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:

Supplies Expense

The cost associated with consumable items used during the business operations and not directly tied to the production of goods or services.

Fees Earned

Income earned from providing services or performing work, recognized in the accounting period when the services are rendered.

Cash

Money in the form of bills or coins; the most liquid asset available.

Accounts Receivable

Money owed to a business by its customers for goods or services delivered but not yet paid for, represented as an asset on the balance sheet.