Ts liquidating company inc xbox 360 updating libraries

External auditors examine financial statements to verify that they are prepared according to generally accepted accounting principles.

External users include lenders, shareholders, customers, and regulators.

ts liquidating company inc-9

The Sarbanes-Oxley Act (SOX) does not require public companies to apply both accounting oversight and stringent internal controls.

A partnership is a business owned by two or more people.

Internal operating activities include research and development, distribution, and human resources.

The primary objective of financial accounting is to provide general purpose financial statements to help external users analyze and interpret an organization’s activities.

The business entity assumption means that a business is accounted for separately from other business entities, including its owner or owners.

As a general rule, revenues should not be recognized in the accounting records until it is received in cash.

The business entity principle means that a business will continue operating for an indefinite period of time.

Generally accepted accounting principles are the basic assumptions, concepts, and guidelines for preparing financial statements.

Opportunities in accounting include auditing, consulting, market research, and tax planning.

Tags: , ,