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Unformatted text preview: nt Kingman Brewster Jr.
once said, ‘Incomprehensible jargon is the
hallmark of a profession.’” • IASB Big 4: 4 largest accounting firms in the world
SOX: major legislation • IFRS
• Dr. and Cr. : debits and credits Setting up a business
• Sole proprietorships
Partnerships ➡ Corporations
- Private - Public Ownership structures
• Benefits of incorporating
- Limited liability - Dispersed owners
✓ - Contribute capital by purchasing stock
Elect a board of directors to oversee management Indefinite life • What are the costs of incorporating? - double taxation (earnings get taxed twice)
- lost of control for the founder of company
- expenses What is “Accounting?”
reporting and analyzing economic
transactions to provide useful
information so that interested
parties can make informed
decisions. My Model of Accounting
(A) Before next class...
• Attend your quiz section tomorrow (Wednesday)
• Read your text
• Explore Blackboard website
• Register for and get familiar with Connect. Then
complete the homework for Chapter 1 (due Jan 21)
• Print slides for next class (they will be posted by noon
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This document was uploaded on 02/17/2014 for the course ACCTG 215 at University of Washington.
- Spring '08