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Q. Show accounting deception situations?
In 2002 The Sarbanes-Oxley Act was approved. The Act was approved as one result of the large losses to the employees and investors from accounting deception situations involving companies such as Enron and WorldCom. The Act makes the Public Company Accounting Oversight Board. The Board have five members appointed and overseen by the Securities and Exchange Commission. The Board investigates and oversees the audits and auditors of public companies and can sanction both firms and individuals for violations of regulations, laws, and rules. The Chief Financial Officer and Chief Executive Officer of a public company must now certify the company's financial statements. Corporate audit committees before the corporate management are now responsible for compensating, hiring, and overseeing the external auditors.
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Consignor is the person who is the holder of the goods and who distribute the goods to the consignee. Consignee is the person who takes the goods and he just possesses the goods
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Tips to be keep in mind while preparing the Financial Statements : 1. Objects given in the trial balance must be revealed only once as it is assumed that they are already adjust
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Inflation Accounting: It is related along with the adjustment in the value of assets that is current and fixed and of income in the light of changes in the price level. In a
Q. Describe about chain discount? Occasionally the list price of a product is subject to several trade discounts this series of discounts is a chain discount. Chain discounts s
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