-Carlos is a certified public accountant who works for a large accounting firm. Since he has been certified by the state in which he practices accounting services, he is authorized to

Multiple Choice

choose whether to apply the accounting practices of Sarbanes-Oxley for a firm.

handle every firm's reports by different rules.

express, officially, an unbiased opinion about the accuracy of a firm's financial statements.

express his personal opinion in all financial matters and audit a firm's accounting practices within his state.

publicly express a biased opinion about the unethical practices carried out in a firm.

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Sigma Corp. has recently received patent rights for its new application in the software industry. On the balance sheet, the patent rights received by Sigma Corp. is a(n)

Multiple Choice

return on asset.

current asset.

fixed asset.

liquid asset.

asset turnover.

-Clara's Candles buys $500 worth of candles on credit to sell in its retail store. When Clara records this transaction, how should she list this $500?

Multiple Choice

as a cash asset

as just a liability

as just an asset

as her owners' equity

in separate accounts as both a liability and an asset