One of the Biggest Factors in Implementing SOX Was

question 44

Multiple Choice

One of the biggest factors in implementing SOX was:

• A) reviewing the financial reports.
• B) establishing internal control procedures.
• C) disclosing deficiencies in internal controls.
• D) the cost of implementing the system.
• E) government approval.

Recognize the process and criteria for accounting for non-cash contributions and donated services in not-for-profit entities.

Analyze the accounting implications of third-party payor arrangements in health care entities.

Understand the applicable accounting standards and updates relevant to not-for-profit entities, like the FASB issues.

Differentiate between mergers and acquisitions in the context of not-for-profit entities.

---

Definitions:

Paid

Refers to the status of a financial obligation that has been fulfilled or settled.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in the net income or loss for the period.

Vertical Analysis

A financial statement analysis in which each entry for each of the three major categories of accounts (assets, liabilities, and equities) in a balance sheet is represented as a proportion of the total account.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue.