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Soloha48 [4]
3 years ago
13

When a member performs non-attest services for an attest client, management is required to designate an individual to oversee th

ose services. Which choice best describes the qualities that are required of that person under AICPA rules?
A. He or she must possess the same level of expertise as the CPA.
B. He or she must possess the same level of education as the CPA.
C. He or she must have suitable skill, knowledge, or experience.
D. He or she must be able to supervise the CPA in the day-to-day rendering of the services.
Business
1 answer:
Inessa [10]3 years ago
3 0

Answer:

C. He or she must have suitable skill, knowledge, or experience

Explanation:

As per American Institute of Certified Public Accountants (AICPA), members have to abide by a strict code of conduct which relates to performance and discharge of responsibilities.

When a member performs non attest services for a attest client, an individual for oversight needs to be designated who must possess suitable skills, knowledge, or experience.

The designated person should be able to understand the scope, nature and objectives of non attest services.

Such a person should agree upon the nature scope and objectives of such non attest services performed by the member and he is not required to supervise the member for routine discharge of services.

The person should receive progress reports and periodically review them.

You might be interested in
Stone Pine Corporation, a calendar year taxpayer, has ending inventory of $160,000 on December 31, 2018. During the year, the co
bezimeni [28]

Answer:

The answer is $215,000

Explanation:

Cost of goods sold equal:

Opening/beginning inventory plus purchases minus closing/ending inventory

To find beginning inventory at January 1, 2018, lets rearrange the formula:

Cost of goods sold minus plus purchases plus closing/ending inventory.

Cost of sales is $470,000

Purchases is $415,000

Ending inventory is $160,000

Therefore, beginning inventory at January 1, 2018 is

$470,000 - $415,000 + $160,000

=$215,000

3 0
3 years ago
PLZZZZZZ NEED HELP!!!!!!!!
Naya [18.7K]

Third option I would say goodluck

5 0
3 years ago
Given the following information: Percent of capital structure: Preferred stock 10 % Common equity (retained earnings) 40 Debt 50
sasho [114]

Answer: 8.23%

Explanation:

Firstly, we will calculate the cost of debt which will be:

= Yield (1-Tax rate)

= 9% × (1-0.34)

= 9% × 0.66

= 5.94%

Then, the Cmcost of preferred stock will be:

= 7/(104-9.40)

= 7/(94.6)

= 7.39%

We will also get the value of the cost of equity which will be:

= (Dividend expected common/Price common) + growth rate

= (2.50/76) + 8%

= 3.29% + 8%

= 11.29%

For Debt:

Cost after tax: 5.94

Weight = 50%

Weighted cost = 5.94 × 50% = 2.97

For Preferred stock:

Cost after tax: 7.39

Weight = 1%

Weighted cost = 7.39 × 10% = 0.74

For Common equity

Cost after tax: 11.29

Weight = 40%

Weighted cost = 11.29 × 40% = 4.52

Weighted average cost of capital = 2.97 + 0.74 + 4.52 = 8.23%

8 0
2 years ago
Customer A. Smith owed Stonebridge Electronics $325. On April 27, 2016, Stonebridge determined this account receivable to be unc
Kitty [74]

Answer:

A Journal was prepared for the receivable bad debt of a customer that owned stone bridge Electronics which us shown below

Explanation:

Solution

The first step to take in this case is to Nationalize the transaction to be recorded for the month of July 15, 2016.

A JOURNAL ENTRY FOR RECEIVABLE BAD DEBT OF $325

                        Particulars              Debit          Credit

July 15, 2016   Cash Account          $325

                        To Bad Debt Expense               $325

Note: The cash and bad debt expense are  both recorded on credit and debit side of the Journal

6 0
3 years ago
During team meetings Amber Downing always notices that Rhoma Law tends to ask innumerable questions and suggest ideas at each di
ahrayia [7]

Answer: context

Explanation:

The factor that has most likely influenced Downing's perception of Law is context.

Context refers to the situation for the occurence of a event. It's vital to look at the circumstances that were present at the time of the behavior of a person when attempting to understand the person's behavior.

Assuming both of them were part of team meetings where almost all member gave their own suggestions, then Law would not have drawn as much attention from Downing.

6 0
3 years ago
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