The SEC's 2003 Report to the Congress on "Principles-Based" Accounting

question 45

Multiple Choice

The SEC's 2003 report to the Congress on "principles-based" accounting observed that the first characteristic of objectives-based standards, as dictated by the Sarbanes-Oxley Act, is that any standard must be based on

• A)qualitative characteristics.
• B)transparency.
• C)an improved and consistently applied framework.
• D)the cost-benefit test.

---

Definitions:

Puritan Way Of Death

A perspective on death influenced by Puritan beliefs, often emphasizing spiritual preparation, the afterlife, and a solemn attitude towards death.

Ideology Of Separate Spheres

The belief system originating in the 19th century that divided male and female roles in society, assigning women to the private realm of home and family, and men to the public sphere of work and politics.

Funeral Industry

The sector of the economy that provides services and goods related to the rituals surrounding death, including burials, cremations, and memorial services.

Atomic Age

The Atomic Age refers to the period beginning in the mid-20th century, characterized by the development and use of nuclear energy and atomic weapons, significantly impacting global politics, society, and technology.