Casey Raja Was Required to Pay for Numerous Employment Expenses

question 7

Multiple Choice

Casey Raja was required to pay for numerous employment expenses in 2020.The expenses deducted on Casey's tax return totaled $12,000 which included $2,000 CCA.The expenses all included a 15% HST component, other than the CCA which had a deemed inclusion since HST was originally paid on the vehicle.If Casey applied for an HST rebate in 2021 when preparing the 2020 return, what impact would the rebate have on the 2021 return?

• A)Increase in employment income of $1,304 and increase in UCC of $261
• B)Increase in employment income of $1,304 and decrease in UCC of $261
• C)Increase in employment income of $1,565
• D)Decrease in employment income of $1,565

Understand the conditions under which an accountant may be civilly or criminally liable.

Learn the ethical and legal obligations of accountants towards their clients, intended third-party beneficiaries, and foreseen users of their work.

Know the ownership and confidentiality aspects concerning working papers in the accounting profession.

Identify the role and oversight functions of the Public Company Accounting Oversight Board and the SEC in relation to public company audits.

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Definitions:

Club Good

A type of good that is excludable but non-rivalrous, meaning those who do not pay cannot access it, but one person's use does not diminish availability for others.

Common Resource

A resource like air or water that is not owned by anyone, is available for everyone to use, and is rivalrous but non-excludable.

Pennsylvania Turnpike

A toll highway in Pennsylvania, significant for its role in transportation infrastructure in the United States.

Free Rider

A person who enjoys the advantages of goods, services, or resources without bearing the expenses associated with them.