Regarding Discrepancies Between You and Your Client, Which of the Following

question 6

Multiple Choice

Regarding discrepancies between you and your client, which of the following is NOT true?

• A)​Never hide differences you may have with your client.
• B)​If you sense differences, support the client by listening.
• C)​Note your own or the client's discomfort with possible differences.
• D)If you listen carefully, most discrepancies with your client will disappear.

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Definitions:

Accrued Assets

Assets that are recognized on the balance sheet before they have been received or realized, often relating to income not yet received.

Reversing Entries

Journal entries made at the beginning of an accounting period to reverse or cancel out adjusting entries from the end of the previous period, simplifying the record of new transactions.

Adjusting Entries

Journal entries made at the end of an accounting period to update account balances before producing financial statements, necessary for the accrual basis of accounting.

GAAP

Generally Accepted Accounting Principles; a collection of standardized guidelines and practices for financial accounting.