ACCT 229 Exam 2 and IT Interview project directions

ACCT 229 Exam 2 and IT Interview project directions - ACCT...

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11/5/09 ACCT 229 EXAM 2 NOTES
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11/5/09 Cost Benefit: the benefit of knowing the info must exceed the cost of accumulating the info Conservatism: choose method that will NEVER understate Liabilities and Expenses, and NEVER overstate Assets or Revenues Materiality: the dollar magnitude of the transaction makes a difference in
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11/5/09 Full Disclosure: footnotes are a required disclosure of the annual report Consistency: “With the same company” same accounting method year after year Comparability: “between companies” comply to the same set of rules
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11/5/09 Reliability: Gives added assurance to user Representational Faithfullness: factual Verifiable: an external party has reviewed Unbiased: does not favor one party or another Relevance: knowing the info will make a difference to the decision
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Sarbanes-Oxley (SOX): purpose is to reform corporate accountability with criminal penalty for fraudulent disclosures
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ACCT 229 Exam 2 and IT Interview project directions - ACCT...

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