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1 year ago

According to the sarbanes-oxley act, who is responsible for the corporation's financial statements?

Business

1 answer:

CaHeK987 [17]1 year ago

5 0

According to the Sarbanes-Oxley act, auditors is responsible for the corporation's financial statements.

The 2002 Sarbanes-Oxley Act imposes strict penalties for corporate fraud. To regulate the accounting sector, it established the Public Company Accounting Oversight Board. It prohibited business loans to executives and provided job protection for informants.

The Act improves the corporate boards' financial savvy and independence. It holds CEOs liable for any faults found during accounting audits.

The Act is named for its sponsors, Congressman Michael Oxley of Ohio and Senator Paul Sarbanes of Maryland. Additionally known as "Sarbox" or "SOX," The law was enacted on July 30, 2002. It is enforced by the Securities and Exchange Commission (SEC).

To learn more about Sarbanes-Oxley Act here

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Answer:

Groupo

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c. $37,000 in the period interest is earned.

Explanation:

1) Data and Analysis:

a. Delivery date: Cash $901,000 Sales Revenue (MTN) $901,000

b. Sales date: Accounts receivable (Grifols) $879,000 Sales Revenue $879,000

c. Sales date: Accounts receivable (Magnus) $480,000 Sales Revenue $443,000 Deferred Interest Revenue $37,000

2) According to the IFRS 15 and ASC 606, Revenue from Contracts with Customers, revenue should be recognized when performance obligations have been met.

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3 years ago

Variable $100,000 $ 25,000 Fixed 150,000 75,000 Total $250,000 $100,000 What is the initial selling price needed to obtain a tar

hodyreva [135]

Answer: $8.00

Explanation:

Details missing in question are:

These costs are for 50,000 units.

$250,000 is manufacturing cost. $100,000 is administrative cost.

The total manufacturing cost is shown to be $250,000 above.

A profit of $50,000 is needed in addition to this cost as well as the administrative cost of $100,000.

Total revenue expected is therefore:

= 250,000 + 100,000 + 50,000

= $400,000

50,000 units are to be sold so to make a revenue of $400,000, each unit should be sold for:

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= $8.00

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2 years ago

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Hoochie [10]

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2 years ago

Read 2 more answers

The potential advantages of traditional mail surveys are quick response and lower cost than online surveys, but this advantage h

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Answer:False

Explanation:

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Online surveys has faster medium to reach the target audience,cost-efficient.These are characteristics of online survey not traditional survey

So therefore it is false

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3 years ago

Derst Inc. sells a particular textbook for $27. Variable expenses are $20 per book. At the current volume of 43,000 books sold p

NISA [10]

Answer:

d. 301,000

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We will multiply variable cost per textbook of $20 with current volume of book sold per year 43,000, which gives a total variable cost of $860,000.

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2 years ago