Which of the Following Statements About Laws Is Least Accurate

question 34

Multiple Choice

Which of the following statements about laws is least accurate?

• A)People in accounting and finance should be aware of the Sarbanes-Oxley Act.
• B)Anything published on the Internet is in the public domain and can be used freely.
• C)Assume that anything produced privately after 1989 is copyrighted.
• D)The concept of fair use gives individuals limited rights to use copyrighted materials without requiring permission.

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Definitions:

Generally Accepted Accounting Principles

A set of accounting standards and practices that are widely accepted and used in the U.S. for financial reporting and accounting.

Controllable Cost

Costs that can be influenced or managed by a decision-maker within a certain period.

Managerial Responsibility

The obligation of managers to make decisions, supervise subordinates, and implement activities that contribute to achieving the organization's objectives.

Variable Cost

Costs that vary directly with the level of production or output, such as materials and labor used in the production process.