Internal Control Requirements for Publicly Traded Companies In a meeting last week‚ the president of LJB expressed interest of going public in the near future and asked us about the internal control requirements for such action. To become publicly listed‚ LJB must follow the Sarbanes-Oxley Act of 2002 (SOX)‚ which requires all US publicly traded companies to maintain an adequate system of internal control. Under SOX Section 404‚ a company must report on internal controls over financial reporting
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observations and conduct social research‚ such as Robert Nisbet’s “molecular cement” that links individuals into groups (Kimmel & Aronson‚ 2011‚ p. 66). EXANGE Exchange is often considered the most basic form of interaction. It is a common daily occurrence when individuals give things to each other. In a traditional societal setting‚ this sort of exchange can take place in many ways (Kimmel & Aronson‚ 2011). For example‚ a friendly wave can be interpreted as an act of kindness‚ where as an inappropriate
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assets on the balance sheet. “Assets consist of resources a business owns‚” (Kimmel‚ Weygandt‚ & Kieso‚ 2010‚ p. 12). Tangible assets would include land‚ land improvements‚ buildings‚ and equipment. These types of asset would be classified as fixed assets. “Intangible assets are rights‚ privileges‚ and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance‚” (Kimmel‚ Weygandt‚ & Kieso‚ 2010‚ p. 414). Types of intangible assets include
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income statement “reports the success or failure of the company’s operations for a period “(Kimmel‚ Weygandt‚ & Kieso‚ 2011‚ p. 11). The company’s revenues accompanied with its expenses are listed on the income statement. Statement of retained earnings “shows the amounts and causes of changes in retained earnings during the period. The period is the same as that covered by the income statement” (Kimmel‚ Weygandt‚ & Kieso‚ 2011‚ p. 13). The balance sheet “reports assets and claims to assets at
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will review. The third issue to discuss is what financial statements a creditor will review. The fourth will be what financial statements that management within a company will review. The first financial statement is the income statement (Kimmel et al‚ 2009). The income states will show the success or the failure of a company’s operations for a certain period. The income statement
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essential foundation for students to learn practices and state of mind. According to Kimmel and Holler (2011‚ 189)‚ “Hidden curriculum” educational program can be characterized as our casually connections of students with instructors and learn practices‚ mentality at school. It creates gender differences between boys and girls begin with the formal educational program‚ for example‚ the courses and activities at school. Kimmel and Holler (2011) argue that the hidden educational program is depicted as "concealed"
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replicas‚ such as an Easy-Bake Oven‚ which will prepare the girls for future "duties;" whereas‚ boys will play with toy cars and video games of violence or sports which will give the boys the masculine mindset necessary for future "success." Aaron Devor comments in "Gender Role Behaviors an Attitudes" about gender differences saying "The schema claims that males are innately aggressive and competitive and
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The purpose of balance sheets is to provide users with the current financial position of a business based on what it owns and owes (Kimmel‚ Weygandt‚ & Kieso‚ 2010). For instance‚ creditors analyze balance sheets to determine the likelihood a debt will be repaid (Kimmel‚ Weygandt‚ & Kieso‚ 2010). Income statements provide a summary of gains‚ losses‚ revenues‚ expenses‚ net income‚ and net loss of a business for a specific period (Hillstrom & Hillstrom
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What does it mean to be a “man?” Unfortunately‚ in American culture this is all too important of a question. According to sociologist‚ Michael Kimmel‚ being a (white) man entails having much anger‚ violence‚ and entitlement‚ which he describes further in his book: Angry White Men. These actions are also displayed in the 2007 film‚ The Departed‚ which follows the story of two white men on their journey to take on the Irish Mob along with the Massachusetts State Police Department. But‚ where do
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money (Weygandt‚ Kimmel‚ & Kieso‚ 2008). The purpose of the monetary unit assumptions is to only reflect the financial impact of the business. An economic entity assumption can be any unit or organization within a society which requires that the activities of the entity be kept separate and distinct from the activities of the owners and all other economic entities‚ ensuring transactions between businesses or personal and business activities are kept separate (Weygandt‚ Kimmel‚ & Kieso‚ 2008)
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