ACC 575 ACC575 Week 1 Quiz

ACC 575 ACC575 Week 1 Quiz

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ACC 575 Week 1 Quiz

1. 

Tax preparer Margie is wondering: Why should CPAs make reasonable efforts to obtain and provide for the client appropriate answers to all questions on a tax return? 

2. 

A client suing a CPA for negligence must prove each of the following factors except

3. 

Which of the following is true? 

4. 

CPA Amanda has been Kathy's tax accountant for a few years. Under which of the following situations has Amanda violated the SSTSs? 

5. 

The intent, or scienter, element necessary to establish a cause of action for fraud will be met if the plaintiff can show that the

6. 

Which of the following is true? 

7. 

Maguire, a very wealthy person from North Carolina, consulted Rosenbaum, a tax CPA, regarding tax planning. Some serious sums of money were involved. Which of the following is true? 

8. 

Tax law changes often. In which of the following situations did the CPA have an obligation to update the client regarding the status of the tax law? 

9. 

Under which of the following scenarios will Jenny be in trouble under Section 6713's confidentiality provisions?

10. 

Tee learned that the SEC was getting ready to launch an investigation of his firm's audit of Xenophone Corporation. As the audit partner on the account, Tee sent an e-mail to his subordinates ordering them to destroy some records and to create others to make it appear that the audit of Xenophone had gone smoothly. "I don't want to be second-guessed by any lawyers," he said. Which of the following is true? 

11. 

Last year, CPA Abbeyville prepared a personal income tax return for client Sylvia. The IRS disallowed a particular deduction that Abbeyville claimed on Sylvia's behalf. Sylvia appealed, but lost. This year, Sylvia would like to claim the same deduction. Which of the following is true? 

12. 

Which is critical to a conviction under the mail fraud statute? 

13. 

A CPA assists a taxpayer in tax planning regarding a transaction that meets the definition of a tax shelter as defined in the Internal Revenue Code. Under the AICPA Statements on Standards for Tax Services, the CPA should inform the taxpayer of the penalty risks unless the transaction, at the minimum, meets which of the following standards for being sustained if challenged?

14. 

A wire fraud conviction could be obtained against a defendant who was part of a fraudulent scheme for which transmission of a message through one of the following was a key element: 

15. 

DiMaggio is a CPA and a tax partner. He is currently providing tax services to ABC Enterprises. ABC has had major problems with some of its records clerks and cannot find many of its important tax records. DiMaggio may be able to track down many of the records from ABC's bank and vendors, but many will clearly require a huge investment of time, so DiMaggio is inclined to use estimates. According to the SSTSs, which of the following is not a condition that must be met in order for DiMaggio to use estimates? 

16. 

To establish a violation of RICO's Sec. 1962(c), plaintiffs must show which of the following? 

17. 

Zing was chairman of China Construction Bank (CCB), a firm owned largely by the Chinese government. Zing loved golf and took a golf trip with two friends to California. Watkins, an employee of FIS, Inc., charged more than $10,000 on his corporate credit card to pay for the golf. He also paid Zing's son's education expenses in London. Soon thereafter, Zing awarded a $176 million contract to provide information services to CCB to Albany Co., a privately held company on whose behalf Watkins had been acting. Albany's books carried the payments made by Watkins as legitimate business expenses paid to a third-party consultant. The SEC launched an FCPA investigation. Which of the following is true? 

18. 

Cortona is a tax partner as a CPA firm. He has for several years prepared the tax return for the Timpson LLP. Timpson is taxed as a pass-through entity, not as a corporation. Sienna, one of Timpson's partners, has asked Cortona to prepare his individual tax return this year. Cortona notes that Sienna is not reporting income that the Timpson LLP tax return indicates was passed through to him. Which of the following is true? 

19. 

Under the "Ultramares" rule, to which of the following parties will an accountant be liable for negligence?

20. 

Under Circular 230, it is proper to delay as long as possible in fulfilling an IRS request for records or information if:


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