Read 'Chapter 0: Course Material' & answer the following question(s): |
1. | Prior to the SOX ACT of 2002, the CFO was keen on |
| |
| |
| |
| |
2. | The accounting technique made infamous by Enron (and the main reason for its downfall) was its use of ____________________ to move debt off the balance sheet. |
| |
| |
| |
| |
3. | The “big five” accounting firm that destroyed documents to cover up their irregular accounting practices was |
| |
| |
| |
| |
4. | Which of the following is NOT an inappropriate earnings management technique? |
| |
| |
| |
| |
5. | ____________________ is NOT one of the leading causes for financial restatements. |
| |
| |
| |
| |
6. | _________________________ is NOT one of the premises behind expensing options. . |
| |
| |
| |
| |
7. | FASB No. 123R requires that the cost resulting from all share-based payment transactions be recognized in the financial statements using the ___________________ as the measurement of cost. |
| |
| |
| |
| |
8. | FASB No. 123R (ASC 718-10-05) provides that fair value be measured based on a (an) |
| |
| |
| |
| |
9. | FASB No. 123R eliminates FASB No. 123’s use of the _________________ for valuing equity awards that was permitted under FASB No. 123. |
| |
| |
| |
| |
10. | FASB No. 123R |
| |
| |
| |
| |
11. | In anticipation of the FASB’s statement (FASB 123R), many companies had already started using other forms of compensation, such as |
| |
| |
| |
| |
12. | Which of the following statements is FALSE with restricted stock? |
| |
| |
| |
| |
13. | The grant date is the date at which |
| |
| |
| |
| |
14. | Which of the following is FALSE regarding restrictive stock? |
| |
| |
| |
| |
15. | The new rules by NYSE for corporate governance would |
| |
| |
| |
| |
16. | The rule change that will prohibit research analysts from being supervised by the investment banking is: |
| |
| |
| |
| |
17. | The Securities Exchange Commission (SEC) rule requires company insiders to report the details of their stock trades more quickly for all the following EXCEPT: |
| |
| |
| |
| |
18. | Which of the following statements is false? Detailed quarterly and annual statements have to be filed more quickly with SEC because it |
| |
| |
| |
| |
19. | Which of the following is NOT a proposal made by the Association for Investment Management and Research (AIMR)? |
| |
| |
| |
| |
20. | Strong governance in compliance with the SOX Act will |
| |
| |
| |
| |
21. | Which of the following is NOT one of the provisions of the Sarbanes-Oxley Act of 2002? |
| |
| |
| |
| |
22. | Under the Sarbanes-Oxley Act any public appearances by analysts on television or radio interviews must be |
| |
| |
| |
| |
23. | ______________________ is NOT an objective of the Sarbanes-Oxley Act. |
| |
| |
| |
| |
24. | The provisions of the Sarbanes-Oxley Act apply to which of the following? |
| |
| |
| |
| |
25. | The Sarbanes-Oxley Act of 2002 requires |
| |
| |
| |
| |
26. | Technologies that can assist with corporate governance and compliance include |
| |
| |
| |
| |
27. | The most obvious solution to the corporate governance and compliance problem can be facilitated by |
| |
| |
| |
| |
28. | The main problem for companies to implement SOX is the documentation and |
| |
| |
| |
| |
29. | Sarbanes-Oxley requires auditors of a public company to attest to management’s report on the effectiveness of internal control over financial reporting. Which of the following reports options is available to the auditor? |
| |
| |
| |
| |
30. | The Auditing Standard No. 5 highlights the concept of a _____________ deficiency in internal control over financial reporting |
| |
| |
| |
| |
31. | Which of the following statements is TRUE of a public company’s financial statements? |
| |
| |
| |
| |
32. | Which of the following is NOT true regarding good governance? |
| |
| |
| |
| |
33. | Basic indicators used to measure corporate social responsibility according to Business in the Community do NOT include |
| |
| |
| |
| |
34. | Corporate social responsibility that is positive includes |
| |
| |
| |
| |
35. | Financial managers/management accountants are obligated to maintain the highest standards of ethical conduct. Accordingly, the IMA Code of Ethics explicitly requires that they |
| |
| |
| |
| |
36. | In accordance with Statements on Management Accounting Number 1C, Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management, a management accountant who fails to perform professional duties in accordance with relevant standards is acting contrary to which one of the following standards? |
| |
| |
| |
| |
37. | The IMA Code of Ethics includes a competence standard, which requires the financial manager/ management accountant to |
| |
| |
| |
| |
38. | The IMA Code of Ethics requires a financial manager/management accountant to follow the established policies of the organization when faced with an ethical conflict. If these policies do not resolve the conflict, the financial manager/management accountant should |
| |
| |
| |
| |
39. | Sarbanes-Oxley requires auditors of public companies to maintain audit working papers for what period of time? |
| |
| |
| |
| |
40. | Quality control standard shall NOT include |
| |
| |
| |
| |
41. | Foreign public accounting firms that furnish audit reports are |
| |
| |
| |
| |
42. | Which of the following statements is correct? |
| |
| |
| |
| |
43. | The CEO, controller, CFO, chief accounting officer or person in an equivalent position cannot have been employed by the company’s audit firm during |
| |
| |
| |
| |
44. | Public company audit committees are NOT responsible for |
| |
| |
| |
| |
45. | __________________ addresses “Corporate Responsibility for Financial Reports.” |
| |
| |
| |
| |
46. | Inside traders during pension fund blackouts prohibit all the following EXCEPT |
| |
| |
| |
| |
47. | Disclosures of transactions are limited to and required by |
| |
| |
| |
| |
48. | The SOX Act requires each annual report of an issuer to contain a(n) |
| |
| |
| |
| |
49. | Tampering with a record or otherwise impeding an official proceeding by altering, destroying, mutilating, or concealing records is subject to |
| |
| |
| |
| |
50. | Brokers and dealers are NOT barred from association with an entity that engages in |
| |
| |
| |
| |
51. | The Comptroller General of the United States is NOT empowered to conduct studies to |
| |
| |
| |
| |
52. | Criminal penalties have been added by amendment for all the following EXCEPT |
| |
| |
| |
| |
53. | Offenses relating to the obstruction of justice do NOT apply to |
| |
| |
| |
| |
54. | An employee discharged for whistle blowing is entitled to compensation damages. This does NOT include |
| |
| |
| |
| |
55. | Criminal penalties for mail and wire fraud have been increased by amendment from five (5) years to |
| |
| |
| |
| |