Section 300 - "Responsibilities to Clients" of the AICPA Code

question 56

Multiple Choice

Section 300 - "Responsibilities to Clients" of the AICPA Code of Professional Conduct includes Rule 302 which prohibits

• A)an accountant from preparing tax returns for a contingent fee
• B)an accountant from performing actuarial for a contingent fee
• C)an accountant from preparing fairness opinions for a contingent fee
• D)an accountant from performing valuation services for a contingent fee

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Definitions:

Wages Payable

Liabilities representing the amounts owed to employees for work performed but not yet paid.

Post-Closing Trial Balance

A list of all accounts remaining after closing entries have been made, showing the balances ready for the next accounting period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.

Unadjusted Trial Balance

A preliminary list of all accounts and their balances before any adjusting entries are made, used to verify the equality of debits and credits.