The importance to the accounting profession of the Sarbanes-Oxely Act is that
a. bribery will be eliminated
b. management will not override the company's internal controls
c. management are required to certify their internal control system
d. firms will not be exposed to lawsuits
C
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At December 30, year 3, Vida Co. had cash of $200,000, a current ratio of 1:5:1 and a quick ratio of 5:1. On December 31, year 3, all cash was used to reduce A/P. how did these cash payments affect the ratios?
a. increase ; decrease b. increase ; no effect c. decrease ; increase d. decrease ; no effect
The trust agreement creating Trust X provides for all income of the trust to be distributed to the beneficiaries and requires a reserve equal to tax depreciation to be charged to income. If the trust has gross income of $30,000, expenses charged to income of $28,000, and depreciation of $3,000, how much depreciation can Trust X deduct?
A. $0 B. $300 C. $2,000 D. $3,000