=+A7-1 Ethics and professional conduct in business ETHICS A7-2 The following is an excerpt from a conversation between two employees ofResource TechnoloFinancial vs. tax gies> Haley Eubanks and Clay Hamon. Haley is the accounts payable clerk, and Clay is the depreciation cashier.

Haley: Clay, could I get your opinion on something?

Clay: Sure, Haley.

Haley: Do you know Amber, the fixed assets clerk?

Clay: I know who she is, but I don’t know her real well. Why?

Haley: Well, I was talking to her at lunch last Monday about how she liked herjob, etc. You know, the usual... and she mentioned something about having to keep two sets ofbooks ... one for taxes and one for the financial statements. That can’t be good accounting, can it? What do you think?

Clay: Two sets ofbooks? It doesn’t sound right.

Haley: It doesn’t seem right to me either. I was always taught that you had to use generally accepted accounting principles. How can there be two sets of books? What can be the dif¬

ference between the two?