Audit:
An audit is an activity performed by the auditor. An Auditor is one who checks the books of accounts of the company and gives remark on it. By his professional qualification he provides service to the society.
General Accepted Accounting Principles (GAAP):
This contains the accounting principle generally used in every corporation. This is based on the economic condition of country and differs from one country to another.
Ethics:
Ethics are the moral value that a person has to follow in society. Ethics are the principle that provides the knowledge of what is right, and what is wrong. Ethics definition is not same for every person, means one activity is right to one person but wrong in the eyes of another. Ethics depend on the human behavior and habits of the individual.
Tax Accounting:
The accounting in the context of tax is tax accounting. It is the branch of accounting. The tax accounting professional provides services to their clients related to the calculation of tax, filing of tax returns and other.
Securities and Exchange Commission (SEC):
The SEC is the independent body of the US. It is responsible for the maintenance of the function of the security market, protects the rights of investors and other responsibilities.
Public Accountant:
A public accountant is a certified accountant who provides services related to accounting to the clients. After completing the qualification, one has to take license to serve the public. They have to follow some code of ethics in practice. They provide assurance, financial accounting, tax filling, tax planning, management consulting and many more services to their clients.
Net Income:
Total earning of the company is called net income of the company. When the total expense deducted from the total revenue than the resultant is net income or ne loss.Net profit of the company is also called net profit. The investor can take a decision on the basis of net income of the company. If net income is more the investor attract to the company.
International Accounting Standards Board (IASB):
It is the independent body that makes standards for the company. It is set up by the International Financial Reporting Standards (IFRS).
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Chapter 1 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
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- Step by step correct answer. without using chatgpt. answer should be coarrow_forwardAnswer corarrow_forwardFinancing Deficit Stevens Textile Corporation's 2019 financial statements are shown below: Just need the correct LOC? Balance Sheet as of December 31, 2019 (Thousands of Dollars) Cash $ 1,080 Accounts payable $ 4,320 Receivables 6,480 Accruals 2,880 Inventories 9,000 Line of credit 0 Total current assets $16,560 Notes payable 2,100 Net fixed assets 12,600 Total current liabilities $ 9,300 Mortgage bonds 3,500 Common stock 3,500 Retained earnings 12,860 Total assets $29,160 Total liabilities and equity $29,160 Income Statement for December 31, 2019 (Thousands of Dollars) Sales $36,000 Operating costs 34,000 Earnings before interest and taxes $ 2,000 Interest 160 Pre-tax earnings $ 1,840 Taxes (25%) 460 Net income $ 1,380 Dividends (40%) $ 552 Addition to retained earnings $ 828 Stevens grew rapidly in 2019 and financed the growth with notes payable and long-term bonds. Stevens expects sales to…arrow_forward
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