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How would you respond to Nolan and Stacy if you were Rita

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Problem - The following is an excerpt from a conversation between two employees of WXT Technologies, Nolan Sears and Stacy Mays. Nolan is the accounts payable clerk, and Stacy is the cashier.

Nolan: Stacy, could I get your opinion on something?

Stacy: Sure, Nolan.

Nolan: Do you know Rita, the fixed assets clerk?

Stacy: I know who she is, but I don't know her very well. Why?

Nolan: Well, I was talking to her at lunch last Monday about how she liked her job. You know, the usual; and she mentioned something about having to keep two sets of books-one for taxes and one for the financial statements. That can't be good accounting, can it? What do you think?

Stacy: Two sets of books? It doesn't sound right.

Nolan: It doesn't seem right to me either. I was always taught that you had to use generally accepted accounting principles. How can there be two sets of books? What can be the difference between the two?

Required - How would you respond to Nolan and Stacy if you were Rita?

Reference no: EM132694423

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