The purpose of the Sarbanes-Oxley Act was to Multiple Choice provide greater scrutiny in accounting and reporting practices. define generally accepted accounting principles. establish the certification process for becoming a CPA. eliminate the requirement that accounting firms must hire certified accountants. force firms to combine their consulting and auditing businesses. Hugo is an accountant who works for the Billings Corp. He is certified by the Institute of Management Accountants. He has some administrative responsibilities and is primarily responsible for preparing annual financial reports for higher authorities in his firm. According to this information, Hugo is most likely a certified Multiple Choice forensic accountant. tax professional. investment banker. fraud examiner. management accountant. The balance sheet takes its name from its reliance on Multiple Choice a firm's owhers' equity. the accounting equation. the income statement. a firm's retained earnings. asset utilization ratios. Ivy owns a small chain of shoe stores. What would be considered an asset for her company? Multiple Choice the people she employs in her stores the knowledge Ivy gets about shoes from the shoe manufacturers the money Ivy owes to shoe suppliers the buildings she owns that house Ivy's shoe stores the interest lvy pays on the building mortgages