Compare the American Institute of CPAs' (AICPA) Statements on Tax Standards (SSTS) and the Treasury Department Circular 230 rules to practice before the Internal Revenue Service (IRS). Suggest which document creates better guidance in the preparation of tax returns and written advice provided to taxpayers.

Imagine that you are a CPA, and there is a conflict in the Circular 230 and the SSTS. Identify the guidelines that you would use, and support your selection.

1. PepsiCo, near the top of table 2-5 in the chapter, is a company that provides comprehensive finicial statements. Go to finance.yahoo.com. In the box next to "Get Quotes" type in its ticker symbol PEP and click.

2. Scroll all the way down to "Finicials" and click on "Income Statement."

Compute the annual Percentage change between the three years for the following:
a. total Revenue
b. Net Income Applicable to Common Shares

3. Now click on "Balance Sheet" and compute the annual percentage change between the three years for the following:

a. Total Assests
b.Total Liabilities