Accounting Laws Memo

1NameUnit nameUnit codeDateAccounting rules and laws in Puerto RicoAssuming a retail business is started which deal with barter and repair of furniture , there ar various laws which moldiness 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 are required by law to annually submit a monetary report to the office of department of state . such report should be submitted not later than 15th daytime of April . In growth the report should bear proper authentication i .e should be signed by the president or vice-president of the alliance and the treasure or assistant treasurer . The financial avouchment submitted should be prepared in accordance to the oecumenic acceptable business relationship principle fork outing the financial determine of the business at the end of the period .

In addition this financial report should be audited by certified man accountant who should give his opinion on whether the financial statement give a true and fair view and if they are prepared in accordance with the general acceptable accounting principle . The auditor should also state whether accounting policies pick up been consistently appliedThe auditing of financial statement is done to ensure that the company does not under estimation or over estimate it profit with a view to defraud the government or shareholder i .e . to ensure that the financial statement show a true and fair view of financial cognitive process of the business2Auditing is also...If you want to get a full essay, order it on our website: Ordercustompaper.com

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