The four most important ethical issues for financial auditors
For the purpose of this article I will explore the four main principles in the rules of conduct for auditors’ code of ethics. These principles are listed on the webpage of the institute of internal...
View ArticleThe Installment Method; is this another gray area in our tax system?
The installment method is another way to recognize revenue. It is very close to the cash method. The word explains it all “installment”. Sometimes sales are extended into different time periods and...
View ArticleStarting up a business: Is a partnership a good choice?
Before organizing a business there are several things that one should discuss with their partner. First of all, you should make sure that you have a business plan to answer many questions and to have...
View ArticleClarifying accumulated earnings & profits (E&P)
The amount of accumulated E&P (Earnings & Profit) is usually the amount of E&P at the end of the preceding tax year. The steps that are used to calculate accumulated E&P are:...
View ArticleTax advantages and disadvantages of an S Corporation
S corporations are corporations that elect to pass corporate income, losses, deductions and credit through to their shareholders for federal tax purposes. Shareholders of S corporations report the...
View ArticleHow are relational databases utilized in accounting?
A relational database is a database management system that uses the relational data model developed by Dr. E. F. Codd in 1970, these are the most commonly used databases. A database system allows...
View ArticleThe effects of the Sarbanes-Oxley (SOX) act
The Sarbanes-Oxley Act (SOX) was passed by Congress in 2002 following some huge accounting scandals in an attempt to address a number of weaknesses found in corporate financial reporting. These were...
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