FIN 324 Week 1 Summary

FIN 324 Week 1 Summary - so tempted to hide financial...

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I have learned that a lot of attention goes into preparing financial information. What I did find very helpful was reading the notes of the type of expense as well as what the funds were used for. Although computer programs like Quicken make it easier to use accounting, they do not replace the amount of analysis accountants use to make sure the accounts balance. The four steps in the accounting process are as follows: 1. Analyze transactions 2. Record the effect of transactions 3. Summarize the effects of transactions 4. Prepare reports I will say it was disappointing to find out that so many companies like World Com and Enron could be
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Unformatted text preview: so tempted to hide financial information from shareholders, the public, and its employees. Thankfully Bush signed off on the Sarbanes Oxley Act in 2002 so people can see exactly how well companies are performing instead of basing it on the just the firms accounting practices and the hopes that firms will hold up to their ethical obligations. There is a lot at stake if a company fails an accounting audit leaving the temptation to hide information....
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