1301 Lecture Notes - Cash Flow Statement, Petty Cash, Internal Control

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Also called the public company accounting reform and investor protection act of 2002. Variety of guidelines related to auditor client relations and internal control procedures. Requires company management and auditors to document and assess effectiveness of company"s internal control. Measure of the amount of cash generated by a company"s normal business operations. Financing cash flows a section of a company"s cash flow statement, which shows the net flows of cash that are used to fund the company. Financing activities include transactions involving debt, equity, and dividends. Example: cash received from the issuance of common stock/ repayment of long-term borrowing to the bank. Includes all purchases of capital assets and investments in other business ventures. Example: cash received from the sale of a used company truck. / payment for land. The sarbanes-oxley act of 2002 applies to all companies that: File reports with the securities and exchange commission.

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