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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.
test 1
SALES DISCOUNTS AND CASH RECEIPTS JOURNAL SALES DISCOUNTS Sales discount is recorded as a reduction in sales revenue. CASH RECEIPTS JOURNAL Source documents: ca
Q. Describe the essential steps in the closing process? In accounting we habitually refer to the process of closing as closing the books. Remember that merely expense, revenue
The use of ledger accounts A journal entry is similar to a set of instructions. The execution of these instructions is known as posting. Since stated earlier posting is recordi
Note: All illegible answers will be marked incorrect, so please write legibly. If you type and submit the print out of your homework (not email), you will receive 5 points extra cr
Q. What are simple journal entries? To understand the cross-indexing and posting process trace the entries from the general journal to the general ledger. The ledgers accounts
Q. Comparability in accounting information? When comparability exists reported similarities and differences in financial information are real and not the result of differing ac
A business had always made a provision for doubtful debts at the rate of 5% of debtors. On 1 January 2017 the provision for doubtful debts brought forward from the previous year wa
The Bayside Company uses the LIFO cost flow method to value inventory. In the current year, profit at Bayside is running unusually high. The corporate tax rate is also high this ye
AL MASA a sole trader,decided to install a new machine to use within her sole trader business
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