In order for a CPA to accept a gift from a client, Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule
<h3>When can a CPA take a gift from a client?</h3>
A Certified Public Accountant (CPA) is someone who has to abide by the highest ethics in the accounting profession so as to protect the integrity of financial statements and the accounting profession in general.
A CPA can therefore not be seen to be influenced by their client in a way that brings bias such that financial statements cannot be trusted. One way this can happen is if the CPA accepts a gift from the client.
To avoid this, the gift accepted must be in line with integrity and objectivity rules that ensure that the independence of the Certified Public Accountant (CPA) is protected.
In conclusion, a Certified Public Accountant (CPA) can accept a gift if Adequate safeguards exist to prevent any threats to compliance with the Integrity and Objectivity rule
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The correct answer is difficulty raising funds.
If a business is owned by a partnership, the company is limited to the amount of money that the partners have to invest. This is different from corporation, because when this type of business needs for funds they can sell more stock.
In the given case the accounts were previously written off by debiting the Allowance for doubtful debts accounts now in order to revive these accounts receivable, we should Debit the Accounts Receivable and credit the Allowance for doubtful debts accounts. Hence the account to be credited is Allowance for doubtful debts accounts.
Hence the answer shall be Allowance for doubtful debts accounts
Answer:
d. candor
Explanation:
Candor is the the quality of being honest and open when interacting with others. Candor is also referred to as bluntness or frankness. By informing customers that she will revert to their queries following consultation with the store manager, Susan exhibits candor.
Answer:
Accounts receivable $361,000 debit
Allowance for uncollectible accounts $560 debit
Net Sales $806,000 credit
0.4% of credit sales are uncollectible = 0.4% x $806,000 = $3,224
adjusting entry:
December 31, 202x
Dr Bad debt expense 3,224
Cr Allowance for doubtful accounts 3,224
Allowance for doubtful accounts is a contra asset account that reduces accounts receivable.
