Progressive taxation * A tax rate is progressive if it increases as the tax base increases. Tax rates increase with increases in taxable income. * Examples: Federal income tax Federal estate Gift taxes Currently, there are six rates ranging from 10 to 35 percent (as per our study material Chapter 1) Annual median income (defining the upper and lower one-half of citizens) is about $33,000. Income of more than $340,000 puts a taxpayer in the top 1 percent of filers, and effective Federal
Words: 787 - Pages: 4
| 2013 | | FGI Consulting | [LJB Company] | This document is prepared for the President of LJB Company. Recommendations for IPO planning and Internal Control review to meet current status and carried over when the company is a publicly traded company. Controlled document 1A3872013 | In this document recommendations are presented for consideration for the current and future internal controls of the company and for the planning of its IPO. IPO It is important to understand that good
Words: 817 - Pages: 4
Guillermo Furniture Store Student Name Accounting/561 January 17, 2011 Professor Name Guillermo Furniture Store Guillermo has built a successful empire in the furniture business in the beautiful city of Sonora, Mexico. The reason behind his success is due to a large supply of timber that is available to him for producing a variety of tables and chairs. Furthermore, the labor costs for producing his furniture is relatively inexpensive, therefore, he is able to offer high quality
Words: 1576 - Pages: 7
International Convergence Course Project Acct 525 June 22, 2014 Over history, corporations have increased cross-border activity and increased foreign direct investment in various countries. As these international activities have evolved, the concept of having one worldwide set of accounting practice standards has been talked about in various depths and stages along the way. There have been attempts to make international financial reporting more streamlined. This paper is intended to
Words: 1663 - Pages: 7
Sarika Bond Auditing-Ambler Short Essay #2 November 3, 2009 Sarbanes-Oxley Act Provisions Publicly held companies are mandated to specific regulations of Sarbanes-Oxley Act; while privately held and non-profit companies are not specifically required to adopt the provisions of Sarbanes-Oxley Act (SOX). I don’t agree with private companies adopting the entire provision of Sarbanes-Oxley Act. I do support adopting certain parts of the Sarbanes-Oxley Act provision. It is cost prohibitive for
Words: 1244 - Pages: 5
In this week’s video, outsourcing is being discussed. In this case, outsourcing is the process of companies obtaining goods and services externally as opposed to doing it themselves. The primary benefits are that companies can become more efficient and cost-effective by doing so. Initially, these may be the primary motivators to outsource, but additional benefits could include better operation control, staffing flexibility, continuity and risk management, and the development of internal staff by
Words: 774 - Pages: 4
relevant facts. It is critical at this stage that we do not unintentionally bias our later decision by gathering only those facts in support of one particular outcome. * This movie is based on a true story. * Jordan Belfort is a son of two accountants. * Jordan does enough drugs to sedate the population of New York City. * Jordan’s favorite drug of choice is money. *
Words: 3170 - Pages: 13
In this week’s video, outsourcing is being discussed. In this case, outsourcing is the process of companies obtaining goods and services externally as opposed to doing it themselves. The primary benefits are that companies can become more efficient and cost-effective by doing so. Initially, these may be the primary motivators to outsource, but additional benefits could include better operation control, staffing flexibility, continuity and risk management, and the development of internal staff by
Words: 774 - Pages: 4
ACC/290 Principles of Accounting II Week 3 May 16, 2013 Team A Reflection Summary In week three, Team A began to learn about equity and investments, and how they correspond with organizational accounting. Among these topics, we collectively have learned to understand, comprehend, and apply the types of stocks, how they pertain to corporations, and how corporations issue them. Also in week three, Team A became versed in splits of stock, and how they
Words: 805 - Pages: 4
To: Professor Moffit From: Lloyd Johnson Date: February 26, 2015 Re: Should Companies be required to rotate their auditing firms on a regular basis? As an accountant entering the modern business world, a case instilled in our minds is the Enron Scandal. For accountants, this was an embarrassing scenario and by effect brought numerous reforms, laws, and regulations. Many of these rulings are apparent in the present corporate setting. The division of accounting most affected by this scandal was
Words: 1560 - Pages: 7
