Defining and listing the functions of accounting.
The functions of accounting involve analyzing, recording, classifying, summarizing, reporting, and interpreting financial information.
Forms of business organization:
A sole proprietorship is a business owned by one person.
• A partnership is a business owned by two or more persons.
• A corporation is a business owned by stockholders.
• An LLC is owned by a limited number of stockholders.
The Sarbanes-Oxley Act helps prevent fraud at trading companies.
• GAAP and IFRS are guidelines established by U.S. (GAAP) and international (IFRS) accounting standard boards.