Accounting Laws Memo

1NameUnit nameUnit codeDateAccounting rules and laws in Puerto RicoAssuming a retail business is started which deal with vocation and repair of furniture , there ar various laws which mustiness 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 be required by law to annually submit a monetary report to the office of department of land . such report should be submitted not later than 15th solar day of April . In growth the report should bear proper hallmark 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 oecumenical acceptable business relationship principle fork picnic the f inancial determine of the business at the end of the rate of flow .

In addition this financial report should be audited by certified man accountant who should give his opinion on whether the financial program line give a true and clean own and if they are prepared in accordance with the commonplace acceptable accounting principle . The auditor should also state whether accounting policies pick up been consistently appliedThe auditing of financial statement is done to construe that the company does not under attachment or over estimate it profit with a view to defraud the government or shareholder i .e . to ensure that the financi al statement show a true and bewitching vie! w 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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