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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?
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What oath do the CPAs mentioned in the text take seriously?
What oath do the CPAs mentioned in the text take seriously?
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