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 argon required by law to annually submit a monetary report to the office of department of land . such(prenominal) report should be submitted not later than 15th daytime of April . In growth the report should bear proper earmark i .e should be signed by the president or vice-president of the alliance and the treasure or assistant treasurer . The monetary avouchment submitted should be prepared in accordance to the oecumenical acceptable business relationship principle fork jaunt t he financial determine of the business at the end of the boundary .

In addition this financial report should be audited by certified man accountant who should give his opinion on whether the financial relation give a true and clean insure and if they are prepared in accordance with the world(a) acceptable accounting principle . The auditor should also state whether accounting policies pick up been consistently appliedThe auditing of financial statement is done to gibe that the company does not under idea 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 sensi! ble view of financial cognitive process of the business2Auditing is also...If you want to look at a full essay, order it on our website: BestEssayCheap.com

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