One of the Problems in Using One Set of Accounting

question 95

Multiple Choice

One of the problems in using one set of accounting records for tax reporting and another set of records for internal management reporting is that ________.

• A) it is illegal as well as unethical to do so
• B) the tax authorities may suspect manipulation of records
• C) it is almost impossible to keep the records straight and hard to reconcile the books
• D) the shareholders do not approve of such methods and the market prices will decline

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Definitions:

Contemporary Culture

The set of shared attitudes, values, goals, and practices that characterizes an institution, organization, or group in the present day.

Abortion

A medical procedure resulting in the termination of a pregnancy, often invoking diverse ethical, moral, and legal considerations and debates.

Technological Change

The innovation and development of new products, processes, and methods in the use of technology, often leading to significant societal and economic shifts.

Sexual Revolution

The widespread changes in men’s and women’s roles and a greater public acceptance of sexuality as a normal part of social development.