Management responsibilities Explain how management explicitly asserts their confidence and responsibility over the financial statements of the company
The Sarbanes-Oxley Act requires certain members of management to certify that the financial statements are presented in accordance with GAAP and certain securities acts. The CEO and CFO must sign a statement to this effect. Some companies have extended this certification to divisional and subsidiary levels. Similar regulation exists for management's responsibility over internal control.
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After several months of training, the Air Force Special Operations team has developed high loyalty and trust, and there are clear patterns of communications among the members. The Special Operations team is in which stage of group development?
A. forming B. storming C. norming D. performing
Four engineering firms completed the request for proposal to develop something called the Arpanet,
but the firm of Bolt Beranek and Newman demonstrated a camaraderie and tighter team concept that proved to be the ________ that resulted in their selection to develop a four node network that became the Internet. A) order winners B) minimum performers C) recommended daily allowances D) order qualifiers
Gallonte Inc. began operations in April of this year. It makes all sales on account, subject to the following collection pattern: 30% are collected in the month of sale; 60% are collected in the first month after sale; and 10% are collected in the second month after sale. If sales for April, May, and June were $60,000, $80,000, and $70,000, respectively, what were the firm's budgeted collections for the quarter?
A. $121,000. B. $140,000. C. $175,000. D. $153,000. E. None of the answers is correct.
McCann Construction purchased a poured concrete form from Advance Concrete Forms, Inc McCann purchased the concrete form by placing a phone call to Advance in Madison, Wisconsin. Advance delivered the concrete form with an invoice stating the terms of
the sale required payment within 30 days and a 1 1/2 % interest per month finance charge would be charged on accounts over 30 days. When McCann failed to pay the invoice on time, interest was charged according to this rate. Later, McCann refused to pay the accumulated interest charge, claiming there was not a meeting of the minds regarding the finance charge in any conversation prior to the sale. The trial court concluded that the finance charge was in fact an additional term added by Advance when it accepted McCann's purchase order. Discuss Uniform Commercial Code Section 2-207 in general and with regard to this situation. Does McCann owe the interest accrued?