The section of Sarbanes Oxley that establishes an independent board to oversee public company audits is _____________________________
_.
Fill in the blank(s) with correct word
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Q. 2) Rent a Wreck, Inc began operations on July 1, 2012. On July 1, the company paid 9,600 cash in advance for a one-year insurance policy beginning on that day.
How much insurance expense will appear on the company's income statement for the month ended July 31, 2012?
A) 800
B) 9,600
C) 4,800
D) 8,800
(
Q. 3) The payroll register is a summary of the annual earnings of each employee.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 4) Which of the following is typically a long-term asset?
A) an intangible asset such as a patent or copyright
B) cash
C) common stock
D) depreciation expense
(
Q. 5) If the perpetual inventory system is used, the merchandise inventory account is debited for purchases ofmerchandise.
a. True
b. False
Indicate whether the statement is true or false
(
Q. 6) Refer to the financial statement above. The Common stock balance (B above) equals ________.
A) 10,000
B) 7,000
C) 13,000
D) 3,000
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