HRB-27 Final Exam Review Questions
and Answers
What income reporting form should an independent contractor sometimes receive from the person who
paid him for his services? - Ans:-Form 1099-MISC (15.6)
Schedule C, Line F asks for the accounting method used in the business.
What is the differenc...
• Tax Professionals must have knowledge of tax law, and apply a reasonability check to the information
provided by their clients. (26.1)
What is a thorough interview? - Ans:✔✔-A thorough interview consists of asking general information
questions, then asking additional questions whenever information is incomplete or seems inaccurate or
inconsistent. (26.2)
What is a conflict of interest? - Ans:✔✔-A conflict of interest is when one's situation might benefit at the
expense of another's situation. (26.3)
What actions can resolve a conflict of interest? - Ans:✔✔-A conflict of interest is resolved when it is
acknowledged, disclosed to all parties, and the parties have consented to waiving the conflict. (26.3)
What client information is confidential? - Ans:✔✔-Any information that could potentially identify the
client is confidential.
Information includes (but is not limited to):
• Name
• Address and phone number
• Social security numbers
• Place of employment
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