It Is Advised That You Have the Client Sign the Appropriate

question 2

Multiple Choice

It is advised that you have the client sign the appropriate release forms:

• A) ​Prior to your first meeting
• B) ​During the assessment
• C) ​After rapport has been established
• D) ​Never; it is not appropriate to exchange information

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Definitions:

Inventory of Supplies

The total value of supplies held by a company that are yet to be used in production or sold.

Supplies Account

An account used to track the cost of supplies used by a business during an accounting period.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditure to the correct accounting periods, ensuring the financial statements are in accordance with the accrual basis of accounting.

Annual Accounting Period

A 12-month timeframe over which a company measures its financial performance and prepares financial statements.