Author Question: The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of ... (Read 116 times)

Zulu123 · **on:** Jul 5, 2018

The section of Sarbanes Oxley that authorizes the SEC to censure or deny any person the privilege of appearing or practicing before the SEC if that person is deemed to be unqualified, have acted in an unethical manner, or have aided and abetted in the violation of federal securities laws is ___________________ ___________.
Fill in the blank(s) with correct word

Question 2

Clean Sweep contracted to clean an office building in July for 1,500. The work was contracted in July. The building was completely cleaned in August and Clean Sweep received a payment of 500.

The remaining payment of 1,000 was received in September. Discuss how this event would be reported in the monthly financial statements for July, August and September.
What will be an ideal response?

millet · **Reply #1 on:** Jul 5, 2018

Answer to Question 1

Commission Resources and Authority, Section 602
Commission Resources and Authority
Section 602

Answer to Question 2

The financial records were not affected in July because there was no completed transaction. For the month ended August 31, the income statement would report revenue of 1,500; the statement of cash flows would report cash collected from customers of 500; and the balance sheet at August 31 would report an account receivable of 1,000. In September, the income statement would report no revenue; the statement of cash flows would report cash collected from customers of 1,000; and the balance sheet would show no account receivable.