With Which of the Following Client Personnel Would It Generally

question 101

Multiple Choice

With which of the following client personnel would it generally not be appropriate to inquire about commitments or contingent liabilities?

• A) controller
• B) president
• C) accounts receivable clerk
• D) vice president of sales

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Definitions:

Pension Plan

A savings strategy for retirement that mandates employers contribute to a fund reserved for an employee's future benefits.

Profit-sharing Plan

A retirement plan that gives employees a share in the profits of the company.

Coverdell Education Savings Account

A tax-advantaged saving account designed to pay for education expenses, from primary to higher education.

AGI

AGI (Adjusted Gross Income) is a measure of income calculated from your gross income and allows certain deductions to lower your taxable income, such as contributions to retirement accounts and student loan interest.