MAN 1107 SLO 89-91

Important provisions of the Sarbanes-Oxley Act: 

• require the CEO and CFO of corporations to certify the accuracy of financial reports.
• encourage the destruction of financial documents to minimize identity theft.
• approve corporate loans to directors of the company.
• encourage outside CPA firms to deliver several services to their clients, including auditing services and consulting services.

__________ is the accounting practice of recording each transaction with a debit and a credit in the accounting journal. 

• Trial balancing
• Double-entry bookkeeping
• Account matching
• Entry duplication

The __________ is an accounting statement that reports the financial condition of a firm at a specific point in time. 

• balance sheet
• income statement
• statement of cash flows
• trial balance