_____ Are Costs Incurred That Provide Long-Term Activity Capacity, Usually

question 11

Multiple Choice

_____ are costs incurred that provide long-term activity capacity, usually as the result of strategic planning.

• A) Discretionary fixed expenses
• B) Committed fixed expenses
• C) Mixed costs
• D) Step-variable costs

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Definitions:

Sarbanes-Oxley Act

A U.S. law enacted in 2002 to protect investors by improving the accuracy and reliability of corporate disclosures, prompted by financial scandals.

Financial Statements

Reports that summarize the financial performance, position, and cash flows of a business over a specific period of time.

Internal Control Procedures

These are policies and procedures put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Cash Short and Over

An account that stores any discrepancies between the expected cash count and the actual amount of cash present, reflecting errors or theft.