Once said incomprehensible jargon is the hallmark of

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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?” Identifying, recording, 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 on Wednesday)...
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This document was uploaded on 02/17/2014 for the course ACCTG 215 at University of Washington.

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