Which of the Following Is Not One of the Groups

question 2

Multiple Choice

Which of the following is not one of the groups of SOX compliance requirements?

• A)Requirements to use an IT auditor to evaluate controls
• B)Regulations governing executive reporting and conduct
• C)Rules about financial statement reporting
• D)Audit committee/corporate governance requirements

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Definitions:

Credit

An accounting entry recording an increase in liabilities or equity or a decrease in assets, opposite of a debit.

Terms of Sale

The conditions under which a seller will complete a sales transaction, including payment terms and delivery time.

Sales Returns and Allowances

Refers to the process of refunding or reducing the sale price for previously sold goods that are returned or for which concessions are made.

Accounts Payable

The amount a company owes to suppliers or vendors for goods or services received but not yet paid for.