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
I'm pretty sure you're looking for "committee"
The above statement "the risk of online sales in b-2-b settings is that online sales undermine long-term relationships between business partners" is true.
Sales are activities that involve the sale or quantity of goods sold during a certain targeted period. Providing a service at a cost is also considered a sale.
A seller, or supplier of goods or services, enters into a sale in response to acquisition, appropriation, requisition, or direct interaction with the buyer at the point of sale. There is a transfer of title or ownership of the item and a price settlement, where an agreement on the price will take place.
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Answer:
Journal Entries on May 3:
a. Debit Prepaid Insurance $16,000
Credit Insurance Expense $16,000
To reverse the error.
Debit Insurance Expense $16,000
Credit Cash Account $16,000
To correct the error.
b. Debit Drawings $9,600
Credit Wages Expense $9,600
To correct the error.
Explanation:
a) Data:
1. Insurance expense credited to Prepaid Insurance, instead of Cash account = $16,000
2. Drawings by Brian Phillips, the owner of the business recorded as Wages Expense.
b) The journal can also be used to correct errors in posting transactions. The process can involve first reversing the error and then correcting it, as done with case (a). This will involve using two entries. It can also involve simply involve correcting the error without reversion, as done with case (b).