The abbrevaition for the standrads of Accounting compliances for businesses. Is it SOCS?
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There are two ways to answer this question, because the FASB is what governs the GAAP ...\n\nFinancial Accounting Standards Board - FASB\nA seven-member independent board consisting of accounting professionals who establish and communicate standards of financial accounting and reporting in the United States. FASB standards, known as generally accepted accounting principles (GAAP), govern the preparation of corporate financial reports and are recognized as authoritative by the Securities and Exchange Commission.\n\nGenerally Accepted Accounting Principles - GAAP\nThe common set of accounting principles, standards and procedures that companies use to compile their financial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information.
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Auditing simply means that when some one cheks the system with the standards. In company auditing means that when a team of professional take out a perodical survey about the different activities going on in a company to measure the performance of the efficiency. \n\nFor Example if an XYZ company has a manufacturing plant. Then during auditing various aspects of that plant wil be examined and made sure that they work according to the company's standard.
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SECURITIES AND EXCHANGE COMMISSION \n17 CFR PARTS 228 and 229 \n\n[RELEASE NOS. 33-8177A; 34-47235A; File No. S7-40-02] \n\nRIN 3235-AI66 \n\nDISCLOSURE REQUIRED BY SECTIONS 406 AND 407 OF THE SARBANES-OXLEY ACT OF 2002; CORRECTION \n\nAGENCY: Securities and Exchange Commission. \n\nACTION: Corrections to final regulations. \n\nSUMMARY: We are making technical corrections to rules adopted in Release No. 33-8177 (January 23, 2003), which were published in the Federal Register on January 31, 2003 (68 FR 5110). The rules implement Sections 406 and 407 of the Sarbanes-Oxley Act of 2002 by requiring disclosures regarding audit committee financial experts and codes of ethics. This document amends an instruction to the rule to clarify that disclosures regarding audit committee financial experts are required only in annual reports. \n\nEFFECTIVE DATE: March 31, 2003 \n\nFOR FURTHER INFORMATION CONTACT: Ray Be, Special Counsel, Office of Rulemaking, Division of Corporation Finance, at (202) 942-2910, U.S. Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0312. \n\nSUPPLEMENTARY INFORMATION: \n\nI. Background\nOn January 23, 2003, the Commission adopted,1 among other things, amendments to Item 401 of Regulations S-K and S-B.2 These rules require disclosure of whether a company has an audit committee financial expert, as defined in the rule, serving on its audit committee. \n\nSubsequent to the adoption of the amendments, questions arose regarding whether the disclosures required by the new disclosure item must be provided in registration statements under the Securities Act of 19333 and the Securities Exchange Act of 1934.4 Although the discussion of these provisions in the adopting release makes clear that such disclosure is required only in a company's annual report, the new disclosure item did not clearly state that such disclosure is required only in annual reports. \n\nAccordingly, the amendments set forth in this document clarify that the rules require disclosure of whether a company has an audit committee financial expert serving on its audit committee only in an annual report. Although this disclosure is not required in any document other than the annual report, a company may, at its discretion, include the audit committee financial expert disclosure in its proxy or information statement and incorporate that disclosure into its annual report if it complies with applicable rules for incorporation by reference. The changes are technical corrections to clarify the rules as described in the original adopting release, and do not alter the forms in which the disclosure is required as described in the original adopting release. \n\nII. Need for Correction\nAs published, the final regulations contain errors which are in need of clarification. \n\nIII. Correction of Publication\nAccordingly, the publication on January 31, 2003 of the final rules (Release No. 33-8177) relating to the disclosure of whether a company has an audit committee financial expert serving on its audit committee and whether a company has adopted a code of ethics for its principal executive officer, principal financial officer, principal accounting officer and controller, which were the subject of FR Doc. 03-2018, is corrected as follows: \n\n§ 228.401 [Corrected] \n\nOn page 5126, in the first column, paragraph 1 to Instructions to Item 401(e) of §228.401 is corrected to read as follows: \n\n* * * * * \n\nInstructions to Item 401(e) \n\n1. The disclosure under Item 401(e) is required only in a small business issuer's annual report. The small business issuer need not provide the disclosure required by this Item 401(e) in a proxy or information statement unless that small business issuer is electing to incorporate this information by reference from the proxy or information statement into its annual report pursuant to general instruction E(3) to Form 10-KSB. \n\n* * * * * \n\n§ 229.401 [Corrected] \n\nOn page 5127, in the third co
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"S" is a IRS terminology that describes how you are treated tax wise so isn't really important here.\n\nThe liabilities are the corporation's liabilities unless you have personally signed for any of them.  For example, if you personally signed for a loan for the company, the bank can come after you personally.  However, if the liabilities are A/P, for example, they can only go after assets of the corporation.
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I hope by this time you might have gained the knowledge about SAP, regarding modules it has been classified as SD,MM,PP,FI,PS,PP,HR... based on your domian knowledge you gain in real time you can choose any of these modules. AS a programmer [ABAP] you should know the basic document flow of any three modules, as a functional consultant you have to keen about any one module. I wish you all the best
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Do check out the following for business finanace functions
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Public accounting firms can issue an opinion on financial statements as to their conformity with GAAP and employ CPA's.  Private acctg. firms usually specialize in tax issues and accounting services.
