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    MD Saiful Islam
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    6 views1 page

    A69 - Why Two Sets of Books Are Maintained For Accounting

    Uploaded by

    MD Saiful Islam

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    #Accounting Discussion 8

    If I were Rita, I would tell Nolan and Stacy that it is very common for companies
    to prepare two sets of books for accounting and it is perfectly legal and normal too.
    One set of books is maintained for stockholders where the goal is to maximize
    income for the financial statements (GAAP) so that investors are intrigued to
    invest more. The other set of books is maintained for the Internal Revenue Service
    (IRS) to have a lower income on the tax returns so that they need not pay high
    taxes.

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