True or False With respect to income taxes, managers would prefer to classify costs as assets...
True or False
With respect to income taxes, managers would prefer to classify costs as assets rather than expenses. T/F
6. Under the terms of the Sarbanes-Oxley Act, a company and its external auditors are required to report on the effectiveness of the company's system of internal controls. T/F
7. Managerial accounting focuses primarily on the performance of the company as a whole. T/F
8. According to the Sarbanes-Oxley Act, a company's audit committee is responsible for its system of internal controls. T/F
Homework Answers
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| 5. With respect to income taxes, managers would prefer to classify costs as assets rather than expenses. T/F | |
| False. | More costs means more expenses so less tax. That’s my manager prefer it as costs rather than assets. |
| 6. Under the terms of the Sarbanes-Oxley Act, a company and its external auditors are required to report on the effectiveness of the company's system of internal controls. | |
| True. | |
| 7. Managerial accounting focuses primarily on the performance of the company as a whole. | |
| True. | |
| 8. According to the Sarbanes-Oxley Act, a company's audit committee is responsible for its system of internal controls. | |
| True. | |
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