Problem: You are asked to consult a friend who is opening a business in Puerto Rico. Your friend is unfamiliar with the accounting rules and laws that he or she must follow.
Discuss the accounting laws that will be relevant to your friend's business. Refer to www.michie.com/puertorico for information about Puerto Rico accounting laws. Provide reasoning as to why the laws are important and how they might affect the business, especially if they are ignored. You may choose the type of business (retail, manufacturing, etc) that your friend will be opening, but assume that it will be organized as a corporation.