The Department and Board may remove a license limitation as soon as the next license cycle begins. if the licensee's attorney submits a petition for reinstatement. until a formal hearing can be conducted. when they determine that the licensee can competently practice without the limitation.
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- The Director of Insurance may revoke, suspend, or refuse to issue a producer license for failing to pay all the following EXCEPT: California taxes child support Director-levied civil penalties license renewal feesA broker with a license in inactive status is permitted to do which of the following? a. Refer listings to the broker's previous Managing Broker for a fee. b. Conduct open houses on behalf of other licensees. c. Appraise real estate for a fee. d. Waive requirements for continuing education.Which of the following statements describes an action of the agent that would be legal but not within the rules of the industry code of conduct? The agent submits a life insurance application that requests non-smoker premium rates, even though he knows that the proposed life insured is a smoker. O The agent delays the delivery of a newly issued life insurance policy by twenty- five days. The agent carefully copies an applicant's signature, from a sample, onto an application in order to avoid having the applicant supply a missing signature. The agent takes an initial premium in cash and deposits it to his or her personal account, before writing a personal cheque to the insurer, a few days later, for the amount of premium.
- Marysol works for an accounting firm. One of her client's work papers was selected for review by a state CPA's society voluntary quality review panel. Is Marysol required to obtain the client's permission before allowing the panel to review the work papers? Explain rules or regulations governing when work papers can be shared.40. A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees. On a straight-line basis By reference to the stage of completion Upon collection of the fee When the significant risks and rewards are transferred to the customerYou have been assigned responsibility for reviewing the statutory records of Down Limited. Jane Powers (‘Jane’), your Company Secretarial Assistant, is assisting you in this task and her review reveals the mattersbelow:a) Jane cannot find in the statutory books evidence that statutory accounts have been filed with the Registrar of Companies over the last two years. She has asked how this can be checked without reference to Down Limited’s statutory records and what the ramifications are if it is confirmed that no accounts have been filed for this period.b) Jane discovers a company seal in the name of Out Limited, which was the previous name of Down Limited. The seal has not been used since the company changed its name to Down Limited.
- A government entity collects fees for the processing of certain permits. The processing of a permit would normally take a few minutes. The processing fee is collected upon issuance of the permit. This government entity would normally recognize revenue from permit fees. On a straight-line basis By reference to the stage of completion Upon collection of the fee When the significant risks and rewards are transferred to the customer The receipt of a performance bond or a security deposit id credited to a Liability account Revenue account Cash account a and c A certification on the availability of allotment is required before a disbursement of government funds is made. According to the GAM for NGAs, who shall issue this certification? Budget officer Chief accountant Head of the agency Requisitioning Individual The chief accountant shall charge obligations incurred against available allotment to ensure that The NCA is sufficient to meet the disbursement made There are no unreleased…When compleling an insurance application, a producer should A.complete as much of the applicalion as possible before meeting with he applicant to save time B.request hat the applicant review the completed application before signing it C.avoid asking the applicant questions on he application which may be embarrassing D.omit information from he application which may cause the application to be rejected by the insurance companyOn March 2015, Agency A is taking legal action against its competitor for patent infringement relating to a patent that had been granted to the agency on one of its products. The outcome of the case is uncertain. However, it is probable that the court will order the competitor to pay damages to the entity. Use facts given in No. 1, but assumes that on June 2015 the Chief Legal Counsel of Agency A informs the management that it is now virtually certain that the court will order the competitor to pay damages to the entity. State whether a contingent liability or contingent asset exists. Explain your answers by stating the criteria of your answers below.
- A debt-collection agency can always contact a debtor at his or her place of employment. True False A fee simple absolute is an estate or interest in land with no limits in terms of disposition or duration. True False A lease of property for a prohibited use is unenforceable. True False A meeting of a federal agency must be open to public observation if the meeting involves matters relating to future litigation or rulemaking. True False A professional who is sanctioned by a court for fraudulent conduct cannot also be penalized by a state board of professional ethics. True FalseWho are "accelerated filers," exactly, and what criteria (such as annual revenue or staff count) are used to establish eligibility?AICPA Code of Professional Conduct. Reread the Module B introduction about ScottLondon, CPA.Required:a. What code violations have occurred in this case?b. What is the range of penalties that the PCAOB could levy against London? By the California State Board of Accountancy?c. What do you think is the appropriate penalty?