Using the account format to prepare a balance sheet is
A) as acceptable as using a report format.
B) an unacceptable method under GAAP rules.
C) permitted as long as the company has $1 million or less in total assets.
D) permitted as long as the company has $1 million or less in total revenues.
E) used primarily by companies following IFRS.
A
You might also like to view...
The financial performance of lodging properties has been historically cyclical
a. true b. false
Under the Code of Ethics for CPAs, what should a CPA do in regards to their responsibilities as a professional?
A) The CPA should demonstrate commitment to the profession by respecting and maintaining the public trust. B) The CPA should perform all professional activities with highest regards for integrity. C) The CPA should exercise "due care," through professional improvement. D) The CPA should avoid conflicts of interest and the appearance of conflicts of interest in performing their professional responsibilities. E) The CPA should use a high level of morality that is sensitive to bringing credit to their profession.