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3 Cards in this Set
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1.The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to
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A.safeguard assets B.monitor balance sheets C.control liabilities D.evaluate capital stock
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2. The purchase of treasury stock
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A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D. has no effect on common stock outstanding
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3. Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period. Using the direct method of reporting cash flows from operating activities, what were Marsh's cash payments for operating expenses?
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A. $228,000 B. $232,000 C. $200,000 D. $280,000
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