BTEC LEVEL 3 DIPLOMA IN BUSINESS AND SCIENCE
UNIT6: Financial Accounting
TASK 1,
P1. Under this task as a group we will describe the effect of legislation and accounting principles and concepts on the policies.
Financial Regulations and Legislation
This research will be based on two very distinct organizations of which one is a non-profit organization and the other a profit oriented corporation. Both following accounting policies based on standardized concepts and frameworks.
The selected profit organization is
‘MICROSOFT’ is an American multinational technology company headquartered in Redmond, Washington, that develops, manufactures, licenses, supports and sells software, consumer and personal computers and services. Its best known software products are the Microsoft Windows line of operating systems, Microsoft Office, office suite, and Internet Explorer and Edge web browsers. It is the world's largest software maker by revenue, and one of the world's most valuable companies. It rose to dominate the personal computer operating system market with MS-DOS in the mid-1980s,
…show more content…
Board members are elected every year at the annual shareholders' meeting using a majority vote system. There are five committees within the board which oversee more specific matters. These committees include the Audit Committee, which handles accounting issues with the company including auditing and reporting; the Compensation Committee, which approves compensation for the CEO and other employees of the company; the Finance Committee, which handles financial matters such as proposing mergers and acquisitions; the Governance and Nominating Committee, which handles various corporate matters including nomination of the board; and the Antitrust Compliance Committee, which attempts to prevent company practices from violating antitrust