Unit 20 Reading Activity Plus Questions

Read the following text and then complete the activities that follow.
UK

Slang

{In the offices of a small accounting practice}

Mark (supervisor): Morning James.

James: Morning boss

Mark: How is it going with the tax return for KPL?

James: I have almost finished, but most of the supporting documents were PBC, so they really need to be double-checked before we can submit the return.

Mark: I don't know why they bother with those reports. Each year I tell them that it would be easier if we prepared them ourselves. I mean they have no idea on what they are doing with them!.

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Quiz: Reading Questions

1. When documents are PBC, understanding them is like herding cats and the client is not always in the ballpark with forecasts and budgets, not to mention that sometimes accountants hold fire for missing documents.
2. Cooking the books, using loopholes, and preparing everything above board and in the back door are good accounting practices.
3. “Blowing an investment budget by the close of play thinking it was a bull market” means investing all your money before the end of the day because the market is on the rise.
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