The Sarbanes-Oxley Act of 2002 requires which organization to oversee the development of auditing standards? Select one: O a. PCAOB O b. AICPA O c. FASB O d. APB O e. IASB The Charleston Company pre-pays annual rent. If the adjusting entry to record the current period's prepaid rent expired is not recorded: Select one: a. Current assets will be understated b. Net income will be overstated c. Current liabilities will be overstated O d. Current liabilities will be understated e. Gross Profit will be overstated The assumption that allows the financial statements to ignore the effect of inflation and deflation is known as the: Select one: O a. Economic entity assumption o b. Monetary unit assumption O c. Conservatism assumption O d. Periodicity assumption O e. Going concern assumption Which is a typical result of both a declaration of a cash dividend and a declaration of a stock dividend? Select one: a. Retained Earnings decreases b. Common Stock account increases c. Net Income decreases d. Liabilities increase e. Liabilities decrease Given the following information: Overstated Understated Sales Discounts Bad Debt Expense Freight-out Gross Profit is: Select one: O a. Overstated $2 O b. Understated $2 O c. Overstated $7 d. Understated $7 e. Overstated $3 A company's Sales Revenue for an accounting period would be included in: Select one: a. Comprehensive Income b. Other Comprehensive Income c. Both Comprehensive Income and Other Comprehensive Income d. Neither Comprehensive Income nor Other Comprehensive Income