The Statements on Standards for Tax Services (SSTS) Have Common

question 82

Multiple Choice

The Statements on Standards for Tax Services (SSTS) have common concepts running through most of them. Which of the following statements are parts of the SSTSs?
I.The preparer may in good faith rely upon, without verification, information furnished by the client.
II.There is confidentiality of the CPA-client relationship.
III.Taxpayer supplied estimates may be used to prepare returns if it is impractical to obtain exact data and the estimates are reasonable.
IV.The preparer must never disclose to the IRS any facts about the client's tax return information -- unless the client approves disclosure, or the preparer is required to do so by law.
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• A)Only statement II is correct.
• B)Statements I, II, and IV are correct.
• C)Statements II and III are correct.
• D)Statements I, II, and III are correct.
• E)Statements I, II, III, and IV are correct.

Recognize different industry types and the concept of defensive industries.

Understand the industry life cycle and its stages.

Describe the concept and implications of sector rotation.

Analyze the impact of macroeconomic indicators on the economy and individual businesses.

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Definitions:

Bullies

Individuals who intentionally inflict physical, emotional, or psychological harm on others, typically to assert dominance or control.

Reactive Aggression

Aggressive behavior that is displayed in response to a perceived threat or frustration.

Rules of the Game

Established guidelines or principles that determine how a particular game or activity is conducted and played.

Moral Reasoning

The process through which individuals make decisions about what is right and wrong, often influenced by their cultural, societal, and personal values.