5:12? Expert Q8A Done 13 C Financial vs. tax depreciation The following is an excerpt from a conversation between two employees of WXT Technologies, Nolan Sears and Stacy Mays. Nolan is the accounts payable clerk, and Stacy is the cashier Nolan: Stacy,could I gt your opinion on something Stacy Sure, Nola Nolan Do you know Rita, the fixed assets clerk acy:I know who she is, but I don't know her eal wll Why olan Well, I was tallking to hor at lunch las Monday abo she liked her job, etc. You know, the saland she mentioned something about having to keep two sets of booksne for tases and one for the financial statements That can be good accounting can it? What do you think? acy: Two sets of hooks? It dost sound right Nolan: It doesnt seem right to me either. I was always taghe that you had to use generally accepted accounting principlies How can there be two scts of books? What can be the diffe btwom the two? How would you respond to Nolan and Stacy if you were Rita