For what minimum period should working papers related to tax practice be retained by the independent CPA?
A. For the period during which the entity remains a client of the independent CPA.
B. For the period during which an auditor-client relationship exists but not more than 6 years.
C. For the statutory period within which legal action may be brought against the independent CPA.
D. For as long as the CPA is in public practice.
Answer: C. For the statutory period within which legal action may be brought against the independent CPA.
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Which of the following is true of outstanding shares?
A) A firm cannot sell more shares than the outstanding shares mentioned in the charter. B) Authorized shares become outstanding shares when they are issued or sold to investors. C) Outstanding shares are indicated in a firm's corporate charter. D) Outstanding shares are the shares repurchased by the firm.