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The Sarbanes-Oxley Act of 2002, or SOX, is an attempt to implement accounting oversight and protect against Enron-type scandals.  It appears that many small companies affected by this law are finding it very expensive to comply.  This may make it difficult for any such company to carry on business, whether it be software testing or anything else.
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Accounting is the principles behind and the process of tracking the resources of a company to provide management information to the company and its stakeholders.\n\nThat's the one sentence answer. \n\nFor the rest, you can have a look at the CPA site, it was written by Uni Graduates, so it takes about 3 pages to say the same thing
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Maybe look into GASB34.  It's an accounting standard for government.  It is causing a lot of uproar because of what it means for asset management.  Hot topic right now.
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financial statements -are only a statement of the board  ,vouched that they reflect the true financials of the company.[mostly they are not].a good accountant -can detect the hidden flaws in the statements that the board wants us to read.stringent rules &punishments will deter the board and the auditing firms -to indulge in such acts .
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They passed the Sarbanes - Oxley Act of 2002. (Also called SOX) It requires a lot more paperwork & indepthness. It's purpose is to protect shareholders and increased accuracy on financial statements. The problem that still remains is "crooked" accountants that help these corporations cover up thier illegal activities.
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ACCA (Association of Chartered Certified Accountants) \nInternational accountancy body.\nCategory: Accounting and Auditing > Organizations\nwww.acca.co.uk - 26k - Cached - More from this site \nAssociation of Corporate Counsel - ACC \nThe in-house counsel ... ACC and Serengeti Release Sixth Annual Managing Outside Counsel ... Purchase Course Materials Today! 11/28 ACC and Osler Present ...www.acca.com
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http://www.aicpa.org/pubs/jofa/jul1999/financial_accounting.htm
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Are you asking about a particular countries set of laws? If so you need to specify. If you are requesting a definition, they are effectively codes of conduct in business and commerce.
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Some companies have ethnical standards and some don't. Every business needs an accountant and I really don't know how they can do bad things. Unless they are force to make up some numbers to overstate their profits and earnings, then the only person we can blame is the person who made that order. Accountants primary duties is to calculate numbers and put in data.
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Definitions of accounting on the Web:\n\n    * a convincing explanation that reveals basic causes; "he was unable to give a clear accounting for his actions"\n    * a system that provides quantitative information about finances\n    * accountancy: the occupation of maintaining and auditing records and preparing financial reports for a business\n    * a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts\n    * account: a statement of recent transactions and the resulting balance; "they send me an accounting every month"\n      wordnet.princeton.edu/perl/webwn\n\n    * Accountancy (British English) or accounting (American English) is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process of an independent review of financial statements in order to express an opinion as to the fairness and adherence to generally accepted accounting principles.\n      en.wikipedia.org/wiki/Accounting\n\n    * The overall process of identifying, measuring, recording, interpreting, and communicating the results of economic activity; tracking business income and expenses and using these numbers to answer specific questions about the financial and tax status of the business.\n      www.theaccountspayablenetwork.com/html/modules.php\n\n    * A service activity designed to accumulate, measure, and communicate financial information about economic entities for decision-making purposes.\n      www.finet.com.hk/accounting/a.htm\n\n    * The systematic recording, reporting, and analysis of financial transactions of a business.\n      www.unisys.com/common/investors/glossary/\n\n    * A comprehensive system for recording and summarizing business transactions.\n      www.extension.iastate.edu/agdm/wholefarm/html/c1-05.html\n\n    * The act of collecting information on resource usage for the purpose of capacity and trend analysis, cost allocation, auditing and billing. Accounting management requires that resource consumption be measured, rated, assigned, and communicated between appropriate parties. Typical information that is gathered in accounting is the identity of the user, the nature of the service delivered, when the service began, and when it ended.\n      tiefighter.et.tudelft.nl/~arthur/aaa/aaaterms.html\n\n    * The recording, classifying, summarizing, and interpreting in a significant manner and in terms of money, transactions, and events of a financial character.\n      www.business.gov/phases/launching/are_you_ready/glossary.html\n\n    * Accounting arrangement between operators concerning the declaration of accounts in Traditional Switched Transit. In Direct accounting, the operator originating the traffic sends each of the intervening operators a separate declaration and the payments due to them.\n      www.opentransit.francetelecom.com/m_tool_box/m02_glossary/m02_glossary_voice.asp\n\n    * The process of systematically recording, classifying, verifying and summarizing business transactions, and presenting this information in periodic, interpretative financial statements and reports.\n      www.ncbuy.com/credit/glossary.html\n\n    * 2003, vol. 13, issue 1, pages 69-81\n      econpapers.repec.org/article/tafacbsfi/v_3A13_3Ay_3A2003_3Ai_3A1_3Ap_3A69-81.htm\n\n    * The systematic recording, presentation and interpretation of the financial facts of an enterprise in such a manner as to permit effective management and provide the required information.\n      www.gov.nt.ca/FMBS/documents/FAMWeb/glossary.htm\n\n    * Recording information about finances in an accountable way.\n      osraids.org/index.php\n\n    * In information technology, accounting is the process of keeping track of a user's activity while accessing a network's resources, including the amount of time spent in the network, the services accessed while there and t