Which of the Following Is NOT a Major Requirement of the Sarbanes-Oxley

question 50

Multiple Choice

Which of the following is NOT a major requirement of the Sarbanes-Oxley Act?

• A)CEOs and CFOs of publicly traded firms must vouch for the veracity of the firm's published financial statements
• B)Corporate boards must have audit and compensation committees drawn from independent (outside)directors
• C)Owners of privately-owned firms must publish financial statements on a quarterly basis
• D)Companies are prohibited from making loans to corporate officers and directors
• E)Companies must test their internal financial controls against fraud

Identify the UCC rules governing the sale and identification of goods.

Differentiate between existing, future, and fungible goods under the UCC.

Explain the roles of security interests and consignment under the UCC.

Understand the CISG rules on risk of loss in international sales contracts.

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Definitions:

Average Tax Rate

The portion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer’s total income.

Tax Liability

The total amount of tax that an individual or entity is legally obligated to pay to a taxing authority.

Regressive

Pertains to a situation or policy that has a disproportionately greater impact on those with lower income or status.

Excise Tax

A tax imposed on the sale or manufacture of specific goods, such as alcohol and tobacco, within a country.