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Q. What do you mean by Management consulting ?
Management consulting or advisory services before Sarbanes-Oxley management advisory services were the fastest growing service area for most large and many smaller CPA firms. Management habitually identifies projects for which it decides to retain the services of a CPA. While the Sarbanes-Oxley Act specifically prohibits providing certain kinds of consulting services to a publicly held company by its external auditor. These services include information systems design and implementation, bookkeeping, appraisals or valuation services, internal audits, management and human resources services, broker/dealer and investment services, actuarial services and legal or expert services related to audit services. Accounting firms is able to perform many of these services for publicly held companies they don't audit. Other services not specifically banned are authorized if pre-approved by the company's audit committee.
In contrast to public an accountant who offers accounting services for many clients the management accountants provide accounting services for a single business. In a company with numerous management accountants the person in charge of the accounting activity is often the controller or chief financial officer.
Q. What do you mean by single proprietorship? A single proprietorship is a non incorporated business owned by an individual and often managed by that same person. Single propri
Q. What is dividend? One idea of the statement of retained earnings is to connect the income statement and the balance sheet. The statement of retained earnings describes the c
Q. Advantages and Disadvantages of LIFO? LIFO: Advantages (a) LIFO reports both sales revenue and cost of goods sold in current dollars and (b) lower income taxes result if use
Credit what comes in. Debit what goes out.
On 11/1/05 the Scranton Electric Company issued a check in the amount of $36,000 to the Fly By Night Insurance Company. The amount represented the total premiums on a liability ins
Q. Understand how to account for transportation costs? FOB terms are particularly important at the end of an accounting period. Goods in transit after that belong to either the
Benefites of Management accounting information To obtain this benefit, businesses have become more 'customer driven' (which is, concerned with satisfying customer needs). This
Accounting process in operation Micro Train Corporation is a small corporation that provides on-site personal computer software training using the clients' equipment. The compa
Concept of Conservatism: The concept of conservatism, also termed as the concept of prudence, is frequently stated as "anticipate no profit, give for all possible losses". It
Adjusting Journal Entries = These are the entries which are not recoded and is to be adjusted at the end of the year .For example; Supplies in hand Supplies expense A/C Dr. and
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