By Don E. Garner
This publication is key for college students and practitioners in accounting, overseas company, finance, and economics. In an easy and readable variety, it makes a speciality of the altering accounting and auditing criteria in nationwide and worldwide economies within the post-Enron/Arthur Andersen period. The authors make clear the explanations at the back of and outcomes of the accounting profession's failure in auditing and self-regulation, as so much businesses put consulting earnings sooner than public audit tasks. They convey how Sarbanes-Oxley suggestions, whereas no longer excellent, are significant participants to the profession's redemption, and feature enabled it to upward push to new heights of provider and profit. The e-book deals an in depth exam of accounting practitioners' previous demanding situations and destiny customers. It presents a pragmatic research of particular matters dealing with accounting and auditing companies at the present time, together with the starting to be challenge of independence; the necessity for one set of overseas accounting criteria and one set of auditing criteria; alterations dealing with the worldwide economy; and the influence of the net and communique structures on accounting corporations.
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Additional info for Accounting and the Global Economy After Sarbanes-Oxley
In an LLC, the business—and not the members of the LLC—is liable for the company’s debts. This arrangement prevents an unethical partner from creating a large liability for the other partners, much like the protection a corporation has. Today most proprietorships and partnerships are organized as LLCs and LLPs. An LLC has one or more owners called members. Not-for-Profits A not-for-profit is an organization that has been approved by the Internal Revenue Service to operate for a religious, charitable, or educational purpose.
Bought $500 of office supplies on account. 4. Received $5,500 cash from clients for service revenue earned. 5. Performed services for clients on account, $3,000. 6. Paid cash expenses: computer rent, $600; office rent, $1,100; employee salary, $1,200; utilities, $400. 7. Paid $300 on the account payable created in transaction 3. 8. Bright buys $200 of groceries. This is not a transaction of the business. 9. Collected $1,000 on the account receivable created in transaction 5. 10. Sold land for cash at its cost of $9,000.
Unlimited Liability of Owner A proprietor has unlimited liability for the business’s debts. General partners in partnerships have the same liability; however, stockholders in corporations have limited liability. This unlimited liability makes owning a proprietorship unattractive due to the owner’s real fear of losing his or her personal wealth if the proprietorship fails. Unification of Ownership and Management The owners of a proprietorship also manage the business. This unification between owners and management is beneficial to the proprietorship and its sole owner because their goals are the same.
Accounting and the Global Economy After Sarbanes-Oxley by Don E. Garner