By tracking purchases and looking for trends, credit card companies are attempting to understand consumer behavior
Indicate whether the statement is true or false
True
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The management process and management accounting are identical
Indicate whether the statement is true or false
If sales and expenses both rise by $100,000, profit margin will
a. decrease and asset turnover will decrease. b. increase and asset turnover will decrease. c. decrease and asset turnover will increase. d. increase and asset turnover will increase.
In an accounting cycle, which of the following steps takes place only at the end of the accounting period?
A) start with the beginning account balances B) journalize transactions that occur C) analyze transactions as they occur D) journalize adjusting entries
Indicate whether each of the following statements regarding internal controls is true or false. ________ a) The Sarbanes-Oxley Act of 2002 (SOX) requires public companies to evaluate their internal controls and publish those findings with their SEC filings.________ b) The Sarbanes-Oxley Act (SOX) applies to all companies, while the Enterprise Risk Management (ERM) framework is used by public companies only.________ c) Enterprise Risk Management (ERM) is an expansion of the earlier framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).________ d) The COSO framework includes five interrelated components: segregation of duties, quality employees, prenumbered documents, physical controls, and performance evaluations.________ e) Congress passed the
Sarbanes-Oxley Act in 2002 (SOX) in response to high profile accounting scandals, such as Enron and WorldCom. What will be an ideal response?