In What Way Does the Public Accounting Profession in the United

question 31

Multiple Choice

In what way does the public accounting profession in the United Kingdom differ from the profession in the United States?

• A)Public accountants in the U.K.may not sign audit reports.
• B)Auditors in the U.K.do not need to be independent from their audit clients.
• C)Public accountants in the U.K.are paid by the government for their audit services.
• D)Public accountants in the U.K.are not required to have a university education.

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Definitions:

Ledger

A comprehensive collection of a company's accounts, where transactions are recorded in detail.

Account

A report or record that maintains the details of each financial transaction a company engages in.

Accounts Receivable

Money owed to a business by its customers from the sale of goods or services on credit.

Credit

A financial arrangement where a borrower receives something of value with the agreement to repay it later, often including interest.