Which of the following is NOT an implication of section 302 of the Sarbanes-Oxley Act?
a. Auditors must determine, whether changes in internal control has, or is likely to, materially affect internal control over financial reporting.
b. Auditors must interview management regarding significant changes in the design or operation of internal control that occurred since the last audit.
c. Corporate management (including the CEO) must certify monthly and annually their organization's internal controls over financial reporting.
d. Management must disclose any material changes in the company's internal controls that have occurred during the most recent fiscal quarter.
C
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In a period of rising prices, which inventory method is best to use for tax purposes?
a. FIFO b. Average-cost c. Specific identification d. LIFO
The work sheet is a type of accountant's working paper
Indicate whether the statement is true or false
Identical products are produced in a continuous flow production process
Indicate whether the statement is true or false
A ________ is a small store, located near a residential area that is open long hours seven days a week and carries a limited line of high-turnover goods
A) convenience store B) chain store C) department store D) supermarket E) specialty store