A Study Conducted of Financial Statement Restatements in 2007 and 2008

question 48

Multiple Choice

A study conducted of financial statement restatements in 2007 and 2008 indicated a decline in the number of restatements as a result of each of the following except for:

• A)Improved audits of financial statements
• B)Improved reliability of internal controls
• C)A more relaxed approach of the SEC regarding materiality and the need to file restatements
• D)All were cited as reasons for the decline

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Definitions:

Serotonin Levels

The level of serotonin, a neurotransmitter in the brain that affects mood, emotions, and sleep patterns.

Depression-related Brain Circuit

Depression-related Brain Circuit involves specific pathways in the brain that are believed to play significant roles in the development and regulation of depressive symptoms.

Serotonin

A neurotransmitter whose abnormal activity is linked to depression, obsessive-compulsive disorder, and eating disorders.

Dopamine

The neurotransmitter whose high activity has been shown to be related to schizophrenia.