Guillermo Furniture Scenario

score 561 Week 1- Individual Assignment Guillermo piece of piece of furniture chime in Scenario University of Phoenix Professor Zandra Zamora November 10, 2009 Submitted by Yoshamira embrown Ethics is a very important factor in accounting system. Financial Accounting Standards Board is a private presidential term that formulates accounting standards. (Harrison, Horngren, & Oliver, 2009) A second organization, SEC, facilitates to establish accepted accounting principles.The Securities Exchange counselling requires companies to have their monetary statements audited by sovereign accountants. (Harrison, Horngren, & Oilver, 2009) We don’t necessity to experience the hardships that many stack dealt with following near of the world’s largest corporation and their demise. Enron was sited and reprimanded for report misleading data. WorldCom admitted accounting for expenses as thought they were assets (economic resources). (Harrison, Horngr en, & Oilver, 2009) Due to the wrong behavior of the onwards mentioned companies, many people lost their jobs. Investors were shake from the untimely debacle, and withdrew from investments. afterwards every(prenominal) the turmoil, government decided to act against the culprits and passed the Sarbanes Oxley answer. This Act make it a criminal offense to falsify financial statements.

(Bettner, Haka, Meigs, & Williams, 2003) Guillermo Furniture Store should always report all financial findings to the puritanical authorities. The financial statement should include all assets, liabilities, expenses, and candor th at the revisal holds. This will ensure tha! t we atomic number 18 in shape with all rules and regulations. As the new accountant, I feel that we should research the benefits of going away high tech. Maybe the usage of engineering science can help boost profits and wind into expenses that are involved with lug dollars. Guillermo should perform an experimental run, in which they cut labor jolly to invest in computers performing these survive related activities. These...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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