In the wake of the corporate scandals like those at Enron, Tyco International and WorldCom that ripped apart the financial interests of thousands of shareholders and retirement plan investors, lawmakers and professional bodies decided to tighten the grip on financial reporting norms. Sarbanes-Oxley Act is the response to the malicious accountin

Business is composed of a set of interrelated systems that ensure the smooth flow of business processes and convert capital to revenue efficiently. It is important for a business owner to consider each component as if it is just the existing system inside the process. Thus, utmost importance and consideration must be given to each process component

Tax time is just around the corner and so now is the time to know how to prepare to file your taxes. How often have you questioned yourself at the last minute wondering if you had everything you needed for your taxes? Even when the tax laws change almost yearly the basic never change. So there is no reason why this information isn't all ready in

Since the majority of taxi drivers, but certainly not all, have little accounting or bookkeeping knowledge the lower the level of expertise required the more suitable such an accounts package will be. Data entry basically consists of just 3 records, being an excel spreadsheet for taxi receipts; another for taxi expenses plus a further worksheet in

It is not just enough that you increase your sales or area of operations. You need to know whether you are actually making a profit or not. If you do not do this exercise, you will not likely judge whether your business is successful or not. Moreover, keeping track of your profit is the best way to measure effectiveness of other functions like pr

A companys financial position indicates the amount of resources that they have, and also the claims against those precious resources at any time. Claims can also be referred as equities. So, a company can be known as a combination of economic resources and equities. Economic Resource=Equities. No mater what type of business your in, every typ

Accounting fraud is often characterized by the: 1. Misuse/misdirection of funds 2. Understating/overstating of revenues 3. Understating/overstating of expenses 4. Overstating of corporate asset values 5. Underreporting of liabilities Prosecuting accounting fraud is often aided by a whistleblower disclosing unethical practices or unlawful

While attending a recent annual conference I ran into Jim-just as I do each and every year. Jim is short and stout, usually a little disheveled but typically with a jovial attitude-A Santa Claus without the boots, red robe and "ho ho ho". This time, however, something was different. He wore a look of frustration like the one I used to give my fa

You better think again if you think that making a hotel reservation nowadays is that tedious. In this modern day and age, you don't necessarily have to call the hotel to make a reservation or consult with hotel personnel as to their room rates and available dates. It's good that you wouldn't have to be put on hold as you wait for someone on the oth

Oftentimes when I meet someone for the second or third time, they say, arent you in accounting? While I am into accounting, which is the methodology and measuring aspect of my work, the profession as a whole is better labeled as accountancy. Accountancy is the profession and accounting it the methods by which accountants measure, track and repor

Many women feel that if they keep a pair of shoes long enough, they will return to the top of the acceptable fashion footwear styles of the year. As people shop for shoes, they come across many shoe styles that are vintage and some are certain to bring back some fun memories. A hand tooled slingback wedge might help some women remember a day at the

If your company intends to indefinitely reinvest all of your CFC's accumulated unremitted earnings, can your company utilize the APB 23 exception to not record deferred taxes on the portion of your CFC's unremitted earnings that relate to your CFC's investment in another 30% owned foreign subsidiary. Facts: Company A operates in the United S

Sunk costs are usually defined as previously incurred costs that are not recoverable and should not be taken into account in decision making. Here is a slightly modified example of a sunk cost from Jerold Zimmerman's "Accounting for Decision Making and Control" (Irwin McGraw-Hill): Example. Abadabba Berman, the comptroller of the Schultz Cement

Internal Revenue Code ("Code") section 864(e), implemented through Temp. Treas. Reg. Sec. 1.861-11T, requires all members of a "domestic affiliated group" to be treated as one corporation for purposes of allocating interest expense between domestic and foreign source income. Therefore, by applying this rule, the foreign-source income derived from a

There are many ways to find online shopping deals if the shopper knows what to look for. Online shoppers have probably become totally familiar with the way online websites operate and know very well how to apply discounts when using the shopping cart. Some of the deals that people seek are those discounts offered in the check-out phase of an online