SOX Created a New Body to Oversee the Audits of Public

question 64

Multiple Choice

SOX created a new body to oversee the audits of public companies called the:

• A)Securities and Exchange Commission.
• B)Association of Certified Public Accountants.
• C)Public Company Accounting Oversight Board.
• D)Association of Certified Fraud Examiners.

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Definitions:

Installments

Payments made regularly over a set period of time to settle a debt or purchase, allowing the total cost to be spread out for ease of payment.

Subscriptions Receivable-Common Stock

Represents the amount owed by investors who have subscribed to a company’s common stock but have not yet paid in full.

Paid in Capital in Excess

The amount received from investors for stock, exceeding its par or stated value, also known as additional paid-in capital.

Par Value

The face value of a stock or bond as specified by the issuing company, often used in accounting to record the equity or debt issued.