Question

The Sarbanes-Oxley Act requires auditors to evaluate internal controls True False 5 points Save Answer QUESTION 2 A customer at a bank deposits $100.00 into their bank savings account. The depositor's money would be shown by the bank on the bank's balance sheet as an asset. True False

can you really explain questions 1 to 8 please. im really confused

Answer 1

1 True The act requires the management to assess the effectiveness on internal controls and auditors to attest it and from an opinion report on management's assessment of internal control. o True cash deposited in a Savings bant Ale is an asset to company. The company owns that amount, it can withdraw it at any time and o use it. rite (3 oled on True tool o credit sale Debit: 'Account Credit: sales. n and Receivable Belount Receivables is an asset to company. They owe to company. Company has the right to receive money from them. TM True EFT - Economic Flands transfer & It is trans for of money from one bank account to another directly without any paper money changing hands. Answer is
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6 True A Notes revivable is also called as a c promissory note. They are due within one year and are considered as current assets. If its due within more than one year, considered as non current asset 6 True A Bant Reconciliation statement is a Statement which is prepared at the end of month, quarter on a year etc.. to reconcile the difference between bank balance as per bank statement and cash book. For this we require bank statement 6 Interest amount is $ 1000 X 12.7 X 90 360 Interest $301 amount is [$ 30 & off a bad debts as False To write Allowances Account [Debit for doubtful accounts Receivables (credit] * - Bovision will created already by debiting bad debt expenses a
Provision will be created by debiting bad debts expenses and crediting allowances for doubtful Accounts

At the time write off debt allowances for doubtful Accounts and credit account receivables