Audit
The first phase in an audit, this process involves the auditor reviewing the client's financial records and assessing risks
What is planning?
This occurs when a taxpayer deliberately avoids paying taxes, which can lead to criminal charges
Holden Caulfield
What is The Catcher in the Rye?
This man holds the record as the NBA all time point scorer (41,021 as of Wednesday)
Who is LeBron James?
This founding father is the only non-president to appear on standard U.S. currency
Who is Benjamin Franklin?
This type of audit opinion is issued when auditors believe the financial statements are free of material misstatement
What is an unmodified/unqualified opinion?
This type of deduction reduces your taxable income based on certain qualified expenses, like mortgage interest or medical expenses
What is an itemized deduction?
Winston Smith
What is 1984?
This man holds the record for most major tournament titles in tennis, currently standing at 24
Who is Novak Djokovic?
The procedures and principals set in place to prevent one branch of government from becoming too powerful
What are separation of powers or checks and balances?
This procedure involves comparing a company's financial data to correspondence received from external sources, to test the valuation of the data
What is confirmation?
This special tax incentive encourages businesses to invest in certain types of property by allowing them to deduct more of the cost in the year of purchase
What is bonus depreciation?
George Milton and Lennie Small
What is Of Mice and Men?
This Olympic hockey game took place on February 22, 1980, in which the United States upset the heavily favored Soviet Union with a score of 4-3
What is "The Miracle on Ice"?
Written in the summer of 1789 in what is now known as Independence Hall, this document was created to serve as a replacement for the ineffective Articles of Confederation
What is The Constitution?
The federal award expenditure threshold currently in place for when a single audit is required
What is $1,000,000?
This credit, available to taxpayers who have completed post-secondary education, can offset the cost of tuition and related expenses
What is the American Opportunity Credit?
Nick Carraway
This man holds the record for longest hitting streak in Major League Baseball history, having reached a base by way of a hit for 56 straight games in 1941
Who is Joe DiMaggio?
This system of government, where power is divided between a central government and individual states, is enshrined in the U.S. Constitution
What is Federalism?
The regulatory entity that issues auditing, attestation, and quality control standards for non-public companies
What is the Accounting Standards Board (ASB)?
This tax is levied on the value of goods as they cross international borders
What is a customs duty or tariff?
Rodian Romanovich Raskolnikov
What is Crime and Punishment?
On March 2, 1962, this man set the NBA single-game scoring record with 100 points in the Philadelphia Warriors' 169-147 win over the New York Knicks
Who is Wilt Chamberlain?
These two former presidents, and long-time political rivals, died on the same day, just hours apart from each other. The day just happened to be the 50th anniversary of the United States
Who are Thomas Jefferson and John Adams?