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Below Is a List of Activities Performed by Gila and Greenlee

Question 79

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Below is a list of activities performed by Gila and Greenlee, a CPA firm. Indicate whether each activity is a value-added activity or a non-value added activity.

Premises:
Paying the accounts payable
Preparing financial statements for clients
Preparing tax returns for clients
Assisting clients with their accounting systems
Preparing internal financial statements
Reformatting layout of financial statements
Helping clients to develop tax-saving strategies
Redesigning its website
Maintaining computer systems
Updating clients' fixed asset records
Responses:
value-added
non-value added

Correct Answer:

Paying the accounts payable
Preparing financial statements for clients
Preparing tax returns for clients
Assisting clients with their accounting systems
Preparing internal financial statements
Reformatting layout of financial statements
Helping clients to develop tax-saving strategies
Redesigning its website
Maintaining computer systems
Updating clients' fixed asset records
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