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The enactment of the Sarbanes-Oxley Act in 2002 was meant to reduce corporate financial fraud. This act shields investors from the possible harm that may be caused by corporations through fraudulent activities related to accounting. The act is based on strict guidelines for enhancing financial disclosures which minimize fraud in corporations’ accounting activities. The Sarbanes-Oxley Act has brought many changes both in management and in accounting for corporations. It also revolutionized the internal controls for public corporations. The internal control departments are important players who assist management in public corporations to fulfill their corporate governance potential. One of the major...

Financial and Managerial Accounting

Financial and Managerial Accounting Accounting may be referred to as the act of documenting, classifying and summarizing monetary transactions, business activities or events, and then interpreting the results. Entities use accounting information when they wish to keep track of their financial transactions for future references. For this matter, economic and management processes are two branches of an accounting system, where one stress on availing a correct and fair financial position of an organization. On the other hand, qualitative information is availed to the business leaders through managerial records, assisting construction of effective plans which aim at maximizing profit. Financial and...

Managerial accounting of Maroc steel

Maroc Steel Maghreb Steel Company Student Name: Institutional Affiliation: Abstract This paper provides an analysis of Maroc steel or Maghreb steel company in reference to the production costs, the pricing, the overall margins or net profit generated by the company and how that aspect impacts on the balance sheet over time. The essence of the report is thus to illustrate and explain the various approaches that may be adopted for purposes of cutting down on the costs or overall expenditure for the firm. The research outlines the various approaches that have been adopted by the company as well as the possible considerations /recommendations of strategies that may be cost efficient or beneficial...

McDonalds

Unit 4 Final Project Purchasing Process Introduction MacDonald’s is a first food chain which started its operations in the year 1940 by Maurice and Richard McDonald in the USA. The business was first started as a hamburger stand but later resorted to selling chicken products, cheeseburgers, breakfast items, French fries, desserts, soft drinks, wraps, and milkshakes. In response to consumer preferences over their unhealthy products, they have started selling fish, salads, and fruits. With the joining of Kroc Ray as a franchise agent, the business was wholly bought and continued with its operations from their Illinois headquarter. The company is known to be the largest restaurant chain...

Rules of Financial Reporting

Starbucks and GAAP Compliance Name Institutional Affiliation Date Starbucks and GAAP Compliance Control Procedures The rules used in financial reporting are contained in the generally accepted accounting principles that are often referred as (GAAP). These rules are made to regulate the information that a company releases (Morrow, 2009). The information will inform interested parties of the previous and anticipated performances of a company. This will help investors decide whether to involve their resources in activities of a company (Morrow, 2009). Without these rules, companies would be free to selectively determine what they want to report (Lohrey, 2018). This would lead to partial...

Accounting

Student’s Name: Course: Instructor: Date: There are several factors that are considered for one to be a certified management accountant. Some of the requirements include completing and passing of the CMA exams both part one and two. The individual must be an active member of the IMA and also must have two years experience in the financial management or management accounting ("Certified Management Accountant Education Requirements And Career Info" np). And also the accountant must be qualified as required by the independent evaluation agency regarding the degree that s/he hold from the college. On the other hand, for one to be a certified internal auditor, s/he must be a degree holder from the...

Anderson Manufacturing(XBRL-enabled Software)

Anderson Manufacturing (XBRL-enabled Software) Name Institution Anderson Manufacturing (XBRL-enabled Software) When the XBRL software is enabled, it means that there are the open specification and free royalty for XML data software tags to define financial data for private companies, public corporations besides other organizations. According to Plumlee and Plumlee (2008), most of the accounting software sellers will soon start using XBRL-enabled software or are using it in their production process. It applies a standard based approach which users can publish in different formats, prepare, analyze and exchange the information contained in financial statements. These qualities make XBRL...

auditing plan

Audit Planning Student Name Institutional Affiliation Abstract An audit planning for the audit of Keystone Computers & Network, Inc. (KCN) financial statements is vital because it guarantees various stakeholders that the firm complies with state laws, accounting and auditing standards. In the case of KCN, numerous accounting issues should be addressed as a way of making the books of accounts credible and relevant to users. Similarly, audit plan helps audit staff to comprehend the working environment; thus, enhancing effectiveness of the audit. For instance, auditors should be given an opportunity by the management to learn a few things about the company activities in the previous year. This...

Discussion

Foreign Country- For Moving Chapter I Discussion Name Date Institution Affiliation There are many factors that a business person considers before starting any business. The location of the business depends on where one will gather the most profits. The profits are determined by the market share, product lifecycle, economic growth, brand image, competition, and exchange rate. One must also consider the laws, rules, and regulations that govern the business. Hence, if it is legal, one is free to put up their businesses where the conditions are most favorable. The U.S government has seen most of its companies change their citizenship to minimize the tax rates being charged. The country imposes a 35% tax...

Finacial analysis

Financial Analysis of Starbucks Student name Institution Affiliation Financial Analysis of Starbucks Assessing the performance of an organization is vital for organizations in that they can focus on the future of the organization. Normally the assessment is done for one year. Financial analysis of the organization’s financial statements provides all the relevant information for the assessment of the company’s position and performance. Financial analysis refers to how the organization interprets its financial statements providing a full understanding of the financial stability as well as the profits of the organization. Some financial statements provide information for proper financial...