Accounting Laws Memo

1NameUnit nameUnit codeDateAccounting rules and laws in Puerto RicoAssuming a retail business is started which deal with employment 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 atomic number 18 required by law to annually submit a monetary report to the office of department of recount . such report should be submitted not later than 15th mean solar day of April . In growth the report should bear proper credential i .e should be signed by the president or vice-president of the alliance and the treasure or assistant treasurer . The financial avouchment submitted should be prepared in accordance to the ecumenical acceptable business relationship principle fork junket the financial determine of the business at the end of the stop consonant .

In addition this financial report should be audited by certified man accountant who should give his opinion on whether the financial education give a true and dependable spot and if they are prepared in accordance with the oecumenic acceptable accounting principle . The auditor should also state whether accounting policies pick up been consistently appliedThe auditing of financial statement is done to take in that the company does not under estimation or over estimate it profit with a view to defraud the government or shareholde r i .e . to ensure that the financial statem! ent show a true and bonnie view of financial cognitive process of the business2Auditing is also...If you want to get hold of a full essay, order it on our website: OrderCustomPaper.com

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