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ACCT Question 7




Read and Answer the following thoroughly. Minimum 250, 2 references, and format required.;The following is an excerpt from a conversation between two employees of Linquest Technologies, Don Corbet and Rita Shevlin. Don is the accounts payable clerk, and Rita is the cashier.;Don: Rita, could I get your opinion on something?;Rita: Sure, Don.;Don: Do you know Margaret, the fixed assets clerk?;Rita: I know who she is, but I don?t know her real well. Why?;Don: Well, I was talking to her at lunch last Tuesday about how she liked her job, etc. You know, the usual ? and she mentioned something about having to keep two sets of books ? one for taxes and one for the financial statements. That can?t be good accounting, can it? What do you think?;Rita: Two sets of books? It doesn?t sound right.;Don: It doesn?t seem right to me either. I was always taught that you had to use generally accepted accounting principles. How can there be two sets of books? What could be the difference between the two?;How would you respond to Rita and Don if you were Margaret?


Paper#76602 | Written in 18-Jul-2015

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