Identify an external mechanism that seeks to ensure ethical corporate governance.
A. The European Union 7th Directive
B. The Sarbanes-Oxley Act
C. The COSO framework
D. The European Union 4th Directive
Answer: B
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Which of the following is true of form reports?
A. They meet the demand for repetitive reports. B. They cannot be used for analytical work. C. They are typically used for special, nonstandard reports. D. They are mostly formal in nature.
The IASB's conceptual framework defines _____ as increases in economic benefits during an accounting period in the form of inflows or enhancements of assets or decreases in liabilities that result in increases in equity, other than those relating to contributions from equity participants
a. asset b. liability c. equity d. revenue e. expense
For an order that cannot be filled quickly and precisely, companies must not send an acknowledgment message
Indicate whether the statement is true or false
A compensation and reward system designed to help drive successful strategy execution does NOT normally encompass
A. making sure that the performance targets that each individual or team is expected to achieve involve outcomes that the individual or team can personally affect B. providing generous rewards for people who turn in outstanding performances C. keeping the time between achieving the target performance outcome and the payment of the reward as short as possible D. offering rewards that amount to 3 percent of an employee's total compensation E. tying incentives to performance outcomes directly linked to good strategy execution and financial performance