Business, 27.02.2020 01:41, rafigm8780
Mike is a CPA. Widget, Inc., is an accrual-basis taxpayer. In Year 3, while preparing Widget’s Year 2 return, Mike discovered that Widget failed to include income on its Year 1 return that Widget received in Year 2 but that should have been included in income in Year 1 under the accrual method of accounting. What must Mike do?A. Advise Widget of the error and the consequences of the error.
B. Include the income on the Year 2 return.
C. Refuse to prepare Widget's Year 2 return until Widget agrees to amend its Year 1 return to include the amount of income.
D. Change Widget to the cash method of accounting.
Answers: 3
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Mike is a CPA. Widget, Inc., is an accrual-basis taxpayer. In Year 3, while preparing Widget’s Year...
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