Under the Securities Act of 1933 and the Securities and Exchange

question 51

Multiple Choice

Under the Securities Act of 1933 and the Securities and Exchange Act of 1934, accountants may be subject to criminal penalties for:

• A) Obstruction of justice
• B) Securities fraud
• C) Willful violations of the securities acts
• D) Violations of internal controls

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Definitions:

Subsequent Estimates

Revisions or new calculations made after initial estimates, often based on additional data or changes in a project or situation.

Sunk Cost Effect

A bias in decision making in which already “spent” costs unduly influence decisions on whether to continue.

Math Quiz

A test or examination designed to assess an individual's mathematical knowledge and skills.

Cognitive Illusions

The systematic biases and errors in human decision making.