Some Rules of Conduct Apply to Accountants in Public Practice

question 145

True/False

Some rules of conduct apply to accountants in public practice and not to those employed in industry.

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Definitions:

Credit Side

The right side of an accounting ledger where increases in liabilities, equity, and income or decreases in assets and expenses are recorded.

Equipment

Tangible property used in the operation of a business that is not intended for sale, typically having a useful life longer than one year.

Credit Side

The right side of a financial ledger, where increases in liabilities, equity, and revenue, and decreases in assets and expenses are recorded.

Chart Of Accounts

A numbering system of accounts that lists the account titles and account numbers to be used by a company.