The section of Sarbanes Oxley that requires each annual report filed with the SEC to include an internal control report is _____________________________
_.
Fill in the blank(s) with correct word
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Q. 2) Clean Sweep contracted to clean an office building in May for 2,000. The work was completed in May and Clean Sweep received a payment of 1,800. The second payment was received in June.
How were these events reported on the May 31 financial statements?
What will be an ideal response?
(
Q. 3) The payroll register replaces the general journal in most businesses.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) Zenith Company sold 10,000 of merchandise to Nadir Company, with terms of 2/10, n/30. Five days later, Nadir returned 1,000 of the merchandise. If Nadir does NOT pay within the discount period, how much cash will Zenith receive?
A) 10,000
B) 9,800
C) 9,000
D) 8,820
(
Q. 5) The average cost method will always yield results between FIFO and LIFO.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) The financial statement above shows ________.
A) the company's financial position at a single point in time
B) the changes that took place in the company's cash account during the period
C) the changes that took place in shareholders' equity during the period
D) expenses matched with revenues earned for a period of time
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