Accounting Ch10 part1

Accounting Ch10 part1 - Chapter 10: Corporate Governance,...

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Chapter 10: Corporate Governance, Explanatory Notes, and Other Disclosures Corporate governance – The strategies, behaviors, and structures that support the fulfillment by the board of directors and management of an entity’s citizenship responsibilities and the achievement of its economic performance. Explanatory notes to the financial statements – An integral part of the financial statements that contains explanations of accounting policies and descriptions of financial statement details. Financial review – Another name for the footnotes to the financial statements. The most powerful legislation to date has been the Sarbanes-Oxley Act (SOX) of 2002, which created the Public Company Accounting Oversight Board (PCAOB) as the authoritative watchdog over the accounting and auditing profession. Seven types of manipulative behaviors are: Recording revenue too soon or that is of questionable quality, recording bogus revenue, boosting income with one-time gains, shifting current expenses to a later or earlier period, failing to record or improperly
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This note was uploaded on 03/02/2011 for the course ACCT 502 taught by Professor Jaggi during the Fall '10 term at Rutgers.

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Accounting Ch10 part1 - Chapter 10: Corporate Governance,...

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