Which of the Following Was Not an Important Change Introduced

question 1

Multiple Choice

Which of the following was not an important change introduced by the Sarbanes-Oxley Act of 2002?

• A) new roles for audit committees
• B) new rules for auditors and management
• C) new rules for information systems development
• D) the creation of the Public Company Accounting Oversight Board

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Definitions:

First-In, First-Out

Another explanation: An accounting principle for valuing inventory where older stock is sold or used first before newer inventory.

In Process

Relating to materials or products that are in the course of being manufactured but are not yet completed.

Equivalent Units

A concept used in process costing that converts partially completed units into a number of fully completed units.

In Process

A term that describes items or activities that are currently underway but not yet completed, often used in manufacturing and project management.