The Main Recommendations of Sarbanes-Oxley Include

question 33

Multiple Choice

The main recommendations of Sarbanes-Oxley include:

• A) Chief executives now have to attest personally for the accuracy of company accounts
• B) A higher standard for board members who sit on the audit committee
• C) The prevention of loans to executives
• D) No criminal and civil penalties for securities violations

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Definitions:

Credit Terms

Conditions under which credit is extended by a seller to a buyer, including the repayment period, discount for early payment, and the amount of late fees.

Invoice Date

The date indicated on an invoice, representing when it was issued, which marks the start of the period in which payment is expected to be made.

Sales Returns

Merchandise returned by customers for a refund or credit, reducing total sales revenue.

Cost of Goods Available for Sale

The total cost of merchandise that a company can sell during a certain period, including both its beginning inventory and the cost of any goods purchased during the period.