Which of the Following Is the Set of Laws Enacted

question 30

Multiple Choice

Which of the following is the set of laws enacted by the government to strengthen corporate reporting in response to the Enron,WorldCom and other frauds?

• A)Sarbanes-Oxley Act
• B)Professional Code of Ethics
• C)Internal Revenue Code
• D)Securities and Exchange Commission Act

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Definitions:

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting used in any jurisdiction.

IFRS

International Financial Reporting Standards, a set of accounting standards providing a global framework for how public companies prepare and disclose their financial statements.

Chart of Accounts

An organized list of all accounts used by an entity in its accounting system, facilitating the recording, reporting, and analysis of financial transactions.

Chart of Accounts

An organized list of all accounts in a business entity's financial records, each account accompanied by a reference number.