In Reaction to Scandals, Congress Passed the Sarbanes-Oxley Act of 2002

question 55

Multiple Choice

In reaction to scandals, Congress passed the Sarbanes-Oxley Act of 2002, which includes provisions to require ____ to vouch personally for the truth and fairness of their company's disclosures.

• A) CEOs and CIOs
• B) CEOs and CFOs
• C) SOAs and DRMs
• D) CCVs and DRMs

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Definitions:

Other Income

Earnings or receipts from sources other than a taxpayer's primary occupation, including but not limited to interest, dividends, and rental income.

Form 1040

The official form provided by the Internal Revenue Service (IRS) which is utilized by individuals to submit their yearly income tax returns.

Tax-Exempt Dividends

Dividends that are paid by investments in municipal bonds or certain mutual funds which are not subject to federal income tax.

Corporate Dividends

Payments made by a corporation to its shareholders, usually derived from the company's profits.