The Following Is a List of Circumstances That Might Be

question 13

Multiple Choice

The following is a list of circumstances that might be faced by a public accounting firm.Select the rule violated of the AICPA Code of Professional Conduct in the second column.If no rule is violated select "no violation" (this may be used once,more than once,or not at all) .Rules may be used either once,or not at all.
-A CPA owns 100 shares in a consulting client for which the firm provides no attest services.

• A)Acts discreditable.
• B)Accounting principles.
• C)Integrity and objectivity.
• D)Compliance with standards.
• E)Independence.
• F)Contingent fees.
• G)No violation.

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Definitions:

Valid Gift

A gift that meets all legal requirements to be considered legally effective, typically involving a clear intention to give, acceptance by the recipient, and delivery of the gift.

Delivery

The process of transferring goods from one party to another, completing the sale or fulfilling a term in a contract.

Acceptance

is the agreement to the terms of an offer, contract, or proposal, thus forming a binding contract between the parties.

Insurable Interest

A requirement that a person stands to suffer a financial loss or certain types of losses from the damage, loss, or destruction of the subject matter of the insurance policy.