Regarding Proper Ethical Accounting Guidelines, Which, If Any, of the Following

question 33

Multiple Choice

Regarding proper ethical accounting guidelines, which, if any, of the following is correct?

• A)The use of client estimates in preparing a return may be acceptable.
• B)Under no circumstances should a question on a tax return be left unanswered.
• C)If a client has made a mistake in a prior year's return and refuses to correct it, the accountant should withdraw from the engagement.
• D)If the exact amount of a deduction is not certain so as to increase the appearance of greater certainty.
• E)None of these.

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Definitions:

Output

The total amount of goods or services produced by a firm or country.

Demand

How much of a good or service that consumers can and want to buy, influenced by differing price levels.

Economic Profit

The difference between total revenues and total costs, including both explicit and implicit costs, representing the surplus generated from economic activities.

Technological Change

A change in the methods, equipment, and software used by a society, improving efficiency, productivity, and quality of life.