Which of the following countries allows firms to keep two separate sets of books, one for the stockholders and one for the tax authorities like the Internal Revenue Service?
A)United States only
B)United States and Japan
C)United States, Japan, and France
D)None of these options are correct.

Question

Quizplus · Accepted Answer

In the United States, firms are allowed to maintain two sets of books: one for financial reporting to stockholders and another for tax reporting to the IRS. This practice is not universally allowed in all countries.

Which of the Following Countries Allows Firms to Keep Two