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The SOX act was a rule that was passed by Congress in 2002 in the aims of protecting the investors from any fraudulent activities. According to the act, there was the enactment of strict reforms in order to improve the financial disclosures that occurred within any business and also to protect corporations and aid in the prevention of accounting fraud. The SOX has been effective. It had aided in increasing the audit commitment involvement. In the past, board seats were considered to bring…

Identify and describe your current life stage I am in the middle adulthood “a period of building up : building a family, building a career, increasing earned income, and accumulating assets.” (Rachel Siegel and Carol Yacht, 2107, p. 12). I have two different sources of income: employment and investment. I currently work two jobs and as an investment i rent out a property that pays itself. Besides this property, my other two valuable assets will include a car and a savings account. At this…

Where is Business Credit Reported? Written by Janet Gershen-Siegel As a small business owner, you've got a million things to do each day, even before you get up in the morning. Evaluating your business credit scores seems like it would be the last thing on your mind, behind everything from making shipments to handling payroll to hiring new workers. But you should not just let your business credit scores slide. By keeping on top of your business credit scores, you can get better credit terms or…

assignment, I got insight as to how he uses accounting information as a small business owner. In his daily job, Mr. Watson uses income statements, balance sheets, and cash flow reports in order to evaluate the progress of his company. When looking at these financial statements, he is able to regulate factors concerning the finances of his company. Financial statements help Mr. Watson observe how his company allocates its money to determine how to cut costs and maximize profits on sales. For…

The Chief Financial Officer David Dyck discovered $300-million in expenses were misclassified after he attempted a re-examination of the company’s accounting practices. CEO Dave Robert gained an “individual account” of 185%. When working out the full compensation, his total compensation roughly totalled $3.5 million for the year. After news of accounting irregularities, Penn West Petroleum Ltd. shares falling 17.4% before pulling back. Penn West shares closed at $8.57, down 13.78%, still some…

In December of 2015, FullCycle Energy named Sam Tabar as its chief operating officer, according to Private Equity Wire. Tabar is an attorney and financial strategist who has spent years managing the budgets of large institutions and corporations. Prior to signing on with FullCycle Energy, Tabar served as Merrill Lynch’s Bank of America head of capital financing. As head of Capital, Tabar worked would introduce hedge-fund managers to large groups of institutional investors that included…

The financial responsibility of a nonprofit governing board includes its ability to achieve the organization’s mission over time. How does the board and CEO/executive director address each of the following? • Oversight by state and federal regulators; • Identifying and managing financial risk; • Management of finances and fiduciary oversight; • Communicating financial transparency. The Board’s approach: • Oversight by state and federal regulators; When there is an evident oversight in the…

Revenue is considered one of the most significant measures used nowadays in the financial world to assess the results and to achieve proper recognition of revenue of paramount importance. It also operates the success of most businesses, as it is a means of generating profits and increasing equity. Revenue recognition is an accounting principle under generally accepted accounting principles (GAAP) that determines the specific conditions under which revenue is recognized or accounted for.…

ASDA: ASDA has across 500 suppliers over England, and it sells throughout 40,000 different products in their stores or supermarkets, which includes: clothing, household stocks and grocery items. ASDA also owns its petrol pumps and coffee café’s. It even provides the online shopping services. Job Roles and Functions: 1. Finance: The Finance Team is the main job at ASDA. The role of this job is to keep a record of the money formed from the sales, sending invoices and paying their staff’s salaries.…

chapter? In this topic, we talk about two tools the budget and the financial statements. These protect our capital from any effect of our financial decisions, help us evaluate options, consequences and they identify potential threats. The budget is an estimate of the income and expenses that will be taken in the project. Helps evaluate projects and proposals with a purpose of finalizing this. The financial statement provides a picture of our current economy, which shows where funds have been…