Podcast
Questions and Answers
What is the most common practice when granting bank account access to accountants?
What is the most common practice when granting bank account access to accountants?
- Providing access to pay bills and make transfers
- Granting 'View Only' access (correct)
- Granting full transactional access
- Sharing login credentials
What is the significance of looking at bank statements for accountants?
What is the significance of looking at bank statements for accountants?
- Monitoring stock market investments
- Gathering accurate information on expenses, income, and cash flow (correct)
- Tracking personal expenses of the business owner
- Verifying employee salaries
What is essential for a long-lasting relationship with an accountant?
What is essential for a long-lasting relationship with an accountant?
- Frequent changes in accountants
- Strict control over information
- Trust and transparency (correct)
- Regular financial audits
What does granting 'View Only' access allow accountants to do?
What does granting 'View Only' access allow accountants to do?
What oath do the CPAs mentioned in the text take seriously?
What oath do the CPAs mentioned in the text take seriously?
Flashcards
Bank Account Access for Accountants
Bank Account Access for Accountants
The most common practice when granting bank account access to accountants is granting 'View Only' access.
Importance of Bank Statements
Importance of Bank Statements
Looking at bank statements helps accountants gather accurate information on expenses, income, and cash flow.
Accountant Relationship
Accountant Relationship
For a long-lasting relationship with an accountant, trust and transparency are essential.
'View Only' Access
'View Only' Access
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CPA Oath
CPA Oath
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