10. Which of the following is not true about a corporations annual report?

Group of answer choices

A. The auditor verifies both the internal controls and the financial statements.

B. Publicly traded companies are required to have their financial statements audited, but it is not necessary to include the auditors opinion in annual reports.

C. The Sarbanes-Oxley Act of 2002 mandates reports on internal controls for all companies that file annual reports.

D. The Securities and Exchange Commission requires companies with publicly traded stock to file annual reports.

12. Applying estimated factory overhead costs to customer jobs affects the accounting records in which of the following ways?

Group of answer choices

A. Raw Materials inventory decreases and Work in Process inventory increases

B. Finished Goods inventory increases and Work in Process inventory decreases

C. Work in Process inventory decreases and Factory Overhead increases

D. Factory Overhead decreases and Work in Process inventory increases

17. A companys operating leverage is 4.5. If sales increase by 8% over the next period, by how much should profits increase?

Group of answer choices

A. 16%

B. 36%

C. 8%

D. 2%