Answer:
c. Must have a good faith belief that the tax return position has a realistic possibility of success if challenged by the IRS
Explanation:
Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA
we know that
Giving assessment administrations is on the standard premise that it has a decent confidence conviction that the government form position can be supported whenever tested
therefore
option c is correct
c. Must have a good faith belief that the tax return position has a realistic possibility of success if challenged by the IRS
Answer:
The firm earns revenues of $360,000 per year. To receive a normal profit, the firm described above would have to earn additional revenue of $90,000
Explanation:
As per the information provided in the question, the current profit/loss after deducting all expenditure from income is as follows:
Particular Amount ($)
Revenue 360,000
Less: Wages and Salaries (200,000)
Less: Materials (75,000)
Less: New Equipment (30,000)
Less: Rented Property (20,000)
Less: Interest Costs (35,000)
Profit/Loss 0
As confirmed from the calculation above currently no profit is being earned even after the owner/manager not receiving income from the firm. Therefore, the firm should generate additional revenue of $90,000 in order to earn normal profit.
Answers:
The correct answer is 1. a) is the initial plan of what the company intends to accomplish in the period and evolves from both the operating and financing decisions. 2. d. budgeted income statement.
Explanation:
To begin with, a budget is an estimate of the expected results of a specific area in a given period, mainly one year. For its part, the master budget is a plan that covers all areas of the company, and can be adjusted depending on the situations or events that influence the achievement of results. This tool allows a projection of the expected returns taking into account a previous base and the current situation of the sector in which it is located, which is why it is important because it allows drawing a road map for the benefit of all collaborators.
Explanation:
A focus group can be defined as a qualitative marketing research method where some people with common characteristics are brought together in a group who are guided by a trainer to promote discussions on a particular topic of interest and gather information to assist in decision making.
To organize focus groups for an innovative German-style fast food restaurant, you could separate 3 groups, the first being ages 18 to 30, the second 30-45 and the third group 45 and above.
The screening criteria could be, sources of income, profession, sex, taste for food, hobbies, etc.
The questions to ask could be related to the number of times a week people eat fast food, what is your favorite German food, how much are you willing to pay for the options offered in the restaurant, what elements do you consider most attractive in a restaurant ,etc.
Answer:
see below
Explanation:
Opportunity cost is the value of the forfeited benefits as a result of making a decision in a certain way. Decision making involves choosing one item over others. The cost or value of the option not chosen is the opportunity cost. The value of the forfeited option is the opportunity cost.
In choosing to go to the gym, the forgone activity is studying for the economic exam. The benefits associated with studying for the economic test is the opportunity cost. The value attached to the economic test, such as good grades, passing the test, or any reward arising from studying for the test, is the forfeited benefit and hence the opportunity cost.
