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butalik [34]
2 years ago
5

When Congress passed the Sarbanes-Oxley Act of 2002, it imposed greater regulation on public companies and their auditors and re

quired increased accountability. Which of the following is not a provision of the act?
A. Executives must certify the appropriateness of the financial statements.
B. The act provides criminal penalties for fraud.
C. Auditors may not provide specific nonaudit services for their audit clients.
D. Audit firms must be rotated on a periodic basis.
Business
1 answer:
schepotkina [342]2 years ago
6 0

Answer:

The correct answer is D. Audit firms must be rotated on a periodic basis.

Explanation:

List of services that cannot be provided by an audit firm, in the event that

present audit services simultaneously, they are:

- Keep accounting or prepare financial statements of the registered company.

- Design and implementation of accounting information systems and financial information systems.

- Services that imply the performance of valuations or actuarial services.

- Internal control consulting.

- Administration and human resources services.

- Financial advisory services.

- Legal consulting not linked to audit services.

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Required information Skip to question [The following information applies to the questions displayed below.] On November 1, 2019,
abruzzese [7]

The  journal entry to show the effect of the six months of rent collected in advance on November 1, 2019 for Gordon Co is: Debit  Cash $31,800; Credit Unearned Rent Revenue $31,800, Unearned rent is $21,200.

<h3>Unearned rent</h3>

a. Entry

Debit  Cash $31,800

Credit Unearned Rent Revenue $31,800

b. Unearned rent:

Unearned Rent = 4/6 months

Two months have been paid up to December which means that 4 months are left for pay out of 6 months.

Hence:

Unearned Rent = 4/6 x $31,800
Unearned Rent = $21,200

c. Journal entry

Debit Unearned Rent Revenue $5200

Credit  Rent Revenue $5300

(2/12×$31,800)

Therefore the  journal entry to show the effect of the six months of rent collected in advance on November 1, 2019 for Gordon Co is: Debit  Cash $31,800; Credit Unearned Rent Revenue $31,800, Unearned rent is $21,200.

The complete question is:

On November 1, 2019, Gordon Co. collected $31,800 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2020, at which time the contract may be renewed.

a. Record the journal entry to show the effect of the six months of rent collected in advance on November 1, 2019 for Gordon Co.

b. Calculate the amount of unearned rent that should be shown on the December 31, 2019, balance sheet with respect to this lease.

c. Record the journal entry to show the effect of the adjustment that will be made at the end of each month to show the amount of rent "earned" during the month for Gordon Co.

Learn more about unearned rent here:brainly.com/question/14866803

#SPJ1

4 0
1 year ago
Drug sniffing dogs must be 95% accurate in their responses, since we don't want them to miss drugs and also don't want false pos
KiRa [710]
The question: Drug sniffing dogs must be 95% accurate in their responses, since we don't want them to miss drugs and also don't want false positives. a new dog is being tested and is right in 46 of 50 trials. find a 95% confidence interval for the proportion of times the dog will be correct.

 

The answer of the following question:

The 95% confidence interval for the proportion of times the dog will be corrected is: 0.845, 0.995

7 0
3 years ago
Why does a large industrial sector not always indicate that a nation is fully developed?. . A.Development depends on rate of ind
Leviafan [203]

A large industrial sector doesn’t always indicate that a nation is fully developed because the standard of living may not have risen with industrial growth. An example of this is North Korea. It has a large industrial sector but also a low standard of living, so it’s not considered developed. The correct answer between all the choices given is the second choice or letter B. I am hoping that this answer has satisfied your query and it will be able to help you in your endeavor, and if you would like, feel free to ask another question.

7 0
3 years ago
Read 2 more answers
Which of the following is not one of the monetary policy goals of the Federal Reserve​ ("the Fed")?
DerKrebs [107]

Answer:

C. price stability

Explanation:

The Fed fosters price stability by regulating inflation in the economy. By attaining price stability, the Fed achieves its objectives of maximum sustainable growth and low level of unemployment. The Fed uses monetary tools such as the fed fund rate and the discount rate to control inflation and by extension prices.

A high rate of inflation implies the prices of goods and services is rising.  At inflation, the purchasing power of a currency is eroded. The aggregate demand, therefore, decreases, which results in production cuts. The Fed controls inflation to maintain a stable currency value. Unstable prices bring uncertainty in the markets. Producers may hold back due to the high risk involved in producing with fluctuating prices.

3 0
3 years ago
Tony is facing a financial crisis in his business. Instead of applying for a loan from a commercial bank, he takes a loan from t
Paraphin [41]

Answer:

credit union

Explanation:

A credit union can be regarded as

not-for-profit financial institution which is under control of the members who has money deposited in it. It doesn't maximize profit but rather give back favorable interest rates to it's members as profit.

7 0
2 years ago
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