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Unformatted text preview: ACCTG 321 Spring 2010 Quiz #1 Version C 1. Which of the following has the highest authoritative weight? a. Legislative regulation. b. Private letter ruling. c. Revenue ruling. d. Interpretative regulation. e. Revenue procedure. 2. Which of the following committees typically initiates for tax legislation? a. House Ways and Means Committee b. Joint Conference Committee c. Senate Finance Committee d. Senate Tax Committee e. None of the above. 3. According to the AICPAs SSTS, if a tax advisor is aware of an error on a prior year tax return and the client has not taken appropriate corrective action, the tax preparer: a. Must resign from that clients account b. Must notify the taxing authority of the clients failure to correct the error c. Should take steps necessary to prevent the error from happening again d. (a) and (b) are both correct ACCTG 321 Spring 2010 Quiz #1 Version C 4. The substitution effect: a. Predicts that taxpayers will work harder to pay for consumer products when tax rates increase...
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This note was uploaded on 11/03/2010 for the course ACCTG 321 taught by Professor Will during the Spring '08 term at San Diego State.
- Spring '08