Adjust the balances of asset and liability accounts for unrecorded activity during the period. Which of the following describes the purpose(s) of closing 8. A. them for measuring B. Transfer the balances of temporary accounts to commorn C Reduce the balances of the temporary accounts to zero to prepare activity in the next period. of temporary accounts to common stock; reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period 9. In the statement of stockholders' equity, the balance of Retained Earnings increased by $32,000. The company declared a dividend of S10,000 during the year. What was the net income for the year? A. $10,000. B. S32,000. C. $42,000. D. $22,000 10. The Sarbanes-Oxley Act requires that companies must: nduct customer surveys each year to ensure satisfaction with products and services. A. Co B. Document internal controls and assess their adequacy each year C. Pay taxes owed to the Internal Revenue Service by the tax filing date. Devise a budget each year to ensure cash outflows are not greater than cash inflows. 11.Separation of duties refers to: A. Making each manager personally responsible for his/her department. B. Keeping functions across different departments separate. C. Preventing top management and lower-level employees from interacting. D. Individuals who have physical responsibility for assets should not also have access to accounting records. 12. Which of the following would NOT represent good controls over cash disbursements? A. Periodically check amounts shown in the debit card and credit card statements against purchase receipts B. The employee verifying the accuracy of the debit card and credit card statements should not also be the employee responsible for actual purchases. C. Set maximum purchase limits on debit cards and credit cards. D. Employees responsible for making cash disbursements should also be in charge of cash receipts