Which of the following statements is true regarding a CPA's working papers related to tax practice? The working papers must be
A. Transferred to another accountant purchasing the CPA's practice even if the client has not given permission.
B. Transferred permanently to the client if demanded.
C. Turned over to any government agency that requests them.
D. Turned over pursuant to a valid federal court subpoena.
Answer: D. Turned over pursuant to a valid federal court subpoena.
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Bluecap Co. uses a standard cost system and flexible budgets for control purposes. The following budgeted information pertains to 2019:
Denominator volume—number of units 8,000 Denominator volume—percent of capacity 80%Denominator volume—standard direct labor hours (DLHs) 24,000 Budgeted variable factory overhead cost at denominator volume$103,200 Total standard factory overhead rate per DLH$15.10 During 2019, Bluecap worked 28,000 DLHs and manufactured 9,600 units. The actual factory overhead cost for the year was $14,000 greater than the flexible budget amount for the units produced, of which $6,000 was due to fixed factory overhead. In preparing a budget for 2020 Bluecap decided to raise the level of operation to 90% of capacity (a level it considers to be "practical capacity"), to manufacture 9,000 units at a budgeted total of 27,000 DLHs. The standard variable overhead application rate per direct labor hour in 2019 for Bluecap Co., to two decimal places, was:
An asset allocation plan should consider which of the following investor characteristics? I. income and employment security II. marital status III. age and proximity to retirement IV. social relationships and peer groups
A) II only B) I, II and III only C) I, III and IV only D) I, II, III and IV