All of the Following Describe the Sarbanes-Oxley Act Except

question 7

Multiple Choice

All of the following describe The Sarbanes-Oxley Act except:

• A)Is an antifraud law
• B)Forces more accurate business reporting and disclosure of GAAP (generally accepted accounting principles)violations.
• C)Makes it necessary to find and root out fraud.
• D)Has been adopted by all countries in North American and the European Union

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Definitions:

Intra-Entity Transactions

Transactions occurring within the same legal entity, often accounted for in transfer pricing.

Equity Method

An accounting technique used by firms to assess the profits earned through their investments in other companies by reporting these profits as income.

Consolidating Entries

Journal entries made in the process of combining the financial statements of multiple subsidiaries with those of a parent company.