The SOX Grew Out of Which of the Following Situations

question 5

Multiple Choice

The SOX grew out of which of the following situations?

• A) FASB Statements being too overbearing.
• B) GAAP becoming outdated.
• C) The SEC and accounting professionals agreeing to more restrictive rules after each major accounting scandal.
• D) Citizens forcing Congress to make more laws regulating the accounting industry.

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Definitions:

Per Capita GDP

The total Gross Domestic Product of a country divided by its population, indicating the average economic output per person.

Per Capita Income

The average income earned per person in a given area or country, calculated by dividing the total income by the population size.

Economic Growth

An increase in the capacity of an economy to produce goods and services, compared from one period of time to another.

Life Expectancy

The average number of years a person is expected to live based on demographic factors such as current age and gender, typically derived from statistical analysis.