The Importance of a Good System of Internal Controls Was

question 210

Multiple Choice

The importance of a good system of internal controls was recognized with the passage of

• A) the Securities and Exchange Act of 1933.
• B) the Securities and Exchange Act of 1994.
• C) the Blue Sky Laws.
• D) the Foreign Corrupt Practices Act of 1977.

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Definitions:

Interest Rate

The percentage at which interest is paid by a borrower for the use of money.

Job Loss

The act of becoming unemployed due to reasons such as layoffs, company closure, or termination, often impacting the individual's income and livelihood.

Collateral Agreement

A secondary contract that supports the performance of obligations in a primary contract, often by providing for a security interest in assets.

Consideration

Something of value exchanged between parties in a contract, which is necessary for the agreement to be legally binding.