Filing a loss this year, am I prepared for an audit?

Filing a loss this year, am I prepared for an audit?
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1 Answer

Answer :

Find a CPA this year. Be prepared for an audit, your idea of froo-froo may not line up with auditors. Also a single year loss of a new business is a RED flag.
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Related questions

Do you think more people are filing their own taxes this year?

Description : Do you think more people are filing their own taxes this year?

Last Answer : My taxes are kind’a complicated, so I use a tax service. Plus, just in case I am audited, I want someone with a suit and tie by my side who can answer the questions.

Client filing for bankruptcy?

Description : Client filing for bankruptcy?

Last Answer : At some point you will need to file a claim against the company (to the bankruptcy trustee, once they are appointed). You'll wait and wait and wait. There's a hierarchy of who gets paid first ( ... they are filing bankruptcy and when it is possible for you to file a claim. read this Good luck.

What do you think about the Department of Justice filing an anti-trust suit against AT&T, so it doesn't become too big when it merges with T-Mobile?

Description : What do you think about the Department of Justice filing an anti-trust suit against AT&T, so it doesn't become too big when it merges with T-Mobile?

Last Answer : Both companies are huge as it is. If they merge, there will only be two mobile providers of any size in the US (Sprint barely counts).

___ is defined as systematic assessment of the social impact of the activities of a business firm. A. Social audit. B. Social responsibility. C. Social interaction. D. Social benefit

Description : ___ is defined as systematic assessment of the social impact of the activities of a business firm. A. Social audit. B. Social responsibility. C. Social interaction. D. Social benefit

Last Answer : A. Social audit.

I am interested to know which departments in full service hospitals are very profitable, and which struggle or are a loss?

Description : I am interested to know which departments in full service hospitals are very profitable, and which struggle or are a loss?

Last Answer : Actually, ERs lose money. Heart programs, women's programs (childbirth), and surgeries make money. Generally, proceduralists (such as surgeons, gastroenterologists, etc.) make money because of the ... to refuse care to anyone and probably eat a lot of costs dealing with non-emergent conditions.

Whether safety report and safety audit report are needed for every MAH installation OR how does an occupier know whether he has to get the safety report and the safety audit report prepared?

Description : Whether safety report and safety audit report are needed for every MAH installation OR how does an occupier know whether he has to get the safety report and the safety audit report prepared?

Last Answer : No. It is not required for every MAH installation. The Safety Reports and Safety Audit Reports are required to be prepared by an occupier of higher-tier factories

If a MO is lost after payment a) Duplicate MO will be prepared by office of issue b) Duplicate mo will be prepared by office of payment c) Certificate of payment will be prepared by office of payment d) Memo of admission of payment will be prepared by office of issue and on receipt, the office of payment will get the signature of the payee in the memo and forward it to the Audit Office.

Description : If a MO is lost after payment a) Duplicate MO will be prepared by office of issue b) Duplicate mo will be prepared by office of payment c) Certificate of payment will be prepared by office of payment ... of payment will get the signature of the payee in the memo and forward it to the Audit Office.

Last Answer : d) Memo of admission of payment will be prepared by office of issue and on receipt, the office of payment will get the signature of the payee in the memo and forward it to the Audit Office.

The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used in confirming accounts receivable. b. Pending legal matters to be included in the inquiry of the client's attorney. c. Evidence to be gathered to provide a sufficient basis for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Description : The element of the audit planning process most likely to be agreed upon with the client before implementation of the audit strategy is the determination of the a. Methods of statistical sampling to be used ... for the auditor's opinion. d. Schedules and analyses to be prepared by the client's staf

Last Answer : Schedules and analyses to be prepared by the client's staf

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally allows an omission of a material fact required to be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Description : A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally ... be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Last Answer : Intentionally allows an omission of a material fact required to be stated in a financial statement

Management’s assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b. They embody the audit procedures that will be performed by the audit engagement team. c. They include representations of financial statements in accordance with the applicable reporting criteria d. They relate to regulator’s expectations about audit results

Description : Management's assertions in the financial statements are relevant to the audit process because: a. They provide evidence that auditors have prepared financial statements in accordance with GAAP b ... with the applicable reporting criteria d. They relate to regulator's expectations about audit results

Last Answer : They include representations of financial statements in accordance with the applicable reporting criteria

A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally allows an omission of a material fact required to be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Description : A CPA is criminally liable if he a. Refuses to turn over the schedules or working papers prepared by the client staff to the client. b. Performs an audit in a negligent manner. c. Intentionally ... be stated in a financial statement. d. Was not able to submit the audited financial statements on time

Last Answer : Intentionally allows an omission of a material fact required to be stated in a financial statement.

Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from, being subpoenaed. b. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. c. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rule. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : Working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit.

Which of the following is not included in an audit engagement letter? a. Objectives of the engagement b. Representations that the financial statements were prepared in accordance with PFRS c. Management's responsibilities d. A clear explanation of the services to be performed on the engagement

Description : Which of the following is not included in an audit engagement letter? a. Objectives of the engagement b. Representations that the financial statements were prepared in accordance with PFRS c. Management's responsibilities d. A clear explanation of the services to be performed on the engagement

Last Answer : Representations that the financial statements were prepared in accordance with PFRS

The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the working papers from being subpoenaed. b. Provide the basis for excluding admission of the working papers as evidence because of the privileged communication rulec. Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit. d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged.

Description : The working papers prepared by a CPA in connection with an audit engagement are owned by the CPA, subject to certain limitations. The rationale for this rule is to a. Protect the ... d. Establish a continuity of relationship with the client whereby indiscriminate replacement of CPAs is discouraged

Last Answer : Provide the CPA with evidence and documentation which may be helpful in the event of a lawsuit

The Philippine Accountancy Act of 2004 provides that all Working papers made during an audit shall be the property of the auditor. These working papers shall include the following, except: a. Working papers prepared by the CPA and his staff. b. Analysis and schedule prepared and submitted to the auditor by his client's staff. c. Excerpts or copies of documents furnished to the auditor. d. Any report submitted by the auditor to his client.

Description : The Philippine Accountancy Act of 2004 provides that all Working papers made during an audit shall be the property of the auditor. These working papers shall include the following, except: a. Working ... of documents furnished to the auditor. d. Any report submitted by the auditor to his client.

Last Answer : Any report submitted by the auditor to his client.

Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk. b. Eliminate the professional judgment in resolving audit issues. c. Have a measure of the quality of audit performance. d. To reduce the audit program to be prepared by the auditor.

Description : Whenever a CPA professional is engaged to perform an audit of financial statements according to Philippine Standards on Auditing, he required to comply with those standards in order to a. Eliminate audit risk ... of audit performance. d. To reduce the audit program to be prepared by the auditor.

Last Answer : Have a measure of the quality of audit performance.

Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. b. After the auditor has completed an evaluation of the existing internal accounting control. c. After reviewing the client's accounting records and procedures. d. When the audit engagement letter is prepared

Description : Audit programs are modified to suit the circumstances on particular engagements. A complete audit program for an engagement generally should be developed a. Prior to beginning the actual audit work. ... the client's accounting records and procedures. d. When the audit engagement letter is prepared

Last Answer : After the auditor has completed an evaluation of the existing internal accounting contro

How is the financial loss from the Suez canal blockage calculated?

Description : How is the financial loss from the Suez canal blockage calculated?

Last Answer : Welcome to Economics is not a hard science 101 . I think they mean mainly in terms of losses to the impact on the expectations of international corporations, and the supposed value of the cargo that ... they hadn't made a mixtape, they would have instead re-bought multiple albums at list price. LOL

The person whose loss is to be made good is called the a) Indemnifier b) Principal Debtor c) Indemnity holder d) none of these

Description : The person whose loss is to be made good is called the a) Indemnifier b) Principal Debtor c) Indemnity holder d) none of these

Last Answer : b) Principal Debtor

The person who promises to make good the loss is called the ___ a) Indemnified b) None of these c) Indemnifier d) Indemnifier holder

Description : The person who promises to make good the loss is called the ___ a) Indemnified b) None of these c) Indemnifier d) Indemnifier holder

Last Answer : c) Indemnifier

Under the Indian Contract Act, the contract of indemnity is restricted to such cases (a) Where the loss promise to be reimbursed is caused by the conduct of the promisor or any other person (b) The loss caused by the any events or accident which does not depend upon conduct of any person (c) Both (a) & (b) (d) None

Description : Under the Indian Contract Act, the contract of indemnity is restricted to such cases (a) Where the loss promise to be reimbursed is caused by the conduct of the promisor or any other person (b) The loss caused ... accident which does not depend upon conduct of any person (c) Both (a) & (b) (d) None

Last Answer : (b) The loss caused by the any events or accident which does not depend upon conduct of any person

Hospital did not submit claim to insurance until after the filing limit. Am I responsible?

