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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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This note was uploaded on 09/01/2011 for the course ACCT 284 taught by Professor Clem during the Fall '08 term at Iowa State.
- Fall '08