SOX- Sarbanes-Bosley Act -initiated to stop abuses at companies that share stock to the public. -requires that these companies apply both accounting oversight & stringent internal controls -desired results are more transparency, accountability, & truthfulness in transaction recording

executives
managers
internal auditors
sales staff
budget analysts
controllers

SOX- Sarbanes-Bosley Act

-initiated to stop abuses at companies that share stock to the public.
-requires that these companies apply both accounting oversight & stringent internal controls
-desired results are more transparency, accountability, & truthfulness in transaction recording

Dodd-Frank Wall St. Reform & Customer Protection Act

-promote accountability
-put an end to “too big to fail”
-protects taxpayers by ending bailouts
-protects consumers from abusive financial services

Sustainability Accounting Standards Board (SASB)

nonprofit entity engaged in creating & disseminating sustainability accounting standards for companies

return on assets equation

net income/average total assets

equity equation

+owner’s capital
-owner withdrawals
+revenues
-expenses

asset accounts

cash
land
buildings
equipment
supplies
accounts receivable
notes receivable
prepaid accounts
anything that generates revenue

liability accounts

accounts payable
notes payable
accrued liabilities
unearned revenues

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