In evaluating costs for decision-making, a company would always consider each of the following as relevant,except:
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1 .Vee Corp. retained Walter, CPA, to prepare its Year 6 income tax return. During the engagement, Walter discovered that Vee had failed to file its Year 2 income tax return. What is Walter's professional responsibility regarding Vee's unfiled Year 2 income tax return?
A Advise Vee that the Year 2 income tax return has not been filed and recommend that Vee ignore filing its Year 2 return since the statute of limitations has passed. B Advise the IRS that Vee's Year 2 income tax return has not been filed. C Consider withdrawing from preparation of Vee's Year 6 incom...
2 .Which of the following statements about investment decision models is true?
A The internal rate of return rule is to accept the investment if the opportunity cost of capital is greater than the internal rate of return. B The payback rule ignores all cash flows after the end of the payback period. C The net present value model says to accept investment opportunities when the...
3 .A penalty for understated corporate tax liability can be imposed on a tax preparer who fails to:
A Copy all underlying documents. B Examine business operations. C Audit the corporate records. D Make reasonable inquiries when taxpayer information appears incorrect.
4 .In evaluating a capital budget project, the use of the net present value model is generally not affected by the:
A Amount of added working capital needed for operations during the term of the project. B Initial cost of the project. C Amount of the project's associated depreciation tax allowance. D Method of funding the project.
5 .Clark, a professional tax return preparer, prepared and signed a client's federal income tax return that resulted in a USD600 refund. Which one of the following statements is correct with regard to an Internal Revenue Code penalty Clark may be subject to for endorsing and cashing the client's refund check?
A Clark will be subject to the penalty if Clark endorses and cashes the check. B Clark may endorse and cash the check, without penalty, if Clark is enrolled to practice before the Internal Revenue Service. C Clark may not endorse and cash the check, without penalty, because the check is for more tha...
7 .A CPA is permitted to disclose confidential client information without the consent of the client to:I. Another CPA who has purchased the CPA's tax practice.II. Another CPA firm if the information concerns suspected tax return irregularities.III. A state CPA society voluntary quality control review board.
A I and III only. B II only. C III only. D II and III only.
8 .Which of the following changes would result in the highest present value for a series of cash flows?
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9 .Morgan, a sole practitioner CPA, prepares individual and corporate income tax returns. What documentation is Morgan required to retain concerning each return prepared?
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10 .What is the formula for calculating the profitability index of a project?
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