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Accounting Principles let you govern the accounting world as per the given general rules and guidelines. You might find a huge number of guidelines but the most important principles are consistency principle, matching principle, recognition principle, and materiality principle.
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What change was made to the internal controls of the companies by the SOX?
All company processes and related internal controls now need to be documented and then tested by an outside auditing firm
Companies no longer have to document their internal controls since the auditors do the job
Internal controls can be more lax than before
Companies have to provide for internal controls only to satisfy the auditors
Answer:
All company processes and related internal controls now need to be documented and then tested by an outside auditing firm
What is the accounting objective which best relates to the FIFO method?
Tax Minimization
Income Smoothing
Profit Maximization
Accurate Reporting
Answer:
Profit Maximization