had embezzled money from the company.” Smith is the sole defendant in the case. Which of the following is the most accurate statement concerning the witness’s response? A. The witness’s response is hearsay, but it is admissible because a hearsay exception applies. B. The witness’s response is not hearsay, and it is admissible. C. The witness’s response is not hearsay, but it is inadmissible because it is unreliable. D. The witness’s response is inadmissible hearsay
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On a recent trip to Hongkong, Brian Santos, sales manager of Micro- electronic Devices, took his wife at company expense. Erika Tan, vice- president of sales and Santos' boss, thought his travel and entertainment expenses seemed excessive. Tan approved the reimbursement, however, because she owed Santos a favor. Tan, well aware that the company president routinely reviewed all expenses recorded in the cash disbursements journal, had the accountant record Santos' wife's expenses in the general journal as follows: Sales Promotion Expense 35,000 Cash 35,000 What is the ethical issue in this situation? What role does accounting play in the ethical issue?
Describe the role and workings of (1) the Consumer Product Safety Commission (CPSC) and (2) the Consumer Financial Protection Bureau (CFPB).

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