1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Scorpion4ik [409]
2 years ago
6

Justin, a member, has been in public practice for 25 years. His firm does bookkeeping and financial statements for approximately

50 business clients and prepares approximately 75 business tax returns and 200 personal tax returns. Justin's firm has never had a malpractice claim. Justin is contemplating retirement and wants to sell his accounting practice. He has hired a professional practice sales firm to help him identify potential buyers and assist in the practice sale. What is Justin's firm required to do to protect its client's confidential information in this type of situation?
A) Justin's firm must receive written permission from each of his clients before disclosing any client confidential information to a prospective buyer.
B) Justin's firm is not allowed to disclose any client confidential information to a prospective buyer and thus the potential buyer must rely exclusively on representations made by Justin's firm.
C) A review of a member's accounting practice pursuant to a potential sale is allowed if the member takes appropriate precautions (such as a written agreement) so that the prospective buyer does not disclose any client confidential information obtained during his review of the practice.
D) None of the above
Business
1 answer:
Shkiper50 [21]2 years ago
6 0

What Justin must do to protect his clients' confidential information is to allow a review of a member's accounting practice in accordance with a potential sale if the member takes appropriate precautions (option C).

<h3>What is confidential information? </h3>

Confidential information is a type of information that includes the personal data and other personal information of a person. This type of information is of high importance so it cannot be disclosed without the express consent of its owner. Additionally, this information never loses the characteristic of being confidential so it is not conditioned or limited to a term or time.

According to the above, Justin must be very careful with the information he has in his company since he cannot sell all the information because a percentage of that information is confidential and cannot be transferred without the consent of the owner of that information.

Therefore, Justin will only allow access to non-confidential information by making the potential buyer agree not to disclose confidential information that he may find in his study.

Learn more about information in: brainly.com/question/1100011

You might be interested in
ABC Corporation reports the following information:
Tpy6a [65]

Answer:

$480,000

Explanation:

Data provided as per the question below:-

Net income = $380,000

Depreciation = $70,000

Decrease in accounts receivable = $30,000

The computation of cash provided by operating activities is shown below:-

= Net income + Depreciation + Decrease in accounts receivable

= $380,000  + $70,000  + $30,000

= $480,000

Therefore we applied the above formula.

7 0
3 years ago
A company decides to close down its plastics division. It has on hand 20 tons of styrene monomer, a raw material that has a mark
Elena-2011 [213]

Answer:

$16,000

Explanation:

With regards to the above information, we are only concerned with calculating the value of 20 tons of styrene to the company, hence other information are not relevant.

The total value of the 20 tons of styrene monomer to the company would be ;

= 20 tons of styrene monomer × Market price of styrene monomer per ton

= 20 × $800

= $16,000

6 0
3 years ago
A firm sells 1000 units per week. It charges $15 per unit, the average variable costs are $10, and the average costs are $25. In
erik [133]

Answer:

b. ​Continue operating as the firm is covering all the variable costs and some of the fixed costs

Explanation:

A firm should shutdown operations if its price is less than average variable cost.

The price the firm sells is $15

Average variable cost is $10.

Price is greater than average variable cost in excess of $5.

The $5 covers some of the average fixed cost.

I hope my answer helps you

7 0
3 years ago
A bank buys bonds with a par value of $25 million for $24,040,000. The coupon rate is 10 percent, and the bonds pay annual payme
Ilya [14]

Answer:

$25,891,632.37

Explanation:

The computation of the market value of the bond in two years is given below:

We know that

Market value of the bonds be in two years is

= pv(rate, nper,pmt,fv)

Here  

Nper = 2

PV = ?

PMT =  25000000 × 10% = 2500000

FV = 25000000

Rate = 8%

Now  

Market value of the bonds be in two years is

= pv( 8%,2,2500000,25000000)

= $25,891,632.37

3 0
2 years ago
Canon was able to redesign the copying machine so that it didn't need professional service—reliability was built directly into t
Studentka2010 [4]

Answer:

architectural innovation

Explanation:

The scenario is describing the term known as architectural innovation. This refers to the innovation of the specific architecture of any product that changes and/or modifies the way the different components of the machine link or relate to each other, thus allowing it to perform new functions or the same functions but in a much more user-friendly manner. This is what Canon did by changing the architecture of the copying machine so that it was more user-friendly for the end consumer.

5 0
3 years ago
Other questions:
  • Allison buys equipment and pays cash of $50,000, signs a note of $10,000 and assumes a liability on the property for $3,000. In
    14·1 answer
  • Research indicates that corporations using cross-national teams, whose members have international experience and communicate fre
    10·1 answer
  • Four different competent accountants independently agree on the amount and method of reporting an economic event. The concept de
    9·1 answer
  • Andy has been working at Aerial Corp. for a long time. He feels he is hard working and that he deserves a pay hike. He seeks a m
    5·2 answers
  • Which of the following statements is false? a.In normal costing, actual overhead costs always enter the work-in-process account.
    11·2 answers
  • A comprehensive risk management program that addresses all of an organization's risks, including hazard risks, financial risks,
    11·1 answer
  • URGENT!!!
    8·1 answer
  • 'seaefcgbjska csag fcbjgwevc' Translate.
    14·1 answer
  • Explain three factors that had a negative impact on the financial performance of Unibic in its early years.
    10·1 answer
  • question 5 you're anticipating audience questions, especially one asking how you were able to connect the campaign with the resu
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!