The Sarbanes-Oxley Act Applies to Which of the Following Companies

question 34

Multiple Choice

The Sarbanes-Oxley Act applies to which of the following companies?

• A)All companies
• B)Privately held companies
• C)Public companies
• D)All public companies and privately held companies with assets greater than $500 million

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Definitions:

Invoice Discount

A reduction in the billed price granted to customers, often used as an incentive for early payment.

Credit Terms

The agreement between a buyer and a seller that outlines the payment terms for goods or services, including the due date and any interest or penalties for late payment.

FOB Shipping Point

A term indicating that the buyer assumes responsibility for the goods and shipping costs once the goods leave the seller's premises.

Perpetual Inventory

An inventory management system where updates are made continuously to reflect items added or sold, providing a real-time view of inventory levels.