Business_Interviews

Business Interviews Business Interview What is an ‘S’ Corporation' An ‘S’ corporation is a regular corporation that has elected an ‘S Corporation’ tax status. It lets you enjoy the limited liability of a corporate shareholder but pay income taxes on the same basis as a sole proprietorship. In a regular corporation the company itself would be taxed on business profits. The S corporation it does not pay any income taxes. All business profits ‘pass through’ to the owners who report them on their personal income tax returns. While doing your job, what types of regulations and procedures need to be followed' There are many government-imposed regulations that need to be followed in the financial reporting. General Accepted Accounting Principles, SEC, and IRS are just a few that are in practice everyday. Financial reporting is the process of communicating financial accounting information about a company to external users. Companies present at least three major financial statements the balance statement, income statement, and a statement of cash flows. General Accepted Accounting Principles (GAAP) are the guidelines procedures, and practices that a company is required to use in recording and reporting the accounting information in its audited financial statements. GAAP define accepted accounting practices at a office, financial, tax, reporting, accounting, statement, small, income, each, demand, company, companies, services, same, report, price, practices, opposed, during, cost, corporation, clients, time, statements, since, securities, sec, profits, principles, handle, followed, firms, basis, based, advantage