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Andrew [12]
3 years ago
11

A former client of charlie hayes, cpa, filed a lawsuit in state court alleging that charlie failed to exercise due care in the p

erformance of tax and compilation services performed in 2011. charlie firmly believes that he performed his services with competence and diligence. in his defense, he plans to admit to making one minor error which he says was inadvertent and did not have a material effect on the client's taxes or financial position. in light of his admission, has charlie complied with the aicpa code's standard of due care and why?
Business
2 answers:
Anestetic [448]3 years ago
8 0

<span>Yes because the AICPA standard for due care does not require CPAs to be infallible. Since the definition of infallible means incapable of making a mistake. Which this is not necessarily true. CPAs are capable of making mistakes and as long as they performed their work with professional due care then they cannot be held accountable for mistakes that may have happened. </span>

zepelin [54]3 years ago
5 0

Yes because the fact that the AICPA standard for due consideration does not expect CPAs to be reliable.  

Further Explanation:  

CPA:  

Guaranteed Public Accountant (CPA) is the title of qualified bookkeepers in various nations in the English-talking world. In the United States, the CPA is a permit to give bookkeeping administrations to general society. It is granted by every one of the 50 states for training in that state.  

AICPA:  

The AICPA (American Institute of Certified Public Accountants) is the affiliation that creates and scores the Uniform Certified Public Accountants assessment. People looking to fit the bill for open bookkeeper accreditation in the United States are required to breeze through the CPA Examination.  

Job of AICPA:  

The American Institute of Certified Public Accountants assumes a key job in guaranteeing that bookkeeping experts are held to the most elevated guidelines. To guarantee part accomplishment in all angles, AICPA gives assets to enable individuals to acquire qualifications and ace the aptitudes that would enable them to succeed.  

Employment of CPA:

They are well-regarded key business guides and chiefs. They go about as specialists on numerous issues, including charges and bookkeeping. A CPA, or Certified Public Accountant, is a confided in money related consultant who helps people, organizations, and different associations plan and arrive at their monetary objectives.

Subject: business

Level: college

Keywords: CPA, AICPA, Job of AICPA, Employment of CPA.  

Related links:

Learn more about evolution on

brainly.com/question/10706678  

brainly.com/question/6869731

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PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in
Ann [662]

The long-term debt was disclosed as a current liability on the current year's December 31 balance sheet $4,096.

<u>Given Data provided in the question:</u>

                                          <u> Current Year</u>             <u>Preceding Year</u>

Total long term-debt         <u>   $27,917</u>                       <u>$26,557  </u>

Current portion                      <u>(</u><u>4,096)</u>                          <u>(2,224)</u>

Long-term debt                     <u>$23,821</u>                        <u>$24,333</u>

Now,

The long-term debt was disclosed as a current liability on the current year's December 31 balance sheet will be the amount equal to the current portion for the current year

Therefore, the answer is $4,096

<h3>What is Current Liability?</h3>

A current liability is:

  • An obligation that will be due within one year of the date of the company's balance sheet, and
  • Will require the use of a current asset or will create another current liability

However, if a company's normal operating cycle is longer than one year, current liabilities are the obligations that will be due within the operating cycle.

Current liabilities are usually reported as a separate section of a company's balance sheet. This allows readers to subtract their total from the company's total amount of current assets in order to determine a company's working capital. (Dividing current assets by the current liabilities is the company's current ratio.)

Your question is incomplete, but most probably your full question was:

PepsiCo, Inc. (PEP) reported the following information about its long-term debt in the notes to a recent financial statement (in millions): Long-term debt consists of the following: December 31 Current Year Preceding Year Total long term-debt $27,917 $26,557 Current portion (4,096) (2,224) Long-term debt $23,821 $24,333 a. How much of the long-term debt was disclosed as a current liability on the current year's December 31 balance sheet.

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8 0
1 year ago
As the interest rate __________, the quantity supplied of money __________ and the quantity demanded of money __________. Group
Helen [10]

Answer:

rises,remains unchanged,rises

6 0
2 years ago
Bonds with a face amount $1,000,000, are sold at 96. The entry to record the issuance is
laiz [17]

Answer:

Option C is correct

Explanation:

The cash proceeds from the bond issuance is 96% of its face value i.e 96%*$1,000,000=$960,000

The discount on bonds payable=Face value-cash proceeds

The discount on  bonds payable=$1,000,000-$960,000=$40,000

The appropriate entries would be to credit bonds payable with $1000,000 while cash and discount on bonds payable are debited with $960,000 and $40,000 respectively

8 0
3 years ago
_____________ systems are designed to deliver smaller shipments of merchandise on a more frequent basis to retailers.
schepotkina [342]

Answer:

C. JIT

Explanation:

it is a methodology aimed primarily at reducing times within the production system as well as response times from suppliers and to customers.

5 0
3 years ago
Which of the following refers to the process of​ collecting, analyzing, and interpreting data about​ customers, competitors, and
yKpoI14uk [10]

Answer:

d.  Market research

Explanation:

Market research -

It is one of the important step for the organisation ,

In this process , the information and data is collected , analysed and interpreted with respect to the customers reviews or feedback .

This step helps to enhance the production , sale and marketing of the goods and services the company produces , which in turn increases the profit earned by the company .

Hence , from the given information of the question ,

The correct option is  d.  Market research .

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3 years ago
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