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For the Unit 2 Complete assignment, write a narrative essay (minimum of 1000 words) which addresses the questions and statements below. A minimum of three scholarly sources are required, and all sources should be cited and referenced in APA format.
Internal controls are vital for reliable financial control of companies. What events led Congress to pass the Sarbanes-Oxley Act of 2002? Explain.
FIFO and LIFO are inventory cost flow methods. Explain each and give an example.
Define depreciation. What kind of asset depreciates?
What is a current liability? Distinguish between a current liability and a long-term debt.