QUESTION 31

1. The financial statements of an organization reflect a set of management assertions about the financial health of the business. All of the following describe types of assertions except

   	a.	that all employees are properly trained to carry out their assigned duties
   	b.	that all of the assets and equities on the balance sheet exist
   	c.	that all transactions on the income statement actually occurred
   	d.	that all allocated amounts such as depreciation are calculated on a systematic and rational basis

3 points

QUESTION 32

1. Which of the following is not an implication of section 302 of the Sarbanes-Oxley Act?

   	a.	Auditors must interview management regarding significant changes in the design or operation of internal control that occurred since the last audit.
   	b.	Management must disclose any material changes in the companys internal controls that have occurred during the most recent fiscal quarter.
   	c.	The board of directors must certify quarterly and annually their organizations internal controls over financial reporting.
   	d.	Auditors must determine whether changes in internal control have materially affected (or are likely to affect) internal control over financial reporting.

3 points

QUESTION 33

1. QBO Matching

   1.	A listing of all accounts available
   2.	Account used to record all payroll expenses
   3.	Account used to offset beginning balances adjustments
   4.	Purchases that affect inventory are recorded here
   5.	Used when recording a sale on account
   6.	Exist for all asset, liability, and equity accounts
   7.	Specify due dates for payment to/from vendors/customers
   8.	Dictates where an account appears in all reports
   9.	Purchases that dont affect inventory are recorded here
   10.	Provides links to QBO tasks and resources
   11.	Account used to record the liability for Federal income tax withheld
   12.	Hours worked times hourly rate
   13.	Transactions for an account for a specified period
   14.	On the left of the home page it shows a menu of items
   15.	A formal means to order products from vendors
   16.	A stockholders equity account
   17.	Click to add your instructor as your accountant
   18.	Used to record purchase of a fixed asset for a note
   19.	Used when cash is collected at the time of a sale
   20.	Click to add any transaction

   QUESTION 34

   Discuss the key features of Section 302 of the Sarbanes-Oxley Act.