What Is the Name of the Legislation Put in Place

question 21

Multiple Choice

What is the name of the legislation put in place to protect shareholders and the public from deceptive accounting practices in organizations?

• A) Gramm-Leach-Bliley Act (GLBA)
• B) Sarbanes-Oxley (SOX) Act
• C) HL-7
• D) All of these are correct.

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Definitions:

Asset's Cost

Represents the total amount incurred to acquire an asset and make it operational, including purchase price and all other expenses necessary to get the asset into a usable state.

Service Life

The estimated period that an asset is expected to be useful in the operations of a business.

Taxable Income

The amount of income used to calculate an individual's or a company's income tax due, typically gross income minus deductions and exemptions.

Exempt Items

Goods or services that are not subject to tax under specific tax laws or regulations.