In Response to a Large Number of High Profile Cases

question 115

Multiple Choice

In response to a large number of high profile cases involving accounting fraud, the U. S. Congress in 2002 passed the:

• A)Internal Revenue Fraud Act.
• B)Securities and Exchange Commission Fraud Act.
• C)Sarbanes-Oxley Act.
• D)Federal Reserve Act.

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Definitions:

Infrastructure Assets

Long-term physical assets that are foundational for providing public services, such as roads, bridges, water systems, and utilities.

Capitalizes

The process of recording an expenditure as an asset, rather than an expense, thus spreading the cost over the useful life of the asset.

Statement of Activities

A financial report primarily used by non-profit organizations, detailing revenues earned and expenses incurred over a specific period.

Operating Grants

Funds provided by governments or other entities to support the operating expenses of a non-profit or other organizations, typically not requiring repayment.