By Don E. Garner

ISBN-10: 076561376X

ISBN-13: 9780765613769

ISBN-10: 0765624605

ISBN-13: 9780765624604

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

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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.

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Accounting and the Global Economy After Sarbanes-Oxley by Don E. Garner

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