Biology Forums - Study Force

The section of Sarbanes Oxley that requires a company's CEO and CFO to certify quarterly and annual reports is _____________________________ _.
 Fill in the blank(s) with correct word

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(Q. 2) All of the following costs would be included in the Land account when land is purchased EXCEPT ________.
 
  A) the costs associated with paving a parking lot on the land
  B) the realtor's fee
  C) costs to prepare the land for use such as removing a tree stump
  D) the fee paid to transfer title to the land

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(Q. 3) FICA taxes include amounts for both Social Security but not Medicare programs.
 a. True
   b. False
   Indicate whether the statement is true or false

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(Q. 4) Which of the following statements is FALSE?
 
  A) The allowance method is a GAAP method.
  B) The direct write-off method violates the matching principle.
  C) Under the direct write-off method, accounts are expensed when they are identified as uncollectible.
  D) Under the allowance method, amounts written off are recorded as bad debts expense.

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(Q. 5) The three inventory costing methods will normally each yield different amounts of net income.
 a. True
  b. False
 
   Indicate whether the statement is true or false

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(Q. 6) Both Company A and Company B use accrual accounting. Both have 80,000 in sales revenues and 50,000 in expenses for their first month of business. Company A allows cash sales only.
 
  Company B sells to its customers on account and as of the end of the month its customers owe 30,000. Show how Company A's and B's four financial statements compare by putting an X under either the Same or Different column for each of the statements.
 
   Same Different
  1. Income Statement
  2. Statement of Changes in Shareholders' Equity
  3. Statement of Cash Flows
  4. Balance Sheet

1)  Corporate Responsibility, Section 302
Corporate Responsibility
Section 302

2)  A

3)  FALSE

4)  D

5)  TRUE

6)  Same Different
1. Income Statement X
2. Statement of Changes in Shareholders' Equity X
3. Statement of Cash Flows X
4. Balance Sheet X

Easily the best answer :lol:

If so, mark it solved 8-)