AC 116 Unit 2 Sarbanes-Oxley. Internal Control. and Cash - Practice for Review

AC 116 Unit 2 Sarbanes-Oxley. Internal Control. and Cash - Practice for Review

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1. The Sarbanes-Oxley Act of 2002 was passed by Congress due to the public outcry after the financial scandals of the early 2000s. (Points: 1) True False 2. There are two internal control objectives and they are to ensure accurate financial reports, and ensure compliance with applicable laws. (Points: 1) True False 3. The Sarbanes-Oxley Act requires that financial statements of all public companies report on management's conclusions about the effectiveness of the company's internal control procedures. (Points: 1) True False 4. The control environment in an internal control structure is the attitude and awareness of internal control by all employees. (Points: 1) True False 5. Separating the responsibilities for purchasing, receiving, and paying for equipment is an example of the control procedure: separating operations, custody of assets, and accounting. (Points: 1) True False 6. Internal control is enhanced by separating the control of a transaction from the record-keeping function. (Points: 1)
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AC 116 Unit 2 Sarbanes-Oxley. Internal Control. and Cash - Practice for Review

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