Re: Meeting notes from ANSI X.9 Meeting on Electronic Payment

["E. ALLEN SMITH" <EALLENSMITH@mbcl.rutgers.edu>]

From:	IN%"pfarrell@netcom.com"  5-DEC-1995 02:49:01.83

Accountants know how to meet acceptable auditing standards when
transactions are in cash. I learned this from the CPA I live
with.
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	How does this work? While I can see tracking expenditures (i.e.,
the advertized price of an item and the amount of that item purchased by a
store), it would appear decidedly more difficult in the case of service
companies (and even more so for self-employed individuals). I am not referring
to a company being able to keep track of its own books; I am referring to the
IRS accepting those books as the real ones, when a large part of the company's
income is in cash and therefore hard to trace.
	-Allen