Include an abstract. A running head is optional. Analyze reporting requirements for private sector, not-for-profit organizations under Financial Accounting Standard Board guidance. Compare and contrast accounting practices between the two different assignments. ACC 548 Week 5 Learning Team Assignment Reporting Requirements M to purchase http://allmysolution.com/ACC-548_c119.htm Product Description One issue in accounting is the qualifications of an accountant when working for a client.
2. Recognize and apply legal principles in the areas covered by the course when evaluating a proposal, writing a contract and/or making a recommendation to a client. 3. Understand product liability issues and recotnize contractual and non-contractual liability in business transactions. 4.
Under Section 404 of the act, these findings must detail any uncovered control deficiencies or instances of employee fraud, and must also be reviewed and attested by the registered accounting firm. The authors of the report must certify that the report does not contain any false information, misleading statements or significant omissions, and that the financial statements and information included in the report accurately represent the financial condition of the company. Under Section 401 of the act, this representation must account for both balance and off-balance sheet debts, obligations and transactions in order to facilitate maximum transparency for shareholders (Nikolas, Daniel. Nd Effects of the Sarbanes-Oxley Act). The act serves as a guideline and governs what an accountant should and should not do when reporting financial flows.
AUDIT PROGRAM DESIGN ACC/546 Anderson, Olds, Watershed, CPAs 111 Rock St Denver, CO 80465 Larry Lancaster Apollo Shoes, Inc 100 Shoe Plaza Shoetown, ME 00001 Mr. Lancaster The audit of financial statements will assess the internal controls in use by the organization and mandated by the Sarbanes-Oxley Act (SOX) of 2002. The purpose of SOX is to incorporate corporate responsibility relating to issues of financial reporting. Section 404 focuses on the internal controls that have been implemented by the company as the internal controls are designed to protect the organizations assets from loss. The internal controls also help the organization to streamline processes so that organizational goals can be achieved with the best rate of return when using available assets. This letter serves to provide Mr. Lancaster with an overview of section 404 and other regulations that relate to the audit of internal controls as well as a synopsis of internal control risks that have and will be identified within Apollo Shoes Inc.
True (f) The objective of financial reporting is the foundation from which the other aspects of the framework logically result. True E2-4 Instructions Identify the appropriate qualitative characteristic(s) to be used given the information provided below. (a) Qualitative characteristic being employed when companies in the same industry are using the same accounting principles. Comparability (b) Quality of information that confirms users’ earlier expectations. Confirmatory value (c) Imperative for providing comparisons of a company from period to period.
As controller, Wayne should inform management and understand what is acceptable according to the GAAP. Wayne Terrago should know where properly to report all financial expenses and income the company deals with. As controller it is part of his duty to express to the board the correct expensing of the advertising expense. He should know that advertising costs are generally expensed in the period in which they are incurred (Weygandt, Kieso, & Kimmel, 2010). Weygandt, J. J., Kieso, D. E., & Kimmel, P. D. (2010).
awrtuaworu artoawruor ouwropwauirawr powuerpo;;awrtja;wej;l.. Accounting Principles Business entity principle: Every business is accounted for separately from its owners personal activities. Going concern principle: The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless the evidence shows that it will not continue. Objectivity principle: The accounting guideline that requires financial statement information to be supported by independent , unbiased evidence
● ● Requires codes of ethics for senior financial officers. In addition, Section 404 of the Sarbanes-Oxley Act requires public companies to attest to the effectiveness of their internal controls over financial reporting. 29. Some major challenges facing the accounting profession relate to the following items: Nonfinancial measurement—how to report significant key performance measurements such as customer satisfaction indexes, backlog information and reject rates on goods purchased. Forward-looking information—how to report more future oriented information.
Financial Statement Paper P Agnes Pierre Louis ACC/280 September 26, 2011 Minh Truong Financial Statement Paper In today’s business world it is required to keep an accurate account for assets and liabilities of each company. Good and ethical accounting practices can build the base for a strong and profitable company if the information is used properly. The definition of accounting is obvious but one most know the purpose of accounting which will be covered in the following paragraphs. There are four financial statements that are prepared by companies in today’s society as a form of reporting accounting companies. Those statements are income statement, retained earnings statement, balance sheet, and statement of cash flows.
Accounting Principles & General Financial Ethical Standards Mark Bullock Acc/291 11-18-2013 John H Olarte Accounting Principles & General Financial Ethical Standards [pic] “Accounting and financial professionals must abide by ethical standards that regulate what kind of business they conduct, who they serve and how they use their skills. Ethical standards are determined largely by professional accounting and finance organizations and the Financial Accounting Standards Board. Small-business owners who plan to perform their own accounting services or hire accountants should be aware of accounting principles and general financial ethical standards so they can maintain a positive reputation for their businesses.” Ethics should always play a role in the businesses everyday life. Without ethics you really should think about closing your doors because it will eventually catch up with your company. Most companies live by the standards that G.A.A.P.