The Computer Is the Primary Tool of the Tax Professional

question 45

Multiple Choice

The computer is the primary tool of the tax professional.The tax professional uses the computer for all of the following client services except

• A)tax planning for clients.
• B)tax research for client questions.
• C)investment purchases on behalf of clients.
• D)tax return preparation.

Understand the principles of activity-based costing and its advantages over traditional costing systems.

Recognize the factors influencing pricing decisions, including cost-plus and variable cost concepts.

Identify the concepts of sunk cost, differential cost, and opportunity cost in decision-making processes.

Understand the importance of contribution margin per scarce resource in profitability analysis.

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Definitions:

Protons

Positively charged subatomic particles found in the nucleus of an atom, determining the element's atomic number.

Acidic

Having a pH less than 7, indicating a higher concentration of hydrogen ions in a solution, which gives it acidic properties.

Basic

In chemistry, basic describes substances with a pH greater than 7, possessing the ability to accept protons or donate electrons or hydroxide ions.

Metabolic Reactions

Chemical reactions in living organisms that are necessary for maintaining life, involving anabolism and catabolism.