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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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c. ​increase; decrease

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3 years ago
What is morale?
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C. the attitude of the people working at a company

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3 years ago
The steam requirements of a manufacturing facility are being met by a boiler whose rated heat input is 5.5 × 106 Btu/h. The comb
e-lub [12.9K]

Solution:

Given Information,

Heat input is ( Q_{in} ) = 5.5 × 10^{6} Btu/h

Combustion efficiency of the boiler (n_{furnance}) = 0.7

Combustion efficiency after turn up (n_{furnance,now}) = 0.8

Operation Hour (t) = 5200h

Unit cost (c) = \frac{23 dollar}{10^{6}Btu }

Calculate heat output from the boiler  Q_{out} = Q_{in} x n_{furnance}

                                                                      = 5.5 x 10^{6} x 0.7

                                                                      = 3.85 x 10^{6} Btu/h

Calculate the heat input to the boiler after the tune-up

(Q_{in} ){new} = Q_{out} / (n_{furnance} ){new}

               = 3.85 x 10^{6} / 0.8

               = 4.8125  x 10^{6} Btu/h

Calculate the saved energy after the tune-up

(Q_{in} ){saved} = Q_{in} - (Q_{in} ){new}

                 = 5.5 x 10^{6} - 4.8125  x 10^{6} Btu/h

                 = 0.6875  x 10^{6} Btu/h

Calculate the annual energy saving ( E_{Saving} )

E_{Saving} = (Q_{in} ){saved} x t

           = ( 0.6875  x 10^{6} Btu/h ) ( 5200 hr/yr)

           = 3575 x 10^{6} Btu/h

Calculate the annual cost saving

Annual cost saving = E_{Annual saving} x Unit cost

                                = 3575 x 10^{6} Btu/h x \frac{23 dollar}{10^{6}Btu }

                                = 82225

4 0
3 years ago
Exercise 15-14 Presented below are two independent situations. 1. Flinthills Car Rental leased a car to Jayhawk Company for one
IrinaVladis [17]

Answer:

Part 1

Dr Lease rentals $300........ Expense

Cr     Cash Account $300

Part 2

Dr Leased Equipment $63,536

Cr Finance Lease Liability  $63,536

Explanation:

Part 1. Under the operating leases the lessee pays the monthly rentals which must be accounted for as an expense and the double entry is as under:

Dr Lease rentals $300........ Expense

Cr     Cash Account $300

Part 2. Under the finance lease agreement, the lessee pays the value of the asset and the interest as well. So after the date of agreement when the asset is handed over the journal entry would be recording of the equipment received, which would written at its fair value or present value of the payments made. The journal entry would be:

Dr Leased Equipment $63,536

Cr Finance Lease Liability  $63,536

8 0
3 years ago
Larkspur, Inc. reports net income of $89,770 in 2017. However, ending inventory was understated by $7,100. Collapse question par
swat32

Answer:

$96,870

Explanation:

The understatement of ending inventory causes the cost of goods sold to be overstated and the gross and net income to be understated by the same amount.

If the 2017 ending inventory was understated by $7,100 then the correct net income figure for 2017 will be $7,1000 more that what was reported.

Therefore, 2017 corrected net income

= $89,770 + $7,100

= $96,870

4 0
3 years ago
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