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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

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Ordering cost only consists of the shipping cost from supplier to customer. True or False
Dennis_Churaev [7]

Answer:

False

Explanation:

Ordering costs are the costs incurred when materials are requested for. These components of this cost are:- 1)Clerical and administrative costs involved in purchasing and accounting for the goods ordered.

2)Cost of transportation

3)Retooling cost: This happens when the product is manufactured internally. Retooling means change of working tools.

4)Insurance while in transit.

5)Drivers' salaries and allowances

6)Loss of materials while in transit.

7)Taxes, custom duties and import duties.

3 0
3 years ago
Read 2 more answers
how does the IoT and Big Data currently play into your job, your organization and the industry? Are these two things connected a
emmainna [20.7K]

<u>Explanation:</u>

The term IoT is an acronym for 'Internet of Things' which refers to a modern technology that allows certain physical objects or “things” as we may call it to connect to the internet.

While Big Data refers not just to large data, but to an innovative field of technology that specializes in analyzing very large (big) data sets.

Consider the education industry, by means of IoT, it is possible for school management to effectively track their student's academic progress in real-time.

IoT and Big Data connected in the sense that, as these physical things (objects) communicate over the internet, a mass amount of data ("Big Data") is been generated which could then be analyzed using specialized software. In other words, they are mutually beneficial.

4 0
3 years ago
Under free market conditions, the relationship between the quantity of medical services demanded and the price of medical servic
asambeis [7]

Under free market conditions, the relationship between the quantity of medical services demanded and the price of medical services is:(D.) Inverse

What are free market conditions?

The relationship between  quantity demanded and price normally, where the market forces are left to determine the happenings in the market, is inverse, in that as the quantity demanded increases prices decrease.

In the same vein, the relationship between the quantity of medical services demanded and the price of medical services, is also inverse which means that the amounts charged by doctors for medical treatment reduces, there would be more patients, since the cost is now cheaper which discourages people to seek alternative medicine.

Find out more about demand-price relationship on:brainly.com/question/26264326

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Full question:

Under free market conditions, the relationship between the quantity of medical services demanded and the price of medical services is:

A. Unknown

B. Equal

C. Direct

D. Inverse

3 0
1 year ago
On an organization's board of directors, inside directors ____; outside directors _____. are supposed to be elected from outside
BigorU [14]
On an organization's board of directors, inside directors <span>may be members of the firm; outside directors </span><span>are supposed to be elected from outside the firm.</span>
The board of directors is responsible for keeping the organization’s vision, mission, and strategic planning goals. Duties of boards include: <span>choosing the CEO, approving major policies, making major decisions, overseeing performance<span>, and serving as external advocate.</span></span>
4 0
3 years ago
Prepare the issuer's journal entry for each of the following separate transactions. On March 1, Atlantic Co. issues 44,500 share
steposvetlana [31]

Answer and Explanation:

The journal entries are shown below;

On March 1

Cash A/c $303,500

     To Common Stock $3 Par value (44,500 × $3) $133,500

       To Paid in capital in excess of par value $170,000

(Being the common stock issued is recorded)

On April 1

Cash $74,000

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(Being the common stock issued is recorded)

On April 6

Inventory $43,000

Machinery $155,000

 To Common Stock (2,400 ×$20) $48,000

 To Notes payable $93,000

  To Paid in capital in excess of par value $57,000

(Being the shares are issued)

3 0
3 years ago
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