Maddie Is the CEO of Stevenson,Ross,and Warner (SRW) ,A Regional

question 161

Multiple Choice

Maddie is the CEO of Stevenson,Ross,and Warner (SRW) ,a regional accounting firm.SRW offers services in most areas of accounting,including auditing and consulting services.The firm must follow the GAAP rules,just like any other accounting firm.If there are information gaps that are not addressed and resolved by the firm,SRW could be considered a violator of the Sarbanes-Oxley Act.Maddie understands what must be done and wants every employee of the firm to understand that they have to follow all the rules and regulations.Like any other industry,accounting is a competitive industry and employees of accounting firms must be productive,progressive,and well trained.
-Refer to Stevenson,Ross,and Warner.In order to be successful in the accounting industry,SRW employees must

• A) know all areas of accounting and marketing.
• B) have complete human resources training.
• C) be able to communicate in multiple languages.
• D) know how to do accounting the old fashioned way-using the manual,double-entry system.
• E) have a strong background in financial management.

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Definitions:

Draft

A preliminary version of a document or plan that is subject to revisions or editing.

Holder in Due Course

A legal term referring to a party that has acquired a negotiable instrument, like a check, in good faith and has the right to collect the face value of the instrument without any defenses.

Bankruptcy

A legal process through which individuals or businesses unable to meet their financial obligations can seek relief from some or all of their debts.

Real Defense

In negotiable-instruments law, any defense that can be used against everyone, including holders in due course. Also called absolute defense and universal defense.