In the Context of Sarbanes-Oxley Act, What Is Meant by Reporting

question 65

Essay

In the context of Sarbanes-Oxley Act, what is meant by reporting up and reporting out?

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Definitions:

Consumable Items

Items that are intended to be used up and replaced in a short period of time, often part of operating supplies.

Expired Costs

Costs that have been incurred and cannot be recovered, often through the consumption of goods or by providing services in a given period.

Adjusting Entry

Journal entries made in accounting records at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Comprehensive Income

Total change in equity for a reporting period that includes all non-owner changes in equity, not just those resulting from net income.