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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.
#Q. Example on closing process?
What are the steps for Closing entries There is a certain order that should be used to close accounts: REID 1. Balance of the total R evenue to Income Summary 2. Bal
Any activity which you perform is assist if you comprise a set of rules to guide your efforts. Moreover, you determine that these rules are of more value to you if they are standar
White Lightning Inc. report income from continuing operation before income taxes of $626,000 for the year ended 12/31/2004. During October of 2004, White Lightning elected to phase
Trend Analysis : In the relative and common size financial statements, the data cannot be identified whether it is abnormal or normal as an essential standard is absent. To con
Q. Sales discounts and Sales returns? Sales discounts arise when the seller tenders the buyer a cash discount of 1 percent to 3 percent to induce early payment of an amount due
I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit
is accounting is an art or science
Illustrate about the matching principle This principle requires that expenses and revenue be recorded in accounting period in which they occur. For a net income figure to be a
Whats the use of accounting in our everyday life?
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