SarbanesOxley applies to
a. publicly held companies
b. notforprofit organizations
c. privately held businesses
d. all of these
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Q. 2) Corporations repurchase their own stock to ________.
A) obtain stock to distribute to employees for stock options and retirement plans
B) decrease earnings per share
C) serve as a weapon in a hostile takeover of another company
D) decrease the market price of the stock
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Q. 3) The _____________________________
_ is charged with safeguarding the IT organization.
Fill in the blank(s) with correct word
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Q. 4) In May, Fish Nets, Inc sold 8,000 nets with a three-month warranty for 10 each on account. Fish Nets estimates that warranty costs will be approximately 100 on these sales.
The actual warranty cost for the sales made in May was 30 in June and 50 in July. Fish Nets should ________.
A) record Warranty expense of 100 in May
B) record Warranty expense of 30 in June
C) report Allowance for uncollectible accounts of (100 ) in May
D) report Allowance for uncollectible accounts of (30 ) in June
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Q. 5) The accounts receivable ledger is simply a detailed listing of the same information that is summarized in Accounts Receivable in the general ledger.
a. True
b. False
Indicate whether the statement is true or false
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Q. 6) AZ Best, Inc's corporate charter allows it to issue 1,500,000 shares of common stock. In 2011, its first year of business, the company sold 200,000 shares of common stock. In 2011, the company bought back 5,000 shares to be held as treasury stock.