The product that distinguishes a public accountant from an accountant employed in industry is:

Answer

The audit opinion on the financial statements

Options - A. The tax return filed on the company's behalf - B. The annual budget and its variance report - C. The audit opinion on the financial statements - D. The valuation report on a business being sold Why - A. Tax returns are prepared on both sides of the line — by firms for clients and by industry accountants for their own employer. - B. The budget is the industry accountant’s product; it faces inward and nobody outside relies on it. - C. Correct — a fee-based, independent opinion that outsiders rely on is what only the public accountant produces. - D. A valuation report is the valuation-and-consulting branch’s product, not the line between public and private.

OpenStax Bus 14.2, 16.1 (A); SAF design-your-degree (V, F2.5-c); concept map M01, M02