Parks Corporation decides to part ways with its current accountant and start fresh with new accountant....
Parks Corporation decides to part ways with its current accountant and start fresh with new accountant. The new accountant prepares financial reports that ends up being identical to the old accountant, This is attributable to
| A. |
the two accountants have the same or close to the same ethics |
|
| B. |
following GAAP |
|
| C. |
following the AICPA |
|
| D. |
following general auditing standards |
Homework Answers
The correct option is 'B'.
The new accountant prepares financial reports that ends up being identical to the old accountant because of GAAP (General Accepted Accounting Principles). Both the accountants must have followed same principles that is why report resulted to be identical.
Ethics and Auditing standards have nothing to do with it. AICPA gives the manner in which accounting is to be done.
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