Description : Hospital did not submit claim to insurance until after the filing limit. Am I responsible?

Last Answer : You should seek professional legal help with this question.

My check and check stubs showed my employer was taking out witholdings but upon filing my taxes I found she never sent them in and now I have no job and am on ss, what can I do/?

Description : My check and check stubs showed my employer was taking out witholdings but upon filing my taxes I found she never sent them in and now I have no job and am on ss, what can I do/?

Last Answer : Interesting question. Are they holding you responsible for your employers non-action? I would certainly hope not. They should go after the employer, I would think, but I do not know tax law. Good luck. See ya….Gary/wtf

I would like to obtain a copy of the irs official "late filing" federal form to extend my return for 6 months. I am working in Philadelphia on contract. My home state is Michigan?

Description : I would like to obtain a copy of the irs official "late filing" federal form to extend my return for 6 months. I am working in Philadelphia on contract. My home state is Michigan?

Last Answer : To get this extension go to www.irs.gov and under forms and publications print Form 4868 and the instruction booklet, follow the instructions, fill out the form and mail it in to the IRS to the address on the instruction booklet.

Did you know that the general deadline for filing your income taxes this year is April 18, 2011?

Description : Did you know that the general deadline for filing your income taxes this year is April 18, 2011?

Last Answer : I did my taxes early. Thank goodnessss.

I want to file my taxes on my computer this year. Is there any tax filing software for free Or hardly any cost?

Description : I want to file my taxes on my computer this year. Is there any tax filing software for free Or hardly any cost?

Last Answer : You can file your own taxes online using H&R Block's software, TurboTax's software and man others and save over $100-$200 on your tax returns. Prices may vary upon the required tax documents

Career Advice: I am engineer trying to figure out whether to do a startup?

Description : Career Advice: I am engineer trying to figure out whether to do a startup?

Last Answer : Why do you think you would “never get into a PD firm” if you try a startup first?

If I am going to start an internet business do I need to register a business name?

Description : If I am going to start an internet business do I need to register a business name?

Last Answer : answer:There are several excellent articles on Wikipedia that describe the different functions. The answer to your immediate question depends on your local regulations. Also read several of the search articles on how to start a business.

I am taking over a Nail Salon soon, Do any of you have any advice to pass on? Thank you in advance...

Description : I am taking over a Nail Salon soon, Do any of you have any advice to pass on? Thank you in advance...

Last Answer : Employees, if they are able to will always steal from the business owner.

Why am I getting checks from JC Penny case settlements?

Description : Why am I getting checks from JC Penny case settlements?

Last Answer : Sweet. Just keep cashing them. Maybe for some old labor dispute

When I write a business letter to one party "through" another, can I send copies to both parties at the same time? Or am I obligated to send to the "through" party and wait for him/her to decide if the letter is worth endorsing to the ultimate addressee?

Description : When I write a business letter to one party "through" another, can I send copies to both parties at the same time? Or am I obligated to send to the "through" party and wait for him/her to decide if the letter is worth endorsing to the ultimate addressee?

Last Answer : you send the letter to the board and copy everyone else. the cc list should be at the foot of the letter.

I am under immense pressure to perform. Any suggestions?

Description : I am under immense pressure to perform. Any suggestions?

Last Answer : Welcome to the collective. That sounds horrible. It is one of the reason I never went into sales. While these are career-challenging times, are you sure you want to stay in sales?

Memo admission of payment in form MO 10(a) is prepared a) When a MO loss after payment b) When a MO loss before payment c) Either A or B d) Neither A nor B

Description : Memo admission of payment in form MO 10(a) is prepared a) When a MO loss after payment b) When a MO loss before payment c) Either A or B d) Neither A nor B

Last Answer : a) When a MO loss after payment

Period within complaints should be prepared in case of VP, loss /damage of regd& ins article, other complaint related to inland post, miscarriage /destruction of postal order & SP is a) 12 month, 3 month, 6 month, 12 month, 1 month b) 24 month, 6 month, 9 month, 1 month, 2 month c) 36 month, 1 month, 6 month, 9 month, 2 month d) 6 month, 3 month3 month, 9 month, 1 month

Description : Period within complaints should be prepared in case of VP, loss /damage of regd& ins article, other complaint related to inland post, miscarriage /destruction of postal order & SP is a) 12 month, 3 month, 6 month, ... 1 month, 6 month, 9 month, 2 month d) 6 month, 3 month3 month, 9 month, 1 month

Last Answer : a) 12 month, 3 month, 6 month, 12 month, 1 month

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above

Description : Cash Flow Statement is prepared from A. Profit and loss account B. Balance Sheet C. Additional Information D. All of the above

Last Answer : D. All of the above

---------account is prepared to know funds from operation a) Profit & Loss appropriation account b) Profit and loss account c) Trading account d) Profit & Loss adjustment account

Description : ---------account is prepared to know funds from operation a) Profit & Loss appropriation account b) Profit and loss account c) Trading account d) Profit & Loss adjustment account

Last Answer : d) Profit & Loss adjustment account

When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Description : When filing your tax returns, can you designate a certain amount of your return to go to a second party, such as a lender?

Last Answer : answer:There are tax preparers that will give you a “tax refund” loan. But they will charge you a lot for the privilege of a short term loan. And you have to get your return done by them. Check with H&R Block if you can have it electronically deposited at a third party.

Moved by the number of jellies filing past to send their wishes off, may I ask if some of our old friends will stay on?

Description : Moved by the number of jellies filing past to send their wishes off, may I ask if some of our old friends will stay on?

Last Answer : I’m canceling my Internet and cable to save money on October 21st. I will still have my Rodgers account but it only has a half gig of data per month so I won’t be on as much.

What to choose if option for my separation from work isn't available filing for unemployment?

Description : What to choose if option for my separation from work isn't available filing for unemployment?

Last Answer : answer:“I was laid off due to my position being eliminated” = Lack of Work P.S. You are allowed to ask the unemployment person.

What service should I use for filing taxes? (first timer)

Description : What service should I use for filing taxes? (first timer)

Last Answer : answer:With as simple a return as you appear to have, that is, with no mortgage or student loan or other deductible interest (is student loan interest even tax deductible?) and no other extraordinary income or ... - not one iota - for your cat. But I hope you enjoy its company. See, I care!

Counter Filing Harrasment Charges?

Description : Counter Filing Harrasment Charges?

Last Answer : answer:In the United States you’d file it at the same place as the complaint against you. If work related, at our Human Resources. If at school with the school administration. You can file at any time. If nothing has been filed against you, go ahead and file a charge.

What will happen to San Bernardino upon filing for bankruptcy?

Description : What will happen to San Bernardino upon filing for bankruptcy?

Last Answer : Bankruptcy would mean that the city can stop servicing its debt and can focus on paying for services. The city has already laid off some 20 percent of its workforce and cut salaries. It is a wakeup call and a lesson for all of the US.

Is it worth going through the process of filing a complaint with a debt collection agency that has my number for no known reason and keeps calling me? Or is it a waste of time?

Description : Is it worth going through the process of filing a complaint with a debt collection agency that has my number for no known reason and keeps calling me? Or is it a waste of time?

Last Answer : answer:The next time they call, tell them that the person they are trying to reach doesn't live there and if they call again you will be filing charges against them with a lawyer (even if the ... violation of them. If you tell them and they continue you would have a legitimate case for a lawsuit.

I found out my soon-to-be ex-husband's married girlfriend lied about filing for divorce. Should I tell him?

Description : I found out my soon-to-be ex-husband's married girlfriend lied about filing for divorce. Should I tell him?

Last Answer : No, don’t tell him. He either already knows, since he hasn’t moved in with her, or will find out eventually. If he finds out on his own, he can’t blame you for being the “bearer of bad news”. Welcome to Fluther and good luck.

What is your easy filing system for store receipts?

Description : What is your easy filing system for store receipts?

Last Answer : Easy…... the shredder system…. insert, buzz, gone. :-/

American Airlines may be filing for bankruptcy. My dad is a pilot for them. What does this mean for me?

Description : American Airlines may be filing for bankruptcy. My dad is a pilot for them. What does this mean for me?

Last Answer : Chances are that they are filing operating bankruptcy (Chapter 11) which means that they are reorganizing their debt structure while under the bankruptcy court’s protection, which is unlikely to mean any changes in staffing. Your dad’s job should be safe for now.

When metal is scratched does a small metal filing occur or a dent?

Description : When metal is scratched does a small metal filing occur or a dent?

Last Answer : Depends on what caused the mar.

Tips/tricks on saving/filing more efficiently using Windows 7?

Description : Tips/tricks on saving/filing more efficiently using Windows 7?

Last Answer : Investigate the Libraries. They are quite useful for organizing scattered files.