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KIC000068 - ~ Reliability lo-Comparability s-Consistency 12...

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Footnotes (Notes) to the Financial Statements >- Purpose: to provide supplemental information abour the financial condition of a company without which the financial statements can not be fully understood »Three typesof footnotes: * describe accounting rules used '"provide detail of specific item on financial statements * disclose information not shown on financial .~""l~4 statements 10 GAAP (Generally Accepted Accounting Principles) Jo>themeasurement rules used to develop the information in financial statements )ooSEC has power to determine rules however the FASB is the actual rule setting body and the PCAOB approve those rules 11 Qualitative Characteristics of Accounting
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Unformatted text preview: ~ Reliability: lo-Comparability: s-Consistency: 12 ClIop.l C' 'I'-I Chip. I • I Accounting Ethics ~Management is primarily responsible for the Information contained in the financial statements >-Role of auditors }l> In response to the accounting issues in early 2000s. U.S. Congress issued the Sarbanes-Oxley Act of 2002 (SOX) 13 Types of Business Entities s-so!e proprietorship »partnersbip »corporauon 14 Incorporation » Advantages: '"ability to mise capital '"ease of transfer of ownership "Iimited liability of stockholder )- Disadvantage: 'DOUBLE TAXATION rs 0.,., 0.,.'...
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