Homework Answers
| Option A is the answer | |
| The sarbanes oxley act, internal control systems, external auditors who attest the company's financial statements are all factors in encouraging high quality management reporting |
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Which of the following is not a factor in encouraging high-quality financial reporting? Multiple Choice Ο...
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to...
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to view the company's financial statements. Ο Must personally certify the company's financial statements Ο Have limited responsibility for financial statements. Ο Must personally prepare the company's financial statements.
Which of the following is not a provision of the Sarbanes-Oxley Act of 2002? a) The...
Which of the following is not a provision of the Sarbanes-Oxley Act of 2002? a) The company's external auditors are required to attest to the accuracy of the internal controls report. b) Companies are required to report on the effectiveness of their internal controls. c) The chief executive officer and the chief financial officer are jointly responsible for establishment and enforcement of internal controls. d) The company's external auditor is charged with the ultimate responsibility for the accuracy of the...
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external...
When Congress passed the Sarbanes-Oxley Act, it imposed greater regulation on public companies and their external auditors and required increased accountability. Which of the following is not provision of the act? The CEO and CFO must certify the fair presentation of the financial statements. Management must establish and document internal control procedures. Auditors and not management must attest to the effectiveness of the internal control structure. The company’s officers may not serve on the audit committee.
Consider adapting the cost of quality framework to financial reporting issues. Assign costs to one of...
Consider adapting the cost of quality framework to financial reporting issues. Assign costs to one of four categories: Prevention, Appraisal, Internal failure, and external failure, where the categories refer to financial reporting activities and the consequences of poor, or even illegal, financial reporting. Required: Classify the following costs incurred for financial reporting activities into the four categories. Category d Activity a Extra work done by external auditors to complete the audit because new employees made a lot of errors Effects...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice Compliance with Sarbanes-Oxley guarantees that a manager has met all of his or her ethical responsibilities. Sarbanes-Oxley is important for managers who design cost information systems. Managers must be aware of the potential that cost information could be misleading or support fraudulent activity. Managers need to understand that performance measurement and compensation systems can lead to unethical conduct.
Multiple Choice Question 26 Which of the following represents a form of communication through financial reporting...
Multiple Choice Question 26 Which of the following represents a form of communication through financial reporting but not through financial statements? President's letter Income statement. Notes to financial statements. Balance sheet
Which of the following statements is correct about sustainability accounting? Multiple Choice Ο Sustainability accounting is...
Which of the following statements is correct about sustainability accounting? Multiple Choice Ο Sustainability accounting is a subset of GAAP applied only to socially responsible companies Ο Sustainability accounting has been in existence since 1592 Ο Sustainability accounting tracks a company's "green" score. Ο Sustainability accounting aims to provide managers a broad set of information to meet the needs of multiple stakehold
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
Which of the following statements is true for assumption of risk? Multiple Choice Ο It dictates...
Which of the following statements is true for assumption of risk? Multiple Choice Ο It dictates that the person assuming responsibility will have to recover for all people involved in the accident Ο It is not a defense in cases based on reckless behavior Ο It bars the plaintiff's recovery as the plaintiff fully understands the nature and extent of the risk involved Ο It is not a defense in cases based on strict liability
1.Which of the following is not one of the steps the auditor must perform to assess...
1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...
Under the provisions of the Sarbanes-Oxley Act, corporate executives: Multiple Choice Ο Are not allowed to view the company's financial statements. Ο Must personally certify the company's financial statements Ο Have limited responsibility for financial statements. Ο Must personally prepare the company's financial statements.
Consider adapting the cost of quality framework to financial reporting issues. Assign costs to one of four categories: Prevention, Appraisal, Internal failure, and external failure, where the categories refer to financial reporting activities and the consequences of poor, or even illegal, financial reporting. Required: Classify the following costs incurred for financial reporting activities into the four categories. Category d Activity a Extra work done by external auditors to complete the audit because new employees made a lot of errors Effects...
Which of the following is a false statement regarding cost information and ethical responsibilities? Multiple Choice Compliance with Sarbanes-Oxley guarantees that a manager has met all of his or her ethical responsibilities. Sarbanes-Oxley is important for managers who design cost information systems. Managers must be aware of the potential that cost information could be misleading or support fraudulent activity. Managers need to understand that performance measurement and compensation systems can lead to unethical conduct.
Multiple Choice Question 26 Which of the following represents a form of communication through financial reporting but not through financial statements? President's letter Income statement. Notes to financial statements. Balance sheet
Which of the following statements is correct about sustainability accounting? Multiple Choice Ο Sustainability accounting is a subset of GAAP applied only to socially responsible companies Ο Sustainability accounting has been in existence since 1592 Ο Sustainability accounting tracks a company's "green" score. Ο Sustainability accounting aims to provide managers a broad set of information to meet the needs of multiple stakehold
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
Which of the following statements is true for assumption of risk? Multiple Choice Ο It dictates that the person assuming responsibility will have to recover for all people involved in the accident Ο It is not a defense in cases based on reckless behavior Ο It bars the plaintiff's recovery as the plaintiff fully understands the nature and extent of the risk involved Ο It is not a defense in cases based on strict liability
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