Answered: IRS Publications are not primary…

Business

Accounting

IRS Publications are not primary authority and should not be cited as the primary authority in a file memo.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Do some states allow creditors to engage in deception with the debtor to obtain the collateral if…

A: The term "creditors" refers to individuals or entities to whom money is owed by a debtor (the person…

Q: If a company registered with the SEC justifies a change in accounting method as preferable under the…

A: Securities Exchange Commission (SEC): This is the government agency governs the working of financial…

Q: why would an auditor ensure that all revenue-related disclosures are made in the financial…

A: Explanation of disclosures Disclosures refer to that piece of information that includes figures,…

Q: Problem 1-3. Christine Shop produces custom-designed dresses for retail sale Costs during the month…

A: Prime cost includes the direct labor and direct material cost. Whereas, conversion cost includes the…

Q: A CPA is not independent with respect to a company’s financial statements. The CPA may issue what…

A: Audit report is the opinion expressed by the auditor after careful examination of the books of…

Q: What are the disclosure requirements for a correction of an accounting error?

A: An accounting error refers to a mistake or inaccuracy in financial records, statements, or reporting…

Q: What is a primary responsibility of taxpayers during a tax audit? a) Providing false information to…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Statement 1: Filing reference number is the system developed and maintained by the BIR for…

A: Taxes are the dues and obligations needs to be fulfilled by individual or business to the…

Q: An audit opinion on tax basis financial statements is an example of an opinion on financial…

A: An audit opinion is a professional assessment provided by an auditor after a thorough examination of…

Q: Rank the following sources of authority in order of authoritative value (with 1 being the…

A: Authority Authoritative value Internal Revenue Code 1 Final Treasury regulation 2 Revenue…

Q: ecide to deviate from any IFRS statement, then the entity mu

A: Corporation - A corporation is a legitimate commercial entity that was created by shareholders,…

Q: ndicate which of the following claims is true and which is untrue. Distinguishing responsibility for…

A: An invoice is an instrument that is used to record a transaction between the buyer and the seller.

Q: What is EDGAR? Multiple Choice A system designed by the SEC to allow electronic filings. The…

A: Option B is incorrect because EDGAR is a system devised by SEC for electronic corporate filings…

Q: Public officials are not accountable to citizens for public monies and how they are spent. True…

A: Following is the answer to the given question

Q: 1. Under the Statute of Frauds, the following contracts must be in writing, otherwise they cannot be…

A: The statute of fraud is a concept that creates rules related to the contracts. The statute of the…

Q: Corporations disclose restrictions of retained earnings on the balance sheet as a deduction from…

A: Restricted retained earnings refers to that amount of a company's retained earnings that are not…

Q: A company cannot choose whether a mandatory information should be provided in the administration…

A: It is compulsory to provide the mandatory information in the administration reports or in the notes…

Q: What are the auditor’s responsibilities under the Corporations Act to report breaches of the Act?…

A: The Corporation’s Act 2001 is one of the attributes of the commonwealth of Australia. The act…

Q: The following are typical questions that might appear on an internal control questionnaire for…

A: There are 2 types of substantive audit procedures:- Test of detail Analytical procedures

Q: With respect to the content of government-wide statements, which of the following is correct? A)…

A: Government wide financial statements are those statements which provide the detailed summary of all…

Q: According to the 2020 Report to the Nations, the most common occupational fraud scheme in accounting…

A: Accounting schemes involving intentional manipulations or misleading tactics by staff members to…

Q: Are non-IFRS financial data different from the IFRS financial information? How may RG230 be used to…

A: Introduction "Disclosing Non-IFRS financial information" is the subject of RG230.

Q: Which of the following does not constitute fair presentation and compliance with IFRS? A) an entity…

A: When financial statements are devoid of substantial misstatements and adequately portray an entity's…

Q: Explain the disclosure requirements of the 1933 Act, including which securities and transactions are…

A: The securities act of 1933 is an act that has been passed after the market crash that took place in…

Q: ce of BIR rulings ce of revenue memorandum circula ce of revenue regulations

A: The answer has been mentioned below.

Q: Explain futher what is meant by the statment below Provisions for auditing, tax collection,…

A: The answer is stated below:

Q: ical Advice Memoranda B. Private Letter Rulings C. Field Service Advice C. All of the a

A: A private letter ruling refers to a scripted form of document formulated by the IRS to help the…

Q: What are the short-term effect and the long-term effect of improperly capitalizing expenditures on…

A: Financial statements are prepared by the company to present its financial position at a given point…

Q: Which organizations are normally exempted from the SEC’s registration requirements?

A: According to the Securities Act 1933, all securities which are issued by companies and their…

Q: IRS agent

A: An IRS agent act on behalf of customers for preparing returns of representations before IRS.

Q: Suppose at the end of the year before any adjusting entries, a company has a balance in Allowance…

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If…

Q: he Taxpayer Advocate Service (TAS) can help taxpayers with what type of assistance? As a first step,…

A: A taxpayer is an individual, reality, or association that's legally obligated to pay levies to a…

Q: Refer to IRS Publication 538, Accounting Periods and Methods. a. List the three examples of a change…

A: The company can choose any method while filing tax return for the first time. It does not require…

Q: A debt-collection agency can always contact a debtor at his or her place of employment. True False

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: A misstatement in the financial statements can be considered material if knowledge of…

A: We have the following question: A misstatement in the financial statements can be considered…

Q: Accounting standards require that the statement of financial position be prepared on a classified…

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…

Question

(True/False) IRS Publications are not primary authority and should not be cited as the primary authority in a file memo.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Departmental reports are used for internal management only; therefore the accounting rules for external reporting do not apply. True or false?
The first law that criminalize and punish the issuance of bouncing checks is Article 351. True False
Contrast the concept (how they are similar or different from each other) Illegal appropriation vs. corruption corruption vs. Fraud in the states Fraud in the states vs. illegal appropriation explain the concept illegal appropriation Corruption Financial Statement Fraud
Which of the following instances is not a ground for the BIR Commissioner to inquire or examine the bank deposits of taxpayers? when the taxpayer filed an application for compromise of his tax liability when the taxpayer fails the lifestyle check test and shows unexplained wealth the taxpayers waives his right in writing the confidentiality of the bank deposits to determine the gross estate of a decedent
In IFRS, the conceptual framework indicates appropriate accounting when a more specific accounting standard does not apply. True False
Circular 230 is Department of Treasury regulation which provides rules for practicing before the Internal Revenue Service. Question 13 options: True False
Misstatements in the financial statements can result from errors or fraud and may consist of any of the following: An inaccuracy in gathering or processing data from which financial statements are prepared. A difference between the amount, classification, or presentation of a reported financial statement element, account, or item and the way that it should have been reflected under GAAP. The omission of a financial statement element, account, or item. A financial statement disclosure that is not presented in conformity with GAAP. The omission of information required to be disclosed in conformity with GAAP. An incorrect accounting estimate due to oversight, misrepresentation of facts, or fraud. Management’s judgments concerning an accounting estimate or the selection or application of accounting policies that the auditor may consider unreasonable or inappropriate. What steps would you take if you discover 1 of the above issues in a routine audit? Would you take…
Information is considered material if: it would have a bearing on decisions of those who use the financial statements. there is a substantial likelihood that a reasonable investor would not be concerned about the information. an item is so insignificant that users would likely ignore it. the FASB explicitly rules the transaction or item to be material.
Why is preparation of the government-wide statements considered to be "challenging"?
What is a deficiency judgment and how is its value to a lender affected by the Bankruptcy Code?
Examples of violation to notes on financial statements
Purpose of the Anti-Money Laundering Act (RA 9160)