The Sarbanes-Oxley Act Created the _____ to Oversee the Accounting

question 31

Multiple Choice

The Sarbanes-Oxley Act created the _____ to oversee the accounting firms that audit public corporations and to establish rules and standards for auditing.

• A) Public Company Accounting Oversight Board
• B) Corporate Accounting Oversight Commission
• C) Enron Accounting Fraud Administration
• D) Occupational Health and Safety Administration
• E) Equal Employment Opportunity Commission

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Definitions:

Direct Labor-Hours

The total hours worked by employees who are directly involved in the production process, used for calculating labor costs and efficiency.

Plantwide Predetermined Overhead

An overhead rate calculated for an entire manufacturing plant, applied to all products regardless of the specific department in which they were produced.

Machine-Hours

A measure of production activity that quantifies the number of hours machines are operated in the manufacturing process.

Mark Up

The percentage added to the cost price of goods to cover overhead and profit.