The expense associated with an uncollectible account is recognized when it has been determined that a customer will not pay the amount owed under the
a. aging method; b. direct write-off method; c. allowance method;
d. all of these; e. none of these.
B
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An owner's property was seized because it was used for drug sales. Which statement is correct?
A. The owner is entitled to the fair market value of the property. B. If the owner is not found guilty of a felony, the property must be returned. C. Innocence of any knowledge of the use would be a defense against seizure. D. None of these statements is correct.
A CPA will be liable to a tax client for damages resulting from all of the following actions except
A. Failing to timely file a client's return. B. Failing to advise a client of certain tax elections. C. Refusing to sign a client's request for a filing extension. D. Neglecting to evaluate the option of preparing joint or separate returns that would have resulted in a substantial tax savings for a married client.