11) 11) Which of the following statements is true of the Sarbanes-Oxley Act? A) The Public Company Accounting Oversight Board oversees the work of auditors of public companies. B) Accounting firms are allowed to provide both auditing services and a full range of consulting services to their public company clients. C) All private and foreign companies must issue an internal control report evaluated by an outside auditor. D) Those who commit securities fraud must be sentenced to 10 years in prison. 12) 12) Two or more people working together to circumvent internal controls and defraud a company is known as A) separation of duties B) collusion C) firewall DOD) encryption 13) 13) Which one of the following is true of the bank reconciliation? A) It is a financial statement B) It guarantees that no errors have been made C) It should not be prepared by an employee who handles cash transactions. D) It is prepared in place of the cash ledger. 14). 14) A check for which a maker's bank account has inadequate money to pay the check is known as A) restrictive check non B) outstanding check C) canceled check D) nonsufficient funds check 15) The following information is needed to reconcile the cash balance for Johnson Catering Services. 15). * A deposit of $5,800 is in transit. Outstanding checks total $1,100. * The book balance is $6,000 at February 28, 2017. * The bookkeeper recorded a $1,700 check as $17,300 in payment of the current month's rent. * The bank balance at February 28, 2017 was $17,230. * A deposit of $400 was credited by the bank for $4,000. A customer's check for $3,200 was returned for nonsufficient funds. The bank service charge is $70. What was the adjusted book balance? A) $18,330 B) $18,470 C) $18,400 D) $17,300