The Accountant-Client Privilege

question 10

Multiple Choice

The accountant-client privilege

• A) is protected by common law.
• B) is effectively accomplished by the accountant's professional obligations of confidentiality regarding accountant-client communications.
• C) is recognized by statute in some jurisdictions.
• D) cannot be waived by the client.
• E) is not affected if an outsider is present during the accountant-client communication.

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Definitions:

Insurance Expense

Insurance expense is the cost incurred by a business for various types of insurance coverages to protect against risks and potential liabilities.

Property Tax

Taxes paid by property owners, based on the value of their property, to fund municipal services such as schooling, road maintenance, and public safety.

Accounts Receivable

Accounts receivable represent the money owed to a company by its customers for goods or services delivered but not yet paid for.

Merchandise

Goods that are purchased for resale at a profit; the main product that a retailer sells.