Question 1 1. The principle or rule known as the maintenance of share capital is based on the need to protect shareholders and creditors. Share capital is the contribution made by shareholders by subscribing shares of the company. A company’s creditors can only look to the share capital for the payment in the event of a winding up. To protect creditors, a general rule known as the rule in Trevor v Whitworth was developed to prohibit a company from reducing its share capital because a reduction in
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equipment in the current business year instead of the next year. The staff did recognize that the Generally Accepted Accounting Principles should not be violated. However, they still contemplated violating the Sarbanes-Oxley Act by reporting sales that did not occur and going against reported financial controls. Not to mention the potential misleading financial information reported to the shareholders and the share price becoming falsely inflated. The Sarbanes-Oxley Act was instilled in 2002. In
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Accounting, “General Accepted accounting principles (GAAP) have substantial authoritative support. The American Institute of Certified Public Accountants (AICPA’s) code of professional conduct requires that members prepare financial statements in accordance with GAAP. Specifically rule 203 of this code prohibits a member from expressing an unqualified opinion for financial statements that contain a material departure from general accepted accounting principles” (Kimmel, Weygandt & Kieso, 2007, p. 12)
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University of Phoenix IT/244 Intro to IT Security Instructor’s Name: ROMEL LLARENA Date: April 13, 2014 Access Control Policy Due in Week Seven: Outline the Access Control Policy. Describe how access control methodologies work to secure information systems 1 Authentication Describe how and why authentication credentials are used to identify and control access to files, screens, and systems. Include a discussion of the principles of authentication such as passwords, multifactor
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companies make multiple reports available to their investors through their websites. Not only does these companies make their financial information available to the public, they must also send in detailed reports to the SEC. In this paper, we will be examining a world-wide publicly traded company, American Eagle Outfitters. We will be looking at the financial information that the company has made available for the public to see, as well as the annual form, or 10-K, that is filed with the SEC. FINANCIAL
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public resources. Scope Article 2- This Law covers the financial management and control of public administrations within the scope of general government, encompassing public administrations within the scope of central government, social security institutions, and local administrations. Without prejudice to the provisions of international agreements, the utilization and control of European Union funds and domestic and foreign resources allocated to public administrations shall be subject
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There are four basic assumptions in financial accounting. The first is the monetary unit assumption which states that a company can only report transaction information in financial records that can be expressed in a monetary amount. The next assumption is the economic entity assumption. This assumption states that the company’s financial information and activities need to be recorded separate from the owners and other entities. Next, the time period assumption tells companies to divide the economic life
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Legal Issues in Information Security 14 Executive Summery on Risk Mitigation Unit 9 ASSIGNMENT 1 ASSIGNMENT The protection of records that pertain to students is crucial in ensuring that their safety is not compromised. In doing so the following three things must be addressed in a very detailed and stringent manner. Confidentiality, Integrity, and Availability. These three facets of security are detrimental in the handling of information, whether it is student records or bank transaction
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Dr. Michael Workman Information Security Management RISK ASSESMENT Information systems have long been at some risk from malicious actions or inadvertent user errors and from natural and man-made disasters. In recent years, systems have become more susceptible to these threats because computers have become more interconnected and, thus, more interdependent and accessible to a larger number of individuals. In addition, the number of individuals with computer skills is increasing
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financial information for various accounting users like companies, clients, federal government, state, and local governments. Since there are many accounting users who are earnestly waiting to make life changing decisions based on the financial information they received from the accountants or auditors, it is imperative that financial information should be free of misleading information. If accountants are negligent in the process of carrying out their duties by providing misleading information, they
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