The AICPA and IFAC Codes of Conduct Are

question 12

Multiple Choice

The AICPA and IFAC Codes of Conduct are:

• A) Substantially similar, but not identical
• B) Identical, except that the AICPA Code applies to Certified Public Accountants and the IFAC Code applies to other professional accountants
• C) Identical, except that the AICPA Code applies to accountants licensed in the United States and the IFAC Code applies to professional accountants licensed outside the United States
• D) Identical, except that the AICPA Code applies to individual accountants and the IFAC Code applies to accounting firms and other organizations of accountants

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Definitions:

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life.

Financing Activity

Activities that result in changes in the size and composition of the equity capital or borrowings of the entity.

Operating Activity

Transactions and events that are directly involved in the primary operations of a business, such as sales and service revenue, and associated costs.

Change In Cash

The difference in a company's cash balance over a specified period, resulting from its operating, investing, and financing activities.