Which of the Following Was Not a Provision of the Sarbanes-Oxley

question 42

Multiple Choice

Which of the following was not a provision of the Sarbanes-Oxley Act?

• A)It stiffened penalties for corporate fraud.
• B)It created an accounting oversight board that requires corporations to establish codes of ethics for financial reporting.
• C)It required top executives to sign off on their firms' financial statements.
• D)It outlawed bribery of officials in other countries.
• E)It made securities fraud a criminal offense.

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Definitions:

T Account

A T Account is a visual representation used in accounting to depict the debit and credit transactions affecting a particular account.

Credit Side

The credit side of an account in double-entry bookkeeping is where decreases in assets or expenses or increases in liabilities, equity, and income are recorded.

Debit Side

The left side of an account or transaction, used to record increases in assets, expenses, and dividend accounts, and decreases in liability, equity, and revenue accounts.

Double-Entry Accounting

An accounting method where every financial transaction is recorded in at least two accounts: one with a debit and one with a credit.