7. The specific identification inventory method cannot be used. a. when each inventory unit can be specifically identified. b. when all units sold are alike. c. by an automobile dealer where automobiles have unique serial numbers. d. when the unit sold is identified with a specific 8. Which of the following is NOT a reason that Congress passed the Sarbanes-Oxley Act? a. To answer the public outcry related to the financial scandals of the early 2000s b. To require companies to maintain strong and effective internal control over the recording of financia transactions c. To apply the same controls to private companies as to public companies d. To require companies to maintain strong and effective internal control over the preparation of financial statements. 9. Cash equivalents do not include a. U.S. Treasury bills. b. commercial paper. C. accounts receivable. d. money market funds. 10. The petty cash fund should be replenished for the a. amount needed to bring the petty cash fund back to its established amount. b. amount of expenses estimated for the next period. c. amount of receipts plus cash on hand. d. total amount for which the account was originally set up