Is a record kept of all goods sold and purchased as well as all the buyers and sellers so that they can all be identified?*

Many of the questions that we have suggested in previous chapters that nonaccountants should ask are of relevance in this chapter. For example, the various accounting rules adopted by the accountants in preparing the company’s profit and loss and balance sheet, especially those have a significant impact on revenue recognition, stock valuation, depreciation and provisions for bad and doubtful debts.