Which of the following is not a consequence of the standards overload problem to small businesses?
A) If a small business omits a GAAP requirement from audited financial statements, a qualified or adverse opinion may be rendered.
B) Small businesses do not need to keep financial records
C) The cost of complying with GAAP requirements may cause a small business to forgo the development of other, more relevant information.
D) Small CPA firms that audit smaller companies must keep up to date on all the same requirements as large international firms, but they cannot afford the specialists that are available on a centralized basis in the large firms.

Question

Quizplus · Accepted Answer

Small businesses still need to keep financial records, regardless of the standards overload problem. It is important for their own internal management and for tax purposes.

Which of the Following Is Not a Consequence of the Standards