Choose the one alternative that best complete the statement or answers the question. Keeping office supplies under lock and key is representative of: following company policies. promoting operations efficiency. ensuring accurate, reliable accounting records. safeguarding assets. Sarbanes-Oxley was passed in response to which of the following? The stock market crash of 2002 The accounting scandals of WorldCom and Enron The savings and loan bailout The mounting government deficit Which of the following is a requirement of the Sarbanes-Oxley Act? The outside auditor must issue an internal control report for each public company. The Public Company Oversight Board must conduct audits of public companies. The Public Company Oversight Board must create new accounting standards. Accounting firms may not both audit a public client and also provide certain consulting services for the same client. Which of the following describes the control environment? The control environment is designed to ensure that the businesss goals are achieved. A company must identify its risks. Internal auditors monitor company controls to safeguard assets, and external auditors monitor the controls to ensure that the accounting records are accurate. The control environment is the tone at die top of the business. The bank charged a service fee of $20. How would this information be included on the bank reconciliation? An addition on the book side A deduction on the bank side A deduction on the book side An addition on the bank side Which of the following statements describes the decision guidelines for an ethical decision? Identify the ethical issue, specify alternatives, assess the possible outcomes, and make the decision Identify the ethical issue, specify alternatives, consult the Code of Professional Conduct, and choose the solution which has the greatest benefit to the largest number of people. Identify the ethical issue, specify alternatives, calculate the gain or loss on each alternative solution, and choose the solution with the smallest gain or highest loss. Identify the ethical issue, consult an external auditor, and make the decision. Which of the following are the two methods of accounting for uncollectible receivables? The allowance method and the direct write-off method The allowance method and the liability method The asset method and the sales method The direct write-off method and the liability method