The Sarbanes-Oxley Act:
A. has distinct guidelines for reporting on an organization's internal control practices.
B. arose because of several accounting scandals that rocked the public's confidence in published financial statements.
C. was enacted, in part, to bring about reform in companies' financial reporting processes.
D. contains provisions whereby the chief executive officer (CEO) and chief financial officer (CFO) can be held criminally responsible if their firm's financial statements are found to be fraudulent in nature.
E. All of the answers are correct.
Answer: E
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Which of the following events will cause a company's current ratio to rise?
a. The collection of an account receivable b. Selling land for cash. c. The discharge of an account payable by signing a short-term note payable d. None of these choices.
At the beginning of the year, Peters Corporation's assets were $150,000 and its stockholders' equity was $100,000 . During the year, assets decreased $30,000 and liabilities increased $15,000 . What was the stockholders' equity at the end of the year?
The type of learning associated with direct, voluntary learned behaviors is:
A. classical conditioning B. environmental conditioning C. behavioral conditioning D. operant conditioning E. vicarious learning
The quick ratio differs from the current ratio in that it
A) represents the amount of cash on hand instead of the amount of working capital. B) excludes inventories and accounts receivable from the numerator of the fraction because of obsolescence and possible default on payment. C) is a stricter test of a company's ability to pay its current debts as they are due. D) is more difficult to calculate.