Accounting Laws Memo

1NameUnit nameUnit codeDateAccounting rules and laws in Puerto RicoAssuming a retail business is started which deal with swop and repair of furniture , there ar various laws which must be adhered to failure to which a fine will be imposed or certificate of incorporation may be revoked . Corporation which ar established in Puerto Rico ar required by law to annually submit a monetary report to the office of department of separate . such(prenominal) report should be submitted not later than 15th solar day of April . In growth the report should bear proper corroboration i .e should be signed by the president or vice-president of the alliance and the treasure or assistant treasurer . The pecuniary avouchment submitted should be prepared in accordance to the unsectarian acceptable business relationship principle fork sa shay the financial determine of the business at the end of the degree .

In addition this financial report should be audited by certified man accountant who should give his opinion on whether the financial account give a true and graceful watch out and if they are prepared in accordance with the oecumenical acceptable accounting principle . The auditor should also state whether accounting policies pick up been consistently appliedThe auditing of financial statement is done to study a line that the company does not under thought or over estimate it profit with a view to defraud the government or shareholder i .e . to ensure that th e financial statement show a true and comel! y view of financial cognitive process of the business2Auditing is also...If you want to get a full essay, order it on our website: BestEssayCheap.com